Switchfly Secures Investment to Drive Company Growth and Meet Demand for Next-Generation Travel Solutions
Appointment of new board members and funding will enhance Switchfly’s loyalty and dynamic packaging solutions
SAN FRANCISCO, JANUARY 24, 2019 — In response to its global growth and demand for its next-generation travel technology, leading travel ecommerce platform Switchfly LLC has secured growth funding from Golub Capital and L Capital LLC. As a result of the October 2018 investment, the two firms now hold a controlling equity stake in Switchfly LLC.
With digital travel sales forecasted at $913B by 2022, this investment will allow Switchfly to continue to disrupt the travel ecommerce landscape, building the largest, most robust network of content and ancillaries in the marketplace for Switchfly customers. The funding also enables Switchfly to continue improving its sophisticated dynamic packaging offering and build upon the breadth, flexibility and scale of its industry-leading loyalty solutions. By connecting inventory for activity, air, car, hotel and insurance ancillaries before, during and after the booking experience, Switchfly’s platform helps travel companies boost both revenue and customer satisfaction.
Switchfly will also leverage the investment to drive additional innovation across its product portfolio, incorporating new technologies like machine learning and artificial intelligence into its offering. As a result, Switchfly will enable access to more intelligent customer data, which can be applied to create personalized travel experiences, deeper connections, and greater travel brand loyalty.
As part of the recent investment, Switchfly has a new board of directors who bring extensive travel, technology and financial expertise to the company. Joining representatives of Golub Capital on the new board are:
- Bart Foster, Chairman. As the co-founder and managing partner of specialty private equity firm L Capital LLC, Foster focuses on business transformation across the technology, media and telecommunications (TMT) sectors. Previously, Foster was the operating partner responsible for software investments at Marlin Equity Partners, and has held executive roles at Oracle, Informatica and CrossWorlds Software. He also serves on the board of directors for xMatters Inc.
- Jeff Kinder, independent board member. With over 20 years’ experience in the travel, technology, ecommerce sectors, Kinder is currently Chief Digital Officer at AutoDesk, and was previously Head of Consumer Products and Global Marketplaces at OpenTable. He has also held senior leadership positions at Cendant Corporation, Adventureseek, JP Morgan Chase and Yahoo!. Kinder previously served on the board of directors for Carlson Wagonlit Travel.
“Switchfly’s travel ecommerce platform already enjoys a sterling reputation and is used by some of the world’s most sophisticated travel and financial services companies,” said Foster. “The new financing allows Switchfly to invest in new product capabilities and continue improving its services for clients, as well as accelerating the company’s growth rate.”
To learn more about what this investment means for Switchfly customers and the travel sector, or to speak with Switchfly’s new board members, please contact Emily Bowe at . For more information about Switchfly, please visit www.switchfly.com.
Switchfly is a leading travel ecommerce platform that powers dynamic packaging, loyalty and other online travel solutions for airlines, financial services companies, hotels and other travel brands across the globe, helping them drive incremental revenues, maximize conversion rates and increase consumer engagement. Through the company’s data-driven approach and its global network of ancillary merchandise for activity, air, car, hotel and insurance, Switchfly allows brands to optimize their inventory and revenue management and create relevant, personalized experiences for their customers. Switchfly partners with many of the globe’s best-recognized airlines (including American Airlines, LATAM and Avianca); loyalty programs (including IAG Avios and American Airlines Advantage); hospitality groups (including InterContinental Hotels Group, Marriott International and Starwood Hotels and Resorts); and financial service companies (including American Express and MasterCard). For more information, please visit www.switchfly.com.
About L Capital
L Capital is a specialty private equity firm focused on the technology, media and telecommunications (TMT) sector. L Capital makes equity co-investments alongside leading buyout and growth equity funds and provides advisory services including diligence support and deal origination. The affiliation with Renovata & Company provides access to a global talent network, proprietary deal flow, and relationships with 50 of the top 100 private equity firms ranked by assets under management.
L Capital is led by its co-founder and managing partner, Bart Foster. Bart is an experienced private equity investor who has made over $360M of private equity investments in the technology sector.