Alibaba invests $458m in hotel IT software firm
Alibaba Group has bought a 15% stake in Beijing Shiji Information Technology, a Chinese hospitality information technology developer, for RMB2.81 billion ($458 million).
According to a regulatory filing, Shenzhen-listed Shiji Information will issue 54.6 million shares to Taobao Software, a technology unit that supports C2C marketplace Taobao, at RMB 51.52 apiece. The investment is expected to allow Alibaba to develop its Taobao Travel business alongside Beijing Shiji, including hotel and a restaurant information management system and mobile payment solutions.
Beijing Shiji claims that more than 6,000 hotels in China use its technology solutions, including 90% of five-star hotels. It also sells software to over 10,000 restaurant chains.
Taobao Travel is an online platform allowing users to book tickers and travel packages. Last year, Alibaba invested in travel app ZLS365 and information site Qyer to complement its existing offering.
The deal marks Alibaba's first big investment since raising $25 million in a record-breaking IPO on the New York Stock Exchange earlier this month.
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