Core Insights - SiteMinder Ltd (ASX: SDR) is positioned as a technology company that addresses the inefficiencies in hotel management systems, particularly in booking coordination [1][2] - The company serves over 50,000 properties, including boutique hotels and various unique accommodations, managing a total of 2.4 million rooms [3] - SiteMinder's platform enhances hotel operations by centralizing reservations and providing valuable data insights, which contribute to increased Average Revenue Per User (ARPU) [5][6] Business Model - SiteMinder's software creates a network effect by attracting both hotels and online travel agencies, increasing its value with each new participant [4] - The platform integrates distribution, payments, and insights, allowing for upselling opportunities and improving customer retention [5][6] Financial Metrics - Key performance indicators include Annual Recurring Revenue (ARR), properties managed, monthly ARPU, churn rates, and Customer Acquisition Cost (CAC) [7][9] - For FY25, SiteMinder reported 50.1 thousand properties, a monthly ARPU of $405, and a monthly revenue churn rate of 1.0% [10] - The company recorded a loss after tax of $24 million on revenue of $224 million for FY25, with a market capitalization of over $2 billion [11] Growth Potential - SiteMinder has achieved a three-year compound annual growth rate of 23.7% in revenue, with a growth rate of 17.7% in FY25 [16] - The company anticipates accelerating revenue growth towards 30% in the medium term while maintaining profitability discipline [16] Investment Considerations - SiteMinder shares trade at a price-to-sales multiple of around 9x, which is considered high but lower than some of its ASX tech peers [12] - Investors can gain exposure to SiteMinder through ETFs, such as the Betashares Australian Technology ETF (ASX: ATEC) [17]