Cendyn has announced a strategic follow on investment from Accel-KKR, a leading Silicon Valley based technology-focused investment firm.
The investment will enable the business to further scale and innovate its solutions for the hospitality industry.
As part of the transaction, Charles Deyo, chief executive and founder of the company, 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 Robin and I founded the company over 20 years ago.
“We are extremely excited for this next phase of growth,” said Deyo.
“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 transaction is expected to close in July.
“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 Sullivan.
“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.