Serent said the investment followed a lengthy period of evaluating emerging companies in the hospitality technology sector.
Kevin Frick, Serent Capital general partner, said, “Knowland established itself as a leader in the hospitality technology market by helping hotels maximize revenue from their meeting and conference space by leveraging Knowland’s unique data and technology.
“Knowland is revolutionizing the group segment of the hospitality industry, and we look forward to working with the team to further that goal.”
San Francisco-based Serent Capital invests in high growth, service-based businesses in the smaller end of the mid-market, and typically makes commitments of $10m to $100m.
Businesses the firm tends to invest in have revenue of $10m to $100m and EBITDA between $3m and $10m, with returns on invested capital of over 20 per cent.
Back in January Serent closed its second fund within weeks of launching at its $350m hard cap.
Copyright © 2013 AltAssets