Hotel Technology Company Vistera Systems Acquired
October 03, 2007 (PRLEAP.COM) Technology NewsSanta Barbara, Calif., — Vistera Systems, a provider of web-based business intelligence for the hotel industry, today announced that its board of directors and shareholders have unanimously accepted an offer to acquire all its outstanding shares. The company has been acquired by Vistera Group LLC, a newly formed venture started by Michael Garvin, founder and former CEO of No Barriers, Inc.
Mr. Garvin created the pioneering No Barriers technology that connects back-end hotel systems into a unified data stream. After leaving No Barriers, Mr. Garvin, and a group of private equity investors, formed Vistera Group LLC specifically to acquire Vistera Systems. This new entity plans to use Vistera Systems' web-based technology as the foundation for its push to compete against industry stalwarts such as Smith Travel Research, Travelclick, and ApTech.
“Vistera Systems has the technology that allows Michael to execute on his remarkable vision of unlocking the valuable hotel data that so often sits in incompatible silos.” explained Tom Fragala, founder CEO of Vistera Systems. “Michael has the business acumen to take the company to the next level. This will allow me to focus on my new technology company Truston, which launched its first product several months ago.”
Vistera Systems' service is an online business intelligence service that provides data integration and financial reporting for large hotel portfolios. Its customers include Cornerstone Real Estate Advisers, Inc., a subsidiary of MassMutual, which has used the VisteraView service since 2002. Cornerstone is one of the twenty largest owners of hotel properties in the United States with $4 billion in real estate assets and 32 hotels, incuding brands such as Marriott, Sheraton, Ritz Carlton and Hilton.
About Vistera Systems
Vistera Systems' hosted business intelligence software empowers owners and operators of hotel portfolios to access and utilize strategic information about their business. The company has been profitable every month since 2002. Based in Santa Barbara, CA since 2001, the company's primary office post-acquisition will be in Boston, MA. The company will retain its brand name, Vistera Systems, and can be found on the web at www.visterasystems.com.