Australian hotel booking platform SiteMinder has raised an A$100 million ($73 million) pre-IPO round, while PE-backed IT services provider Nexon Asia acquired customer engagement firm Veridian solutions.
SiteMinder raises $73m in pre-IPO funding
Ellerston Capital, Pendal Group, and Washing H Soul Pattinson have also participated in the funding round along with new investor Fidelity International, according to the announcement.
SiteMinder’s valuation remains at over A$1 billion. The latest funding comes as the company has been talking about a route to an IPO since January 2020, when it secured $69 million in an investment round led by BlackRock.
The company claims to have secured revenue of around $75 million during the fiscal year for 2021, including a 40% increase in the number of customers using its payments and other transaction-based products.
“Our continued investment in expanding our product suite puts us in a strong position to benefit from the recovery in travel which we are beginning to see, particularly in the many travel markets where bookings are bouncing back to pre-pandemic levels,” said SiteMinder CEO Sankar Narayan.
EQT-backed Nexon Asia Pacific buys Veridian Solutions
Australia-based cloud and managed services provider Nexon Asia Pacific announced that it acquired Veridian Solutions, a provider of integrated customer engagement and communications solutions, for an undisclosed amount.
Nexon is backed by Swedish mid-market private equity firm EQT Partners, which in 2019 acquired a majority stake in the firm through its $800-million EQT Mid-Market Asia fund.
The acquisition of Veridian will strengthen Nexon’s customer experience management solutions and capabilities, said Nexon Asia Pacific CEO Barry Assaf.
Veridian has a strong network of staff across offices in Australia and the UK. It has developed a range of tools to manage contact centre platforms, enabling faster and accurate system configuration, advanced reporting, and integration supporting call recording, virtual hold, and workforce management.