Tnooz: What’s the general thesis on SiteMinder? Dave Yuan: Here’s a long answer. I need to give you the industry context at the time, before we can talk about today. Back in 2010 to 2012, we spent a fair amount of time mapping out huge, specific dynamics in online travel. Ultimately we identified a particular space in the channel management sector that looked promising.It’s a pretty sleepy space: the hospitality software market and the specific segment of channel management. We ultimately found SiteMinder. Get the full story at Tnooz