Pegasus Solutions sold its commission-processing division, Pegasus Financial Services, to HIG Capital, LLC, a private investment firm.
The service enables travel agencies to track and reconcile commissions from multiple hotels, avoid bank fees and have their commission checks deposited directly into their accounts.
David Millili, Pegasus’ chief executive officer, said the sale is part of the company’s renewed focus on its core business.
“The move to sell our commission-processing division was made to allow us to adjust our attention and resources to the key role we play facilitating billions of booking transactions for our global hotel clients annually,” he said in a statement.
“We have a responsibility to these hotels to not only understand what they need to improve operations, but to also deliver the right prescribed set of services and solutions to accomplish that.”
Millili said that since he became CEO, Pegasus “[has] seen that the most valuable tools and insights we can offer lie within our core distribution and reservations business.”
Terms of the sale were not disclosed.
HIG Capital invests in a wide variety of sectors, including business services, media, transportation and logistics, technology and consumer products.