Web reservation and property management company Eviivo has sold to tech private equity house Investcorp Technology Partners.
ITP, part of the international investment group Investcorp, says the majority buyout of Eviivo is valued at approximately £30 million.
The company currently has around 4,400 independent accommodation provider partners in the UK alone and using its Frontdesk-branded software to connect suppliers to online booking channels.
It claims to have achieved a compounded annual growth rate of 60%+ over the last few years. Put against the last published figures, Eviivo’s £30 million valuation is approximately five times its annual turnover figure.
Two ITP executives, Dirk Schmücking and Gilbert Kamieniecky, will join Eviivo's board of directors as part of the deal.
Eviivo was created in 2004 in the UK.
Investcorp had $12.2 billion in assets under management worldwide, according to company statements for the end for the 2010.