Lanyon, Inc., the leading provider of content, bid and spend management solutions to the global travel and hospitality industries, today announced that it has received $10 million in expansion funding from Frontier Capital
Press release: Lanyon secures $10m expansion funding
Lanyon, Inc., the leading provider of content, bid and spend management solutions to the global travel and hospitality industries, today announced that it has received $10 million in expansion funding from Frontier Capital. Frontier is a private equity firm providing growth equity to technology enabled business services companies.
As the world’s largest online hospitality marketplace, Lanyon provides content and bid management solutions to over 90,000 hotels and spend management solutions to hundreds of corporations.
Together with the travel management companies that use its solutions, it handles an annual demand for 95 million room-nights with an economic value approaching $18 billion.
Frontier’s investment will support expansion of sales, marketing and customer support resources together with further enhancement of the company’s on-demand solutions.
“Lanyon has consistently experienced exceptional growth. This can be attributed to the value delivered by our solutions making us a trusted and independent partner to a growing number of hotels and corporations seeking improved hospitality procurement processes,” said Todd E. Tyler, President and Chief Executive Officer of Lanyon. “With this funding from Frontier Capital we will be able to accelerate the introduction of additional solutions and build out service delivery as we increase the number of our customers.”
“We have been very impressed with the evolution of Lanyon as it has brought innovative solutions to both suppliers and buyers of travel,” said Michael Ramich, partner of Frontier Capital. “Now more than ever, the travel and hospitality industries are demanding the efficiency and transparency facilitated by Lanyon solutions. We are pleased to partner with Lanyon in accelerating the company’s growth trajectory.”
