Pegasus sells financial services division
Pegasus Solutions has sold its financial services division, Pegasus Financial Services, to H.I.G. Capital, LLC.
Pegasus Solutions has sold its financial services division, Pegasus Financial Services, to H.I.G. Capital, LLC. Confirming the sale, chief executive officer David Millili reported the company is now in growth mode with 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," said Millili. "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. Since becoming CEO, we've 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.