Hotel bookings software company TravelClick up for sale: Sources
NEW YORK (REUTERS) - Genstar Capital LLC is exploring a sale of TravelClick Inc, a provider of online reservation systems to the hotel industry that could be valued at more than US$800 million (S$1.02 billion), according to four people familiar with the matter.
San Francisco-based private equity firm Genstar has asked Evercore Partners Inc to run an auction The sources asked not be identified because the sale process is confidential. Genstar declined to comment while spokespeople for TravelClick and Evercore had no immediate comment.
Founded in 1999, New York City-based TravelClick provides technology for guest reservations and website development to more than 36,000 hotel clients in over 160 countries, according to its website. The company generated revenues of US$257 million in 2012, according to Moody's Investors Service Inc.
TravelClick's internet booking engine is facing increasing competition from travel websites such as TripAdvisor Inc , which are developing their own interfaces that allow for direct booking of hotel rooms.