Little-known hotel booking technology platform SiteMinder is seeking to cement its place as Australia's newest tech sector unicorn.
Street Talk understands SiteMinder is preparing to front new and existing investors for a $100 million-odd equity raising, which if successful would value the tech sector business at more than $1 billion.
Sources said it was working with investment bank UBS on the raising and would be pitching to potential investors in coming weeks.
Calls to SiteMinder's spokeswoman were not returned on Tuesday.
SiteMinder provides core technology to hotel booking sites such as Agoda and Booking.com by connecting hotels' back-end systems to the customer-facing websites.
The company has more than 35,000 hotel customers, revenue from 160 countries and more than $US38 billion transactional value through its platform.
The mooted raising comes after the company hit $100 million revenue (on a run rate basis) in May, which is seen a significant stepping stone for tech-sector investments.
SiteMinder's holding company, Online Ventures Pty Ltd, reported $96.9 million revenue for the year to June 30 and $2 million in comprehensive income, according to accounts filed with the corporate regulator. The numbers were up from $74.5 million revenue and a $2.7 million loss in the 2018 financial year.
It had assets worth $43.9 million as at June 30, issued capital of $104.6 million and reserves and accumulated losses worth $79.1 million.
The raising is expected to be pitched to the country's venture capital firms and growth-minded family offices and similar investors offshore.
It is already backed by listed Australian venture capital investor Bailador Technology Investments and California-based Technology Crossover Ventures.
Should SiteMinder raise at a valuation well north of $1 billion as expected, it would be expected to be a boon for the ASX-listed Bailador.
SiteMinder is the listed Bailador's largest investment and accounts for $72.9 million of the company's $160.7 million portfolio at the end of the 2019 financial year.
Bailador told its own investors SiteMinder's revenue was at more 19.4-times where it was when the firm invested. The firm invested $4.6 million in the business.