Private Equity Takes Over Switchfly in a Bet on Travel Loyalty Tech
Skift Take
Switchfly, a travel tech firm specializing in loyalty and e-commerce upselling, has been taken over by private equity firms Golub Capital and L Capital.
In a just-revealed October 2018 investment, private equity firms Golub Capital and L Capital took a controlling equity stake in Switchfly, a startup specializing in e-commerce and loyalty tools for airlines, rental car companies, hotel groups, and insurance providers.
Daniel Farrar, CEO of Switchfly for seven years, stepped aside this month. He was replaced by Craig Brennan, who was previously CEO of software firms Brio Software, Overtone, and QuickMobile.
Switchfly announced the changes Friday.
Brennan said in an interview that the company planned to use the growth investment to fuel its international growth, the application of deep learning tools to its products, and other enhancements.
The parties didn't disclose the terms of the transaction. Switchfly had previously disclosed raising $34 million in venture capital. Its last raise was a Series C in 2012 from investors Thayer, Azure, Canaan, and StarVest t
