Web Reservations International Limited
(WRI) today announced it has received an investment from Summit Partners, a leading international private equity and venture capital firm. Through its hostelworld.com and hostels.com brands, WRI offers confirmed online reservations for hostels and budget hotels. ÊAdditionally, through the recently launched trav.com site, the company offers reservations for various budget accommodations in addition to adventure activities, tours, and travel insurance. WRI enables more than 6500 operators to sell their tourism products online. ÊWRI booking engines also provide reservation technology to more than 700 affiliates including Lonelyplanet.com, Ryanair.com, Student Universe, and E-bookers.
WRI has established itself as the world leader in the provision of reservation and booking technology for the budget traveler. Ê“Our industry—youth travelers and operators of budget accommodations—is moving on-line rapidly. ÊThis investment from Summit Partners will help us to continue to expand our business and enhance the range of services we offer in order to provide greater value to our customers.” said Ray Nolan, WRI’s CEO and Co-Founder.
Summit Partners’ investment comes at a time of rapid growth for the five-year-old on-line reservations firm. Since its inception in 1999, WRI has built a network of over 5000 hostels and budget hotels. ÊLast year the company generated more than 3m bed/night bookings and attracted over 30m visitors to its range of proprietary websites, affiliates sites and hostel sites.
“We are delighted to be an investor in WRI and look forward to working closely with Ray Nolan, Tom Kennedy and the rest of their strong management team. Ê WRI has developed the winning business model for serving the budget and youth traveler segment. ÊThe company brings affordable, global distribution capability to this large, internet-savvy customer segment.” Êsaid Scott Collins, Partner in Summit’s London office, who will become a member of WRI’s Board of Directors. Summit will join management and other existing private investors as a minority shareholder. Ê