Hotel business intelligence specialist OTA Insight has raised $80 million as it seeks to expand its business globally.
The investment comes from Spectrum Equity, a leading growth equity firm focused on internet-enabled software and transformational data companies.
It joins existing investors Eight Roads, F-Prime Capital and Highgate Technology Ventures in backing the business.
OTA Insight said the funding will enable it to help partners to make smarter commercial decisions and to expand its global footprint.
Sean Fitzpatrick, chief executive, said: “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.
“We anticipate unprecedented opportunities and growth as the recovery continues. 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.
“We are thrilled to add Spectrum Equity as an investor to partner with us in our mission. We feel privileged to have a world-class group of investors supporting our growth strategy.”
OTA Insight provides data and analytics to optimise commercial decision in the hospitality industry.
The firm says many hospitality operators are embracing new technologies to gain a competitive edge as the COVID pandemic recedes.
Currently over 55,000 hotel properties in 185 countries use its suit of services, which includes Market Insight, Rate Insight, Revenue Insight and Parity Insight, to make pricing decisions and understand market, channel and competitor dynamics in real time.
The investment by Spectrum Equity will fuel OTA Insight’s growth in key areas of product innovation, engineering, sales, and global expansion.
Gino Engels, co-founder and chief commercial officer, said: “We are very excited about the response from our customers to our latest products and innovations.
“With this investment we will accelerate our expansion across all regions in 2022 but particularly in the Americas, where we have seen an incredible recovery.”
Matthias Geeroms, co-founder and chief financial officer, added: “We are so grateful to the OTA Insight team, our customers and our partners who have continued to trust and support us through the global crisis.
“We strive to be a business with a great culture and strong core values that put our team members and customers first. This investment marks the next milestone on our journey as we continue to build a world-class company to serve the changing needs of the industry.”
Steve LeSieur, managing director at Spectrum Equity, who will join the board of directors, said:
“We have a long history of partnering with leading data intelligence and decision support companies.
“We’re excited to join forces with the entire OTA Insight team as they grow the company and develop new products and tools to meet the demands of an industry that is hungry for new technology.”