|
Apr 14, 2004
Web Reservations International receives investment
Fast-Growing Provider of Online Reservations Technology
For The Budget Traveler Positioned for Long-Term
Success
DUBLIN, IRELAND-April 14, 2004-Web Reservations
International Limited (WRI), the leading provider
of online bookings and reservations technology for
the budget, independent, and youth travel sector,
today announced it has received an investment from
Summit Partners, a leading international private
equity and venture capital firm.
Through its hostelworld.com and hostels.com brands,
WRI offers confirmed online reservations for hostels
and budget hotels. Additionally, through the recently
launched trav.com site, the company offers reservations
for various budget accommodations in addition to
adventure activities, tours, and travel insurance.
WRI enables more than 6500 operators to sell their
tourism products online. WRI booking engines also
provide reservation technology to more than 700
affiliates including Lonelyplanet.com, Ryanair.com,
Student Universe, and E-bookers.
WRI has established itself as the world leader in
the provision of reservation and booking technology
for the budget traveler. "Our industry -- youth
travelers and operators of budget accommodations
-- is moving on-line rapidly. This investment from
Summit Partners will help us to continue to expand
our business and enhance the range of services we
offer in order to provide greater value to our customers."
said Ray Nolan, WRI's CEO and Co-Founder.
Summit Partners' investment comes at a time of rapid
growth for the five-year-old on-line reservations
firm. Since its inception in 1999, WRI has built
a network of over 5000 hostels and budget hotels.
Last year the company generated more than 3m bed/night
bookings and attracted over 30m visitors to its
range of proprietary websites, affiliates sites
and hostel sites.
"We are delighted to be an investor in WRI and look
forward to working closely with Ray Nolan, Tom Kennedy
and the rest of their strong management team. WRI
has developed the winning business model for serving
the budget and youth traveler segment. The company
brings affordable, global distribution capability
to this large, internet-savvy customer segment."
said Scott Collins, Partner in Summit's London office,
who will become a member of WRI's Board of Directors.
Summit will join management and other existing private
investors as a minority shareholder.
About Web Reservations International
Founded in 1999, Web Reservations International
Limited is privately held and headquartered in Dublin,
Ireland. WRI is the leading provider of online reservations
to the budget, independent, and youth travel market.
WRI offers confirmed online reservations for hostels
and budget hotels, as well as reservations for adventure
holidays, activities and tours for the budget traveler
market. WRI also licenses its reservations technology
to a wide range of affiliate travel websites.
About Summit Partners
Summit Partners is a leading private equity and
venture capital firm. The firm has a capital base
of more than $5.5 billion, with offices in London,
Boston, and Palo Alto. Formed in 1984, Summit Partners
has provided growth equity, recapitalization, and
leveraged buyout financing to more than 250 companies,
which have completed more than 100 public offerings
and 80 strategic mergers or sales. Notable companies
financed by Summit Partners include B&W Loudspeakers
Ltd. in Worthing, England; Jamba! AG in Berlin,
Germany; Newmarket International, Inc. in Portsmouth,
New Hampshire; and optionsXpress, Inc. in Chicago,
Illinois.
Summit Partners seeks outstanding management teams
that have self-financed their companies to profitability
and market leadership. Summit offers equity and
subordinated debt financing for transactions from
$2 million to $250 million in a broad range of emerging
growth industries, including technology, healthcare,
business and financial services, and industrial
and consumer products. For more information, please
visit www.summitpartners.com.
The business of Summit Partners in the UK is regulated
by the Financial Services Authority.
EMBARGOED UNTIL APRIL 14, 2004
Media Contacts:
For WRI: .
Niamh Ni Mhir .
+353 1 4980711 .
niamh@webresint.com
For Summit Partners in Europe:
Mitchell Prather
River Rouge Communications
+44 (0)20 7283 7261
mprather@riverrouge.co.uk
For Summit Partners in North America
Dawn Ringel
Warner Communications
+1 781 449 8456
dawn@warnerpr.com
|
