Momondo secures new majority stakeholder
Contributors are not employed, compensated or governed by TD, opinions and statements are from the contributor directly
Momondo Group has secured an GBP80 million cash investment from private equity fund Great Hill Partners.
Boston-based Great Hill has become the major stakeholder in Momondo as part of the agreement, valuing it at more than GBP132m.
Huge Burge will remain CEO and will retain a minority stake, with the rest of its senior management team to stay in place.
The investment will be used to continue growing Momondo internationally with its measures in recent years meaning more than 85% of group revenues are now outside of the UK.
Investment will also be put into its mobile platforms.
“As a business, Momondo Group has expanded rapidly over the last two years and is well-positioned to capitalise on the growth in the meta travel sector. We received expressions of interest from a wide range of high-calibre corporate and private equity investors,” said Burge.
He added: “After a robust process we are pleased to be working closely with an investor who understands our culture and shares our vision – in a partnership which we believe represents the best outcome for our diverse range of stakeholders and investors. This is a strong vote of confidence in Momondo Group, its business strategy and management team – from an experienced and well-respected private equity firm. I look forward to the next chapter in our journey and the huge opportunity ahead.”
Michael Kumin, managing partner at Great Hill added: “Momondo Group has built one of the most dynamic companies in the global online travel market, a high-growth sector with substantial opportunity ahead. We are excited to partner with Hugo and the entire Momondo management team to extend the company’s market leadership globally through continued product innovation and further international expansion.”
Comments are closed.