Loyalty tech provider Switchfly has new owners: private equity firms Golub Capital and L Capital, following a takeover deal signed in October 2018.
The new structure - both have a controlling equity stake in the U.S.-based company - was only announced this month, with terms undisclosed regarding the financial investment put in.
Switchfly also has a new executive at the top of the company, with Craig Brennan coming in as CEO during January this year and former-boss Daniel Farrar no longer involved.
Subscribe to our newsletter below
The company was founded by Tina Fitch in 2003 and has created a number of platforms for travel brands over years, such as its flagship loyalty tech service as well as booking engines and packaging products.
Golub Capital and L Capital both get seats on the new board of directors - Bart Foster of L Capital becomes chairman and Jeff Kinder a independent board member.
The investment will be used to develop its technology products and put an emphasis on pushing machine learning and artificial intelligence-led services.
A statement says: "The funding also enables Switchfly to continue improving its sophisticated dynamic packaging offering and build upon the breadth, flexibility and scale of its industry-leading loyalty solutions.
"By connecting inventory for activity, air, car, hotel and insurance ancillaries before, during and after the booking experience, Switchfly’s platform helps travel companies boost both revenue and customer satisfaction."
Current customers include United, JetBlue, Thai Airways, British Airways, Marriott, Intercontinental Hotels Group, Groupon and Flight Centre.