Pegasus Solutions has sold its financial services division, Pegasus Financial Services, to H.I.G. Capital, LLC. Confirming the sale, chief executive officer David Millili reported the company is now in growth mode with renewed focus on its core business.
“The move to sell our commission processing division was made to allow us to adjust our attention and resources to the key role we play facilitating billions of booking transactions for our global hotel clients annually,” said Millili. “We have a responsibility to these hotels to not only understand what they need to improve operations, but to also deliver the right prescribed set of services and solutions to accomplish that. Since becoming CEO, we’ve seen that the most valuable tools and insights we can offer lie within our core distribution and reservations business.”
Terms of the sale were not disclosed.
Pegasus Solutions is the single largest processor of electronic hotel transactions, delivering advanced and affordable connectivity and distribution solutions to nearly 100,000 hotels worldwide. Pegasus connects hotels to crucial sources of business, facilitating almost $16 billion for its clients annually. In addition to foundational global distribution system (GDS) access and online connectivity, Pegasus delivers online, social marketing and booking solutions through its Open Hospitality division, and powerful reservation tools to convert and capture bookings. As a trusted partner in generating guest room demand and sales, Pegasus also offers hotels actionable business intelligence through its PegasusView Market Performance reports to help hotels understand and respond to changing market conditions.
Pegasus has 18 offices in 10 countries, including regional hubs in Dallas, Frankfurt, London, Madrid, New York, Sao Paulo, Singapore and Scottsdale.