French investment funds XAnge and Midi Capital are each investing € 2.5 million in SequoiaSoft, publisher of CRS (Central Reservation System) and PMS (Property Management System) software solutions for tourism professionals.
This fundraising should enable SequoiaSoft to buy out the café, hotel and restaurant business from the Cegid group in July 2014. The 21 Cegid employees should join the 60 employees of the company.
The founder and director of SequoiaSoft Patrice Guyot declares that these 5 million euros invested will make it possible to “continue the development project based on the expansion of the customer base through acquisitions, and the construction of a global offer intended for the world of tourism in SaaS mode ”. “Supporting such a company, whose growth and potential are confirmed year after year, is, for us, a unique opportunity to participate in the emergence of a new national leader”, comments François Cavalié, CEO of XAnge .
Born in 2010 from the merger between ADN-informatique (created in 1980) and Softbooking (created in 2005), SequoiaSoft plans to double its 2013 turnover (5.7 million euros) to reach 10.9 million in 2014 .
A Parisian subsidiary of Banque Postale, XAnge Private Equity is present in France and Germany and manages € 360 million in assets. Directed by Hervé Schricke (born 1949), XAnge has been around since 2004.