Ascendant Corporate Finance (“Ascendant”), the technology focussed corporate finance boutique, is pleased to announce that its client BookingTek Limited (“BookingTek” or the “Company”) – a leading hospitality software developer – has raised £2.2m from Mobeus Equity Partners (“Mobeus”). BookingTek is a provider of direct-booking software to major hotel groups. The funding will be used to expand the company’s team, broaden its international presence and facilitate development of future products. Ascendant provided corporate finance advice to BookingTek as well as introducing the Company to Mobeus and other potential investors.
London-based BookingTek, which was founded in 2011, provides software that allows hotels to reduce their reliance on third-party booking systems through an enterprise-grade, real-time booking platform for meeting rooms and restaurant reservations. The platform incorporates PCI payment processing that enables hotels to make their products viewable, bookable and payable all on their own website.
BookingTek’s products meet a key strategic focus of hotel groups at present which is to encourage guests to book directly rather than through third parties. BookingTek’s existing clients include two of the world’s top 10 hotel groups and the UK’s largest hotel group, Premier Inn. BookingTek’s Meetings Maker product is the only software product that integrates with Oracle MICROS’ Opera Web Services for Sales & Catering. Opera is the leading property management software used by large hotel groups world-wide.
Shortly after completing the funding round, BookingTek announced the launch of their latest product – TableRes. This is a cloud-based, direct restaurant reservation solution combined with a comprehensive front of house management system. The product allows hotel groups to take restaurant bookings directly, on their own website, with no cover-charges.
Matthew Stubbs, CEO of BookingTek, stated “We are particularly pleased to complete this round of investment as the business has a great number of opportunities that we want to exploit rapidly. Ascendant worked with us throughout the deal – helping us finalise the amount to be raised, improving our marketing documents, introducing us to a wide range of potential investors, securing a number of investment offers and providing timely advice on all the key elements of the deal. We look forward to working with them again.”
Stuart McKnight, Managing Director of Ascendant, said “We knew when we first met Matthew and his team at BookingTek that they had a first class business which would be attractive to a wide range of investors. Even in this booming market it is relatively rare to have so much competition amongst investors to get a slice of the equity. The Company’s unique position in the market has allowed it to attract some of the world’s largest hotel groups as clients and now with additional financial resources it is poised for rapid growth.”
Ascendant Corporate Finance specialises in advisory services for growing technology and life science businesses. With a wealth of experienced staff, Ascendant provides a wide range of services including advice on fund raising, mergers, acquisitions, disposals, exit planning and MBOs. For further details, see www.ascendant.co.uk or contact:
Stuart McKnight – Managing Director +44 (0)20 7993 8700 or via firstname.lastname@example.org
BookingTek develops and delivers enterprise grade, cloud-based software that enables hotels to take direct bookings via their own websites. Meetings Maker was the first real-time meeting booking and payment software for large hotel groups. TableRes is a direct booking system for hotel restaurants combined with a comprehensive front of house management system. BookingTek delivers it’s software to major hotel groups as software as a service (SaaS). For further details, see www.bookingtek.com.
Mobeus Equity Partners is a leading provider of finance to SMEs. It invests up to £15 million into UK based companies across all sectors providing attractive and flexible funding packages that include equity and loan finance. Mobeus has been managing VCT funds since 2000 and its team are very experienced investors who have a strong reputation for delivering on promises and knowing what it takes to get a deal done. For further details, see www.mobeusequity.co.uk.