Hotel business intelligence platform OTA Insight nabs $80M
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OTA Insight, a market intelligence platform that gives hotels data and analytics to increase their revenue and business strategy, has raised $80 million in a series B round of funding.
Founded in 2012, London-based OTA Insight offers a range of products designed to bring “smarter revenue, distribution, and marketing outcomes” to some of the world’s largest hotel chains, including Radisson, Holiday Inn, and Crowne Plaza.
Among its products are Market Insight, Rate Insight, Parity Insight, and Revenue Insight, which collectively capture and aggregate real-time booking data from myriad sources to help hotels figure out demand across markets, for example, benchmark pricing against competitors, and monitor the performance of their entire hotel portfolio.
“For global chains and independent hotels alike, we have made the use of data simple and intuitive to drive better commercial decisions and provide a real competitive advantage,” OTA Insight CEO Sean Fitzpatrick noted in a statement.
Above: OTA Insights: Market Insight
Prior to now, OTA Insight had raised around $20 million, and with another $80 million in the bank from private equity firm Spectrum Equity, the company is well-financed to capitalize as the global hospitality industry continues its recovery from the lockdown measures instigated in the wake of the global pandemic.
“Prior to the pandemic, the hospitality industry had been open to gradually adopting new technology — our business experienced significant growth through 2020 despite the industry headwinds, but 2021 has been a breakthrough year for us as the recovery accelerated the pace of technology adoption,” Fitzpatrick continued. “We anticipate unprecedented opportunities and growth as the recovery continues.”
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