ASX-listed venture capital fund Bailador Technology Investments Limited (ASX:BTI) has announced a partial cash realisation arising from one of its investments, Siteminder.
Bailador focuses on expansion-stage investments and was one of the first investors in hotel booking technology company Siteminder. Siteminder recently announced it has broken through the billion-dollar valuation and raised new capital to fuel global growth – making it Australia’s newest technology unicorn.
Bailador’s Co-Founder Paul Wilson says: “We are delighted to see strong investment demand for SiteMinder from such high-quality investors globally; it’s a testament to the tremendous progress and global scale that the team has achieved to date.”
Following the Cash Realisation SiteMinder will still remain the largest holding in Bailador’s portfolio, representing 52% of Bailador’s pre-tax net tangible assets.
Mr Wilson added, “SiteMinder has been a terrific investment for our shareholders and we strongly believe there is significant valuation upside to come. We look forward to continuing our close working relationship with the SiteMinder Board and executive team to achieve this outcome.”
Fellow Bailador Co-Founder and Managing Partner David Kirk says, “This is the second cash realisation for BTI in FY20 which highlights we are into a new phase for the fund where realisations, new investments and cash distributions are our focus.”
SiteMinder Founder and Managing Director Mike Ford says, “Bailador was one of SiteMinder’s earliest institutional investors and their contribution as both shareholders and members of our Board over the years has been invaluable.
As we look to accelerate our journey of growth globally, we are delighted to be continuing our relationship with the team at Bailador and sharing in many more milestones to come.”
The Cash Realisation has no impact on Bailador’s overall NTA per share, however, adjustments to Bailador’s carrying value in SiteMinder and Bailador’s cash balance will be made once settlement of the Cash Realisation has completed.