Travel and hospitality software and services provider Cendyn
will focus on growing its global customer base and developing its marketing and sales solutions
with an investment from private equity firm Accel-KKR, which now holds
controlling interest in the company.
As part of the transaction – for which details were not
disclosed – Cendyn founder and CEO Charles Deyo will move to the role of
investor and board member.
Tim Sullivan, formerly Cendyn’s chief revenue officer, becomes president and will manage day-to-day operations.
“As the leading provider of CRM and sales platforms for the
hospitality industry, we have come a long way since our inception over 20 years
ago. It has been an absolute honor to be at the helm of this amazing,
innovative company alongside Robin Deyo for all that time,” Deyo says.
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“The follow-on investment from Accel-KKR will empower Cendyn
to scale and innovate its solutions for the hospitality industry far beyond what
we have been able to achieve thus far. Our global team of smart, hard-working
individuals who strive to provide the best service for all our customers will
continue to grow and propel us forward.”
Cendyn currently serves 23,000 hotels around the world, from
offices in Boca Raton, Atlanta, Boston, San Diego, Bangkok, Sydney, Tokyo,
London Munich and Singapore.
“We’ve been a North American company for 20 years, and the
last three we’ve pushed globally and that’s where the majority of our growth is
coming from,” says Michael Bennett, senior vice president of global marketing
for Cendyn.
“They [Accel-KKR] have a lot of expertise to help us
continue to grow and support clients and drive product innovation.”
Bennett says Cendyn is also eyeing future mergers and
acquisitions.
“To grow the company to where we want to be globally, you
can’t get there organically. You have to do M&A,” he says.
“And their ability to provide a cash influx as needed
without having to go to banks... will allow us to be really fast and nimble.”
The transaction is expected to close in July.
Accel-KKR is a technology-focused investment firm. In
February the firm underwrote the merger of Travel Tripper and Pegasus.