OYO acquires Danish data science firm Danamica
OYO Hotels & Homes has acquired Danamica, a Copenhagen-based data science company for an undisclosed amount.
"OYO Hotels & Homes, the world's third-largest and fastest-growing hotel chain, has acquired Danamica, a Copenhagen-based data science company, with machine learning and business intelligence capabilities, specialised in dynamic pricing," the company said in a statement on Monday.
"This acquisition is in line with OYO's continued commitment to its global vacation rentals business through strategic investments in technology products, processes and people," it said.
In August, OYO had announced €300 million investment in the vacation homes business in Europe.
With the acquisition of Danamica, the company said, it would be able to drive top line growth by leveraging dynamic pricing across its brands -- OYO Home, Belvilla and DanCenter.
"Additionally, OYO and its real estate partners around the world will benefit using data sciences for improved yield. Starting with Europe, Danamica's technology innovations will benefit OYO's global vacation homes business," it said.
Maninder Gulati, Global Head, OYO Vacation and Urban Homes, said, "Data sciences across pricing, AI and imaging sciences have been a cornerstone of OYO's proprietary revenue enhancement technology. It's 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."
Read more news: