Duetto, the ‘Revenue Strategy Platform’, announced have the closing of an $80 million Series D financing round led by funds affiliated with Warburg Pincus, an American global private equity firm focused on growth investing.
The round is the largest ever non-acquisition investment in a software company serving the hotel industry. Duetto previously secured $30 million in 2015, with total funding now standing at more than $143 million.
Founded in 2012 by (above left to right), chief technology officer Craig Weissman, chief marketing & strategy officer Marco Benvenuti and CEO Patrick Bosworth. The company’s flagship software-as-a-service (SaaS) application, GameChanger, brought machine learning, new consumer-centric data and the breakthrough innovation of Open Pricing to the industry, enabling hotel companies to independently price all distribution channels, customer segments, room types and stay dates in real time.
“As the pace of change has accelerated and the threats of digital disruption have grown, so have our efforts to help this industry we are so passionate about. We are pleased to have the support of Warburg Pincus, whose extensive experience in building SaaS businesses of scale will help drive our growth and provide solutions to more hoteliers worldwide,” said Patrick Bosworth, co-founder and CEO of Duetto.
“For more than a decade, hotel companies have been looking for ways to compete more effectively with online travel agencies and drive more direct business. By unifying data across the tech stack, our platform has become the single source capable of delivering true personalization to consumers. Hoteliers now have the ability to increase conversion and drive more direct engagement with consumers by personalizing pricing and merchandising at the point of booking.” He added.
“Duetto has established itself as the market leader in the hotel revenue management space, providing its customers with next-generation solutions to optimize demand, maximize rates and minimize costs,” said Ashutosh Somani, managing director, of Warburg Pincus. “With its strong domain experience and deep cloud SaaS technology leadership, Duetto is uniquely positioned to bring new capabilities to the hospitality industry. We look forward to supporting Patrick and the Duetto leadership team in their next chapter of growth.”
Duetto’s, fully deployed, hotel clients using GameChanger have recorded an average RevPAR Index lift of 6.5%. And more than 2,500 hotel and casino properties in more than 60 countries have implemented Duetto’s applications, which include GameChanger for open pricing, ScoreBoard for intelligent reporting, PlayMaker for personalization, and BlockBuster for contracted-business optimization.
For more information, visit http://duettocloud.com.