Dublin-based Web Reservations International (WRI) has been bought by private equity investment firm Hellman and Friedman in a multi-million euro deal.
A figure for the deal has not been disclosed but it is believed to be in excess of €200 million.
The online hostel booking company, which owns Hostelworld.com, generated net revenues of €38 million in 2008 after selling €350 million worth of accommodation.
"This business has been built by the vision of our founders together with the collective talents of a highly driven team at WRI," said chief executive Feargal Mooney.
"We have an ambitious agenda for growth and further innovation."
Mr Mooney said Hellman & Friedman's experience in media and marketing services, and the technology sector would help accelerate that growth.
The firm, which has its headquarters in Dublin, employs 93 people and has offices in Shanghai and Sydney.
WRI was founded in 1999 and has developed a number of award winning websites including hostelworld.com, hostels.com, bedandbreakfastworld.com, boo.com and trav.com. The company provides a technology platform for hostels to manage accommodation, pricing and receive bookings.
