Dublin headquartered car rental software provider, CarTrawler, has been taken over by US private equity firm Towerbook Capital Partners.

The investor is paying over €100m for the controlling stake in the company.

Co-headquartered in both London and New York, TowerBrook Capital Partners has investments worth more than $13.4 billion under management.

The two firms said the investment would strengthen CarTrawler's balance sheet during the disruption caused by the Covid-19 crisis and drive its next phase of growth.

The travel sector, including car rental services, are reeling at present, as movement is severely restricted by governments trying to stop the spread of the virus.

"This investment will allow CarTrawler to come out of this period of unprecedented disruption with a stronger platform for growth," said Cormac Barry, CEO of CarTrawler.

"Like many companies in the travel sector, we have experienced material trading impacts as a result of the Covid-19 but the crisis will pass, and this deal will allow us to further enhance our proposition to our partners and our suppliers."

CarTrawler is a leading business to business provider of care hire software for the travel sector, servicing firms such as Alaska Airlines, easyJet, Hotels.com, KLM, TravelStart and Emirates.

"The lockdown measures implemented in response to COVID-19 have presented enormous challenges, even for well managed and attractively positioned companies like CarTrawler," said Gordon Holmes, Managing Director and Chief Investment Officer of TowerBrook.

"However, the Company's value proposition is, if anything, even more relevant post-COVID 19 than before."

CarTrawler was set up in Dublin sixteen years ago and also has offices in New York and Melbourne.