Bahrain’s Investcorp has undertaken a $49m buyout of Eviivo Limited, a British online booking solutions company.
Eviivo connects small and medium-sized accommodation businesses with online distribution channels. It currently partners with more than 4,400 independent businesses in the UK.
“There is a boom in online accommodation booking, which is expected to grow as internet penetration increases and consumer behaviour shifts towards it,” says Mazin al-Khatib, managing director and regional head for the UAE at Investcorp.
Investcorp has no direct plans to launch the service in the Middle East, according to a company spokesperson. “Eviivo will be part of our technology fund. We do not interfere with the management of small companies and for the time being there are no plans to launch it in the Middle East,” he says.
Investcorp manages alternative investment products. It focuses on corporate investment, real estate investment and hedge funds. As of end-December 2010, Investcorp had $12.2bn in assets under management and is listed on the Bahrain bourse.