Cendyn announces strategic follow on equity investment from Accel-KKR
BOCA RATON, FLORIDA Tuesday, June 18, 2019 –Cendyn, the leading provider of hotel CRM and hotel sales platforms for the hospitality industry today, announces a strategic follow on investment from Accel-KKR, a leading Silicon Valley based technology-focused investment firm.
This investment for Cendyn will enable the business to further scale and innovate its solutions for the hospitality industry. As part of the transaction, Charles Deyo, CEO & Founder will move to the role of investor and board member. Tim Sullivan will drive day-to-day operations of the business and serve as its President. The terms of the transaction were not disclosed.
“It has been an incredible journey seeing Cendyn grow since its inception over 20 years ago. I’m extremely excited for this next phase of growth,” said Charles Deyo, CEO & President at Cendyn. “We have built a global team of smart, hard-working individuals who strive to provide the best service to all our customers and who in turn, allow our customers to provide the best possible experiences for their guests. I look forward to seeing Cendyn continue to excel in the future.”
“The investment provided by Accel-KKR will allow Cendyn to grow and flourish as a leading technology provider and partner to our customers and the hospitality industry,” said Tim Sullivan, President at Cendyn. “We will continue to focus on driving value for our customers by delivering the service and support they need today while investing in innovation around Cendyn’s product portfolio.”
“We look forward to taking our partnership with Cendyn to the next level. Charles has been a visionary in this space, positioning Cendyn as an innovator and leader in hospitality sales and marketing solutions. We believe that as hotels strive to drive more direct bookings and deliver enhanced customer experiences, Cendyn is well-positioned to help them achieve their goals,” said David Cusimano, Principal at Accel-KKR.
The transaction is expected to close in July 2019.
Cendyn is a cloud-based software and services provider that develops integrated technology platforms for driving sales and marketing performance in the travel and hospitality industry. Cendyn Ovations, a subsidiary of Cendyn provides the most innovative, complete solution to manage, track and analyze ticketing programs and entertainment spend for the corporate ticketing industry. Cendyn offers the most complete set of innovative software and services in the industry, covering hotel marketing, guest engagement, group sales, and ticket management. With offices in Boca Raton, Atlanta, Boston, San Diego, Bangkok, Sydney, Tokyo, London, Munich and Singapore, Cendyn proudly serves more than 30,000 clients in 143 countries with enterprise spend levels in excess of $1 billion. For more information on Cendyn, visit www.cendyn.com.
Accel-KKR is a technology-focused investment firm with over $5 billion in capital commitments. The firm focuses on software and IT-enabled businesses well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London.
SVP, Global Marketing