NewBook Secures Major Investment to Accelerate Market Growth

Australian-based Property Management System provider, NewBook, has secured a major investment from Potentia Capital, Australasia’s leading technology-focussed private equity firm.

Owned and operated by local tourism entrepreneur Brad Illich and wife Shaye, the Illich family has been part of the holiday park industry since the 1980s, owning and operating award-winning Ashmore Palms Holiday Village and Brisbane Holiday Village. Youngest of six children to the late industry veteran Frank Illich, Brad started NewBook in 2010 to initially fulfil an underserved segment of the tourism industry, caravan parks.

Today, NewBook is a leading booking and property management system provider to the entire accommodation industry, serving over 1,600 businesses in 52 countries. NewBook has scaled over the past 11 years into a global market leader supporting major clients in Australia such as Ingenia Communities (ASX:INA), Reflections Holiday Parks, Holiday Haven, NRMA Parks and Resorts, Tasman Tourism, RAC Parks and Resorts, as well as many other councils and individual properties. NewBook’s clients processed over AUD $1.45 billion in booking revenue last year alone. In 2019, NewBook opened offices in California and in late 2020 began providing booking engine services to Equity LifeStyle Properties (ELS:NYSE), which is one of the world’s largest owner/operators of RV parks and campgrounds with over 200 properties.

Potentia Capital’s significant investment from its $400m Fund 1 will support NewBook’s rapid growth and undoubtedly catapult NewBook’s global success while continuing with Illich’s innovative and customer focused way of business.

Potentia Capital holds a solid track-record in scaling Australian tech businesses and was attracted by NewBook’s innovative software, market-leading brand, skilled team, and strong growth profile. It plans to back the NewBook team in accelerating the growth trajectory in its local and international markets by investing in the company’s software, customer support and go-to-market capabilities.

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.

“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. I have complete confidence that Potentia Capital will help us do just that. 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. 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,” says Illich.

Cheyne Tan, Operating Partner at Potentia Capital, will be appointed as the interim CEO while NewBook undertakes a rigorous talent search for the right candidate for CEO. Tan stated, “I’ve been incredibly impressed by the NewBook team’s relentless focus on customer support and continued drive to innovate. I look forward to working with the team to cement NewBook’s global market leadership”. 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.

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