Tech unicorn bides its time with IPO after raising $100m

Unicorn hotel booking software company SiteMinder has closed a $100 million funding round, adding Fidelity International to its roster of big-name backers, as it continues to bide its time for an anticipated initial public offering on the Australian Securities Exchange in the current financial year.

Chief executive Sankar Narayan said the company had kept up investment in its technology platform during a pandemic that had initially appeared to threaten its viability, retaining its valuation above $1 billion and booking $100 million revenue.