OYO Hotels & Homes has announced that it has acquired Danamica, a Copenhagen-based data science company, with machine learning and business intelligence capabilities, specialised in dynamic pricing.
This acquisition is in line with OYO’s continued commitment to the company’s global vacation rentals business through strategic investments in technology products, processes, and people. Earlier in August, the company had committed to invest EUR 300 million (USD 328.94 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. Starting with Europe, Danamica’s technology innovations will benefit OYO’s global vacation homes business.
Commenting on the development, Maninder Gulati, global head of OYO Vacation and Urban Homes and chief strategy officer of OYO Hotels & Homes said: “The acquisition of Danamica 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.”
“OYO and Danamica have a shared understanding of the importance and impact of AI and data science. Like OYO, we recognise the untapped potential in the vacation rental industry that can be fulfilled with a data-driven approach,” said Mads Westberg and Rune Larsen, founders of Danamica.
Similar to airlines, and ride-sharing companies, OYO has introduced dynamic pricing in the hospitality industry to create a level-playing ground even for an independent or small hotelier or homeowner.