VFM Interactive Inc., the leading online video and rich media producer and distributor for the hotel and travel industry, today announced the completion of a $13.5 million financing to support its ongoing expansion. Lake Capital, a private equity firm that invests exclusively in service-based companies, led the investment which also included investments from existing shareholders JLA Ventures and Centiva Capital. VFM plans to use the financing and the strategic resources that Lake Capital brings to expand into complementary travel-related verticals and accelerate its growth in North America and overseas.
In addition to offering a market-leading suite of online media production and distribution solutions for the hotel and travel industry, VFM has made significant progress in advancing its business plan over the past year by signing key strategic media management and distribution deals with Sabre Travel Networks and its sister company, Travelocity, and Galileo by Travelport, two of the world's largest travel companies. As a result of these deals, VFM's online video and rich media distribution platform, Vscape(R), is now utilized by over 35,000 hotels worldwide. Vscape allows hotels to distribute their images, informational videos and marketing rich content to highly targeted travel consumers across thousands of travel related sites and distribution channels.
'We are delighted to have Lake Capital as a long-term strategic partner,' said Paolo Boni, president and chief executive officer of VFM Interactive. 'This investment and the additional expertise and resources Lake Capital can provide will enable us to rapidly grow our business by accelerating our product development, broadening the suite of value-added services we offer and expanding both in the United States and abroad.'
Tony Broglio, Principal of Lake Capital said, 'We are very excited about the opportunity to work with the VFM management team and continue to expand the company's capabilities by building on VFM's recent successes and industry leadership. The company's ability to deliver superior solutions is evidenced by its long-standing and growing relationships with its clients and partners. We believe VFM is uniquely positioned to deliver market-leading, world-class, video and rich media marketing services to the travel industry.'
About VFM Interactive
VFM Interactive is the leading end-to-end provider of online media production and distribution solutions for the hotel and travel industry. VFM helps hotel and travel companies enhance their online marketing through rich visual content including still images, videos, 360º virtual tours and Flash presentation. VFM's Vscape(R) platform allows hotels to manage and distribute their rich media content on the industry's largest and fastest-growing distribution network of more than 25,000 websites where consumers most often research and purchase travel products. This network includes online travel agencies, travel suppliers, search portals and Global Distribution Systems such as Travelocity, Orbitz, Priceline, TripAdvisor, American Airlines, Yahoo!, SideStep, Sabre Travel Network, Galileo and Worldspan. VFM's Vscape media distribution platform is utilized by more than 35,000 hotels from dozens of major hotel chains and resorts from brands and management companies including Best Western, Choice, Crowne Plaza, Hilton, Holiday Inn, Interstate, La Quinta, Marriott, Outrigger, Radisson, Regent, Sheraton, Sol Meliá, W, Westin and Wyndham. For more information, visit www.vfmii.com.
About Lake Capital
Lake Capital is a private equity firm that focuses on investments in service-based enterprises across various industries. The firm currently manages more than $1.3 billion in equity commitments and seeks to build leading services companies through organic and acquisition-enhanced growth. More information about Lake Capital is available at www.lakecapital.com.
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