OTA Insight raises $ 80 million to develop its hotel business intelligence platform |
OTA overview, which has established itself in recent years as a leader in cloud-based hotel business intelligence, raised $ 80 million from Spectrum Equity, a private equity firm focused on internet software and transformational data.
According to a press release, the investment will help the company continue its mission of enabling smarter business decisions and results across the industry as it expands its global presence. The London-based company, which was founded in 2012, had previously raised just $ 20 million. Technology companies.
OTA Insight provides data and analysis to optimize decision making. Its innovations include a rate intelligence solution for global hotel chains, local brands, management companies and property groups called Rate Insight. The tool includes a rate type comparison feature that essentially eliminates the need to generate and analyze reports and allows hoteliers to easily understand and evaluate competitor’s discount strategies with one click. Hoteliers can analyze different rate variations, including length of stay, public rates versus members, mobile rates versus desktops, meal plans, best flexible versus lowest rates , the number of guests and much more, and extract the detailed discount plans of the competitors via a simple comparative dashboard.
Last year the company launched Market Snapshot, an advanced AI-powered technology that taps billions of forward-looking data points from multiple top-of-the-funnel data sources, ranging from hotel web searches, online reviews, flight, events, vacation and alternative accommodation inventory data to provide location-specific data, segmented demand information. Hoteliers and revenue managers are able to quickly anticipate future market demand, uncover early revenue opportunities with live alerts, and easily assess how competitive their properties are against their ‘dynamic’ ensemble. .
Over 55,000 hotel properties in 185 countries are said to use the OTA Insight platform, which in addition to Rate Insight and Revenue Insight includes Parity Insight, to make complex pricing decisions and understand rapidly changing market conditions, channels and competitor dynamics in real time. OTA Insight integrates with industry tools including hotel property management systems, leading RMS solutions, and data benchmarking providers. Guests include major hotel brands such as Radisson, Holiday Inn, and Crowne Plaza.
“Before the pandemic, the hospitality industry was open to the gradual adoption of new technologies. Our business has grown significantly through 2020 despite the headwinds in the industry, but 2021 has been a watershed year for us as the recovery has accelerated the pace of technology adoption. We anticipate unprecedented opportunities and growth as the recovery continues, ”OTA Insight CEO Sean Fitzpatrick said in a press release. “For global chains and independent hotels alike, we’ve made using data simple and intuitive to make better business decisions and deliver a real competitive advantage. “
Spectrum Equity’s investment would fuel OTA Insight’s growth in key areas of product innovation, engineering, sales and global expansion. “We are very happy with the response from our customers to our latest products and innovations,” said Gino Engels, co-founder and CCO. “With this investment, we will accelerate our expansion in all regions in 2022, but particularly in the Americas, where we have seen an incredible recovery.”
“We are very grateful to the team at OTA Insight, our customers and partners who have continued to trust and support us during the global crisis,” said Matthias Geeroms, Co-Founder and Chief Financial Officer. “We strive to be a company with a great culture and strong core values that put our team members and our customers first. This investment marks the next step in our journey as we continue to build a world-class company to meet the changing needs of the industry.