NewBook nabs major investment from Potentia Capital
NewBook has secured a major investment from tech-sector private equity firm Potentia Capital, which is set to fast-track New Book’s global expansion.
Established in 2010, NewBook is an Australian-based booking and management system provider owned by local tourism entrepreneur Brad Illich and wife Shaye, whose family has been part of the holiday park industry since the 1980s.
The software group has now grown to serve over 1,600 business in 52 countries, with some of its Australian clients being ASX-listed Ingenia Communities and NRMA Parks and Resorts.
“NewBook is at an inflection point following strong growth, and I feel that now is the right time for NewBook to leverage its current lead on our competitors and fast-track our global expansion,” said Brad Illich.
“I have complete confidence that Potentia Capital will help us do just that,” he said.
Illich will move from the role of CEO to Founder & President, allowing more time to focus on key industry relationships and his passion for the research and development of NewBook.
“My passion lies with software development and the processes behind creating a first-class product, so this exciting change means I can be more focused on the R&D of NewBook,” Illich said.
“To say that I’m proud of everything the NewBook team has achieved in the last 11 years is an understatement and I couldn’t have done it without them. Onwards and upwards.”
Potentia Capital Operating Partner, Cheyne Tan, will be appointed as the interim CEO while NewBook undertakes a rigorous talent search for the right candidate for CEO.
“I’ve been incredibly impressed by the NewBook team’s relentless focus on customer support and continued drive to innovate,” Tan said.
“I look forward to working with the team to cement NewBook’s global market leadership,” he said.
Also joining NewBook as Chairman is Tim Reed, the current Managing Director at Potentia Capital, and former CEO of 12 years at successful accounting software company, MYOB.
Potentia Capital’s significant investment comes from its $400m buyout fund, which will support NewBook’s rapid growth and global expansion while continuing with Illich’s innovative and customer-focused way of business.