Irish hotel booking company CNG, which employs 55 people in Kenmare, Co Kerry, is planning to list on the Alternative Investment Market in London next month. It hopes to raise about €65m.
The proceeds of the placing will be used to provide additional working capital to increase sales and marketing initiatives, increase revenue both organically and via acquisitions and to fund the global rollout of the company's software.
CNG's core business is distributing hotel room nights to travel agents and consumers with a strong emphasis on the $35 billion US corporate hotel market. It operates through strong distribution channels which includes exclusive agreements with four of the five largest US corporate travel agents.
'CNG is ideally positioned to benefit from the rapid changes taking place in the hotel room distribution market', commented Finbarr Power, CNG's CEO.
'The fund raise and flotation will raise our profile with our partners, customers and the industry, and assist the company in developing our business as we look to aggressively dominate our chosen markets,' he added.
