Investcorp buys $49m stake in British firm
Manama, May 8, 2011
Bahrain-based Investcorp, a global provider of alternative investment products, has acquired a majority stake worth £30 million ($49 million) in eviivo, a leading online property management firm in the UK.
With headquarters in London, 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 per cent for the last few years and currently partners with more than 4,400 independent businesses in the UK.
“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,” said Mohammed Al-Shroogi, Investcorp’s president of Gulf business.
“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,” added Ian Griffin, eviivo’s executive chairman.
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.-TradeArabia News Service