Company Interview / Tribeca's small cap big idea

SiteMinder (ASX:SDR) is positioning itself as the world’s largest platform connecting hotels to distribution channels, operating in over 150 countries and managing 2.4 million rooms, according to CEO Shankar Narayan. The platform, catering primarily to mid-size independent hotels, boasts a significant role in global transactions, impacting an estimated $85 billion in annual reservations. With hotels typically allocating about 30% of their booking value to sales, marketing and distribution, Narayan emphasises SiteMinder’s ability to add substantial value through new products, most of which remain under-monetised with current penetration at only a fraction of their addressable market.

Angus Wright from Tribeca highlights SiteMinder’s global scale, rapid organic growth and strong cost discipline as key differentiators versus other technology peers on the ASX. Wright points to the launch of new products as an emerging catalyst for further revenue growth, suggesting that the potential upside is not yet reflected in current market pricing. He also commends the company’s achievement of free cash flow break-even, viewing it as a major milestone for a rapidly scaling software business.

Both Narayan and Wright note that SiteMinder’s strong “moat” comes from its significant customer base—serving over 50,000 hotels worldwide—and the depth of integration into hotel operations. Continued innovation in data and AI, along with ongoing cost management, underpin SiteMinder’s focus on expanding operating margins and achieving the rule of 40 in the medium term.

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