Potentia Capital, Australasia’s leading technology-focussed private equity firm, has today announced the acquisition of a majority stake in NewBook from the A$400m Potentia Fund 1. As part of the transaction, NewBook founder Brad Illich will retain a significant stake in NewBook.
NewBook is a leading booking and property management system provider to the accommodation industry, serving over 1,600 businesses in 52 countries. Founded in 2010, NewBook has scaled over the past 11 years into a global market leader supporting major clients in Australia such as Ingenia Communities (ASX:INA), NRMA Parks and Resorts and Tasman Tourism and its clients processed over A$1.45 billion in booking revenue last year. In 2019 NewBook opened offices in California and in late 2020 began providing booking engine services to Equity Lifestyle Properties (NYSE:ELS), one of the world’s largest owner/operators of RV parks and campgrounds. NewBook’s award-winning cloud platform has been designed from the ground-up to help accommodation operators grow revenues, increase direct reservations, streamline operations and enhance guest experiences.
Potentia was attracted to NewBook’s high quality team, industry leading and innovative software, market leading brand, and strong growth profile. Potentia plans to back the NewBook team in accelerating NewBook’s growth trajectory in its local and international markets by investing in the business’ continued software development, customer support and go-to-market capabilities.
“NewBook is at an inflection point following strong growth and I feel that now is the right time for NewBook to leverage its current lead on our competitors and fast-track our global expansion” said NewBook founder Brad Illich, “I have complete confidence that Potentia Capital will help us do just that given their strong track record and especially their focus and expertise in investing only in high growth technology companies.”
Michael McNamara, Partner at Potentia Capital said “We’ve been hugely impressed by Brad and the NewBook team and product during our due diligence process, and are excited to be partnering with NewBook in its next phase of growth.”
Post transaction Tim Reed (former CEO of MYOB and Potentia MD) will become Chairman of NewBook whilst Potentia Operating Partner Cheyne Tan and Potentia Partner Michael McNamara will join as Directors.
Johnson Winter & Slattery and EY advised Potentia Capital whilst KPMG and Talbot Sayer advised NewBook.