SCOTTISH technology company Traveltek is to use a £5.3 million cash injection from private equity house YFM Equity Partners to fund the launch of up to eight new offices over the next two years.
The East Kilbride-based business, which powers booking systems used by travel agencies and hotels around the world, has secured the funding after inviting a number of investors to pitch for a stake.
Managing director Kenny Picken said: “We worked with Chris Horne at accountancy firm Campbell Dallas and put together an information memorandum, which Campbell Dallas circulated to potential investment sources.
“We were fairly confident we would raise the capital we were looking for and we had four different offers.
“Right from the first few minutes of discussions with YFM it was clear they would be a good fit.”
Traveltek, which in addition to East Kilbride has offices in Derbyshire, Miami and Sydney, has recently opened a base in Dubai and will use the YFM cash to fund further openings in Frankfurt, Hong Kong, São Paulo, Shanghai and Singapore by the end of 2017.
Another office in the US, either in Los Angeles or Miami, will come the following year.
To support the geographic expansion the firm is also looking to double its headcount from just under 100 to 200, the bulk of whom will be based in the UK.
Mr Picken said that each of the new offices is likely to house four staff members initially, with the focus being on sales and project management.
Following the YFM investment Mr Picken and his two fellow directors control just over 75 per cent of the company, which is expecting to grow turnover from£4.6m to £22m in the next three years.
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