Mohammed Al-Shroogi, Investcorp’s President of Gulf business
Investcorp, the global provider and manager of alternative investment products, today announced that it has undertaken, through its technology private equity arm, a majority buyout of eviivo, the UK’s leading online reservation and property management system provider for the independent accommodation sector, at a valuation of approximately £30 million.
With headquarters in London, UK, eviivo connects small and medium-sized accommodation businesses with online distribution channels. Its software frontdesk handles all offline and online bookings in real time. eviivo has grown at a compounded annual growth rate of over 60% for the last few years and currently partners with more than 4,400 independent businesses in the UK.
Mohammed Al-Shroogi, Investcorp’s President of Gulf business said: “The last few years have seen a huge shift in consumer booking habits and a positive trend toward online accommodation booking and eviivo is well positioned to support its customers as they take advantage of business opportunities in the online world. With its strong management team and unique product in the hotel market, we see substantial growth potential for eviivo.”
Ian Griffin, eviivo’s Executive Chairman, said: “Since our formation in 2004, eviivo has established itself as market leader for online booking solutions to the UK’s independent accommodation sector. Together with Investcorp, we will build on these accomplishments and develop further services to ensure that our accommodation partners continue to enjoy best in class solutions to increase both yield and occupancy in this exciting sector.”
eviivo is focused on supporting the independent accommodation sector in the UK and beyond, by bringing guests and small businesses together online. eviivo’s customers include B&Bs, guest accommodation, inns, farmhouses, cottages, restaurants with rooms, and smaller boutique hotels. Many of these businesses are award-winning in their category.
Through its technology investment arm, Investcorp invests in small and medium-sized technology businesses, focusing on growth buyout, corporate carve-out, take-private and PIPE transactions in North America and Europe. As at December 31, 2010, Investcorp had $12.2 billion in assets under management.