OYO acquires European data science company Danamica
Amsterdam, Sept 2 (IBNS): OYO Hotels & Homes, a hotel chain, on Monday announced that it has acquired Danamica, a Copenhagen based data science company, with machine learning and business intelligence capabilities, specialized in dynamic pricing.
Earlier in August, the company said it had committed to invest €300 million in the vacation homes business in Europe, with a special focus on strengthening the relationship with homeowners and enabling them with the resources, including technology investments, required to deliver chic hospitality experiences.
With the acquisition of Danamica, OYO will be able to drive top-line growth by leveraging dynamic pricing across all its brands - OYO Home, Belvilla and DanCenter, all of them already at the forefront of vacation rental pricing in Europe.
Additionally, OYO and its real estate partners around the world will benefit using data sciences for improved yield, the hotel chain said in a statement.
Starting with Europe, Danamica’s technology innovations will benefit OYO’s global vacation homes business.
Commenting on the development, Maninder Gulati, Global Head, OYO Vacation and Urban Homes, & Chief Strategy Officer, OYO Hotels & Homes, said, “We are delighted to announce our acquisition of Danamica, a Europe based, machine learning and business intelligence company specialized in dynamic pricing, that will help us be more accurate with pricing, leading to higher efficiencies and yield for our real estate owners and value for money for our millions of global guests, both everyday travellers and city dwellers, that choose an OYO Vacation Homes as their abode.”
“Data sciences across Pricing, AI, and Imaging Sciences have been a cornerstone of OYO’s proprietary revenue enhancement technology. It is also a huge missing piece in the way traditional vacation rentals industry is run. We are glad to have found Danamica, which has built expertise in these areas. Both Rune and Mads (Co-Founders - Danamica) are extremely talented individuals and together with their team, they have built a valuable IP that analyses many years of data and pricing trends and provides logical and scientific recommendations, which will help us scale our vacation and urban homes business across Europe and other parts of the world,” added Maninder.
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