Slovak firm Sandberg and Czech-based ARX have jointly acquired a majority stake in Travelnode, the parent company of Croatian hotel software developer Pheobs.

Private equity firms ARX and Sandberg, in a Czech-Slovak collaboration, have acquired the Croatian software company Pheobs, a leader in hotel technology. Together, they have taken an 80% stake in its parent company, Travelnode, for a sum in the lower tens of millions of euros.

Pheobs provides software solutions for the hospitality industry and serves more than 3,500 hotels and campsites across 34 countries. In 2024, the company generated revenues of €6.6 million and an EBITDA of €4.2 million. Over the past three years, it has tripled its customer base, with its software proving successful in the Slovenian and Croatian markets. Under its new ownership, Pheobs plans to expand into major hotel destinations, starting with Italy.

The acquisition marks the launch of the ARX CE V investment fund for ARX, while for Sandberg it is the fourth acquisition within its Sandberg Investment Fund II. Both firms manage capital worth approximately €350 million and focus on investments in small and medium-sized enterprises.