Growth capital investment firm Advent Partners has made an undisclosed value “significant” investment in accommodation management software company RMS Cloud.
RMS provides its cloud technology through a software-as-a-service (SaaS) business model to accommodation providers and claims to service over 6,000 properties across 70 countries. Customer businesses include hotels, motels, serviced apartments and campgrounds. The business is based in Melbourne and also has offices in North America, The UK, India, Singapore, China and the Middle East.
RMS’ cloud software enables customer businesses to manage bookings and reservations, guest check-ins and check-outs as well as marketing campaigns and channel management across multiple online travel agents such as booking.com and Expedia.
The software also supports back-end functions such as housekeeping, trust accounting, yield management and reporting.
Melbourne-based Advent, which focuses on mid-market growth investments, plans a strategic partnership that will help RMS accelerate its international growth and further develop its software.
Advent partner Brad Lynch said: “RMS is an impressive Australian technology success story and we are excited to support RMS in driving continued international expansion.”
Chief executive Peter Buttigieg founded RMS, focusing on the accommodation sector, almost 40 years ago. He said he had accepted Advent’s investment recognising that the firm’s expertise and resources could help the company better address its global market.
RMS was advised on the transaction by law firm Mills Oakley and accountancy firm BDO. Advent was advised by law firms Herbert Smith Freehills and Gilbert + Tobin, accountancy firm EY and corporate advisory firms Trident and DealSide.
RMS is the third investment from Advent Partners Fund 3. The transaction is also the latest of a series of investments in SaaS businesses addressing global markets. Earlier investments included Compass Education, MedTech Global, Flintfox and MySite, early this year.
Image: RMS is based in Melbourne but also has overseas offices.