Latest Australian unicorn minted with G+T’s help

Gilbert + Tobin (G+T) has played a key role in the minting of Australia’s latest unicorn.

The top firm advised SiteMinder in its latest capital raise, which the company said boosted its valuation to about $1.1bn. Although the maker of hotel guest acquisition software did not disclose how large the raising was, reports pegged the latest raising to be more than $100m.

The Australia-founded SiteMinder said that the raise was led by equity funds managed by BlackRock, with AustralianSuper, Ellerston, and Pendal Group also participating. The raise follows a strong year for the privately-held company, having processed 105 million bookings for more than 35,000 hotels.  The company also surpassed $100m in annual recurring revenue in 2019.

The G+T team was headed by Costas Condoleon, corporate advisory partner and joint head of the corporate advisory group, as well as partner Kevin Ko and lawyer Annabel Humphreys.

Condoleon and Ko said that the significant capital raising was secured from high quality, sophisticated investors.

“These are exciting times for Australia’s newest tech ‘unicorn’ and it’s our privilege to have assisted SiteMinder on its continued growth and success,” they said.

The G+T team also included tax partner Muhunthan Kanagaratnam, technology and digital partner Andrew Hii and corporate advisory lawyers Andrea Bennett and Arda Reznikas.