YFM Equity Partners has exited Scottish tech firm Traveltek to Spain-headquartered Juniper Group.
YFM originally backed the travel technology software firm in 2016 with an investment of £5.3 million then followed up in a £1.3m round in 2021 which featured investment from funds managed by YFM and co-investor Fullbrook Thorpe Investments, which has also now exited.
Former ITC Travel Group CEO Mal Barritt (pictured) was appointed CEO of Traveltek in 2019.
Traveltek has expanded its reach across five key global regions, establishing a strong presence in North America, Australasia and Latin America. It has more than tripled revenues since YFM originally invested.
“Traveltek’s success is a testament to Scotland’s vibrant tech ecosystem, and we are proud to have been a part of the company’s journey, supporting a first-class management team led by CEO Mal Barritt,” said Jonathan Marlow, portfolio director at YFM.
“This achievement reinforces our commitment to investing in dynamic Scottish businesses. We are confident that under Juniper Group’s guidance, Traveltek will continue its impressive trajectory, leveraging global resources to enhance its offerings.”
Juniper Group is part of Vela Software and Constellation Software, a publicly traded Canadian company.
Barritt added: “YFM’s investment accelerated the growth of Traveltek to command a market leading position. It’s important to acknowledge the tremendous support from YFM, especially through the challenging trading period of COVID.
“Traveltek benefited from wider initiatives and experience from both the team and other portfolio customers at YFM. Becoming part of Juniper Group and the wider Vela Software and Constellation Software family represents an exciting new chapter for Traveltek.
“Our customers will benefit from expanded resources and products, while our team will have new growth opportunities within this thriving software network.”