SiteMinder Co-Founders Mike Ford and Mike Rogers.
In addition to its Sydney head office, the company runs offices in Bangkok, Berlin, Dallas, Galway, London and Manila. SiteMinder CEO, Sankar Narayan, stated in numerous ways, the company was simply getting going.
Hotel back-end rate software application and open commerce platform, SiteMinder, has officially listed on the Australian Securities Exchange (ASX) after a float which saw the business valued with a market capitalisation of AUD$ 1.36 billion.
” These include a number of the most significant and most knowledgeable worldwide and Australian giants in the financial investment world, to include to the very strong recommendation from our premium existing investors.”
SiteMinder stated the effective IPO will set the company up perfectly for long-lasting growth and to extend its existence in the hotel market supplying back-end booking support to more than one-million hotels with potential for improved connection.
While established and headquartered in Australia by Mike Ford and Mike Rogers in 2006, the company said nearly 60% of its earnings is generated outside the Asia-Pacific area. Around 75% of subscribers are little and medium-sized companies, consisting of getaway leasings, lodges, motels and enterprise properties. The company taped a total earnings for the 2020/21 monetary year of AUD$ 101 million with annual recurring profits of AUD$ 104.9 million in June 2021.
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Following an oversubscribed Initial Public Offering (IPO) which saw a host of retail and institutional financiers join increased support from existing shareholders, SiteMinder noted with somewhat less than 124,000,000 shares valued at launch at AUD$ 5.06 per share, resulting in a total deal of AUD$ 627 million.
” We are grateful to our individuals, customers, partners and investors for supporting us on our 15-year journey so far. In particular, I am thrilled with the extremely high quality of investors who have joined us for our journey ahead.
” Today serves as yet another pointer that the worlds innovators and market leaders can emerge from Australia,” Narayan said.
