Potentia Capital has exited bookings technology company Newbook to a US investee of Europe-based private equity firm EQT.
Financial details of the transaction have not been disclosed but the technology-focused private equity firm is believed to have generated a strong return after being invested in the asset for little more than three years.
Potentia invested in March 2021, taking a controlling stake alongside founder Brad Illich. The private equity firm recruited a new chief executive, Shaun Cornelius who had previously been country head in Australia for Ebay before moving into the start-up world and taking on chief executive roles with mobile phone ordering app Hey You and online marketplace Autotrader.
Under Potentia, Surfers Paradise-based Newbook more than doubled its revenue through organic growth, primarily by expanding its market from caravan parks and camping grounds to the wider hospitality management sector.
Founded in 2010, Newbook now has more than 50,000 users. In addition to Australia, the company operates in New Zealand, Canada and the US, which brought it to the attention of Storable.
Austin, Texas-based Storable developed its technology to serve the self-storage and marine industries and has grown to be a leader in those markets in the US. Newbook now provides Storable with a third vertical and access to markets in Australia and other countries.
Storable recognises Newbook’s technology as “cutting-edge” and believes it can be integrated with its own to enable customers to run their businesses using fewer software programs.
Newbook will retain its current management team and operate as a division of Storable.
Storable chief executive Chuck Gordon said his company’s experience in the self-storage and marine sectors had shown the advantages of an all-in-one software platform for operators and their customers.
“Leveraging the strong foundation Newbook has built in the US, Australia and other countries, we are fully committed to making substantial, market-leading investments that will continuously enhance customer experiences and drive innovation across the board,” he said.
Cornelius said: “Joining forces with Storable opens an exciting chapter for Newbook, enabling us to leverage their proven success to propel our solution to new heights.”
Potentia was advised on the sale of its Newbook stake by RBC Capital Markets, EY and law firm Johnson Winter Slattery.
Image: Chief executive Shaun Cornelius, centre, will continue to lead the Newbook team as a division of Storable.