Sandberg Capital and ARX Equity Partners have jointly acquired a majority stake in Travelnode GmbH, the holding company of Phobs d.o.o., a leading SaaS technology provider for the hospitality sector in the Adriatic region.
Founded in 2004 and headquartered in Dubrovnik, Croatia, Phobs delivers innovative software solutions designed to drive revenue growth for hotels and campsites. With a client base managing over 3,500 properties handled by approximately 9,000 hospitality professionals, Phobs has built a robust market presence and maintains strong customer retention.
“The partnership with Sandberg Capital and ARX Equity Partners is especially meaningful, as we have found partners who deeply understand our mission — that the quality we deliver to our clients is our greatest strength. Their appreciation for our values and long-term vision gives us the confidence that we can accelerate our growth while staying true to what defines Phobs.” said Miho Borković, CEO at Phobs.
The investment will accelerate Phobs’ strategic growth initiatives, including expanding its product offerings. It will also enable geographic expansion and support acquisitions to further enhance its market position and capabilities.
“Phobs represents an exceptional opportunity to invest in a market leader with strong growth potential,” said Michal Rybovič, Partner and CIO at Sandberg Capital. “At Sandberg, we specialise in supporting ambitious companies in technology-driven sectors, providing strategic guidance, operational expertise, and resources to accelerate growth. We are committed to helping Phobs thrive by tapping into new markets and driving innovation.”
Phobs has demonstrated strong performance, achieving annual revenues of EUR 7 million with double-digit growth rate over the past few years. Currently, Phobs generates the majority of its revenues from Croatia, supplemented by Slovenia and other international markets. “We see significant potential in Phobs’ established leadership position and scalable business model,” added Martin Medo from ARX Equity Partners. “The company is well-positioned to benefit from continued digitisation in the hospitality industry, and we are excited to support its ambitious growth strategy.”
Advisors on the transaction on the buyers’ side were law firms Mamić Perić Reberski Rimac (Croatia); Bär & Karrer (Switzerland) and JŠK (Czechia); financial advisor KPMG (Croatia) and financing partner Tatra Banka (Slovakia). The parties have decided not to provide further details on this transaction.