Founded in 2004, Eviivo provides Eviivo Frontdesk, a service that enables small independent accommodation businesses to manage their properties and sell their rooms online.

The deal follows the failure by Bahraini investment firm Investcorp to secure the purchase of restaurant chain Wagamama at the end of 2010. The business was eventually sold to private equity firm Duke Street for £103 million.

According to a statement released by ITP, directors Gilbert Kamieniecky and Dirk Schmucking will join Eviivo’s board of directors.

Schmucking comments: ‘Eviivo is in line with the continuing trend towards booking accommodation over the internet and is well positioned to support its customers as they take advantage of business opportunities in the online world.’