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OYO acquires Copenhagen-based data science company Danamica

Last month,OYO had said it will invest 300 million pounds (over Rs 2,390 crore) in the vacation homes business in Europe, with a special focus on strengthening the relationship with homeowners and enabling them with the resources required to deliver chic hospitality experiences

twitter-logo BusinessToday.In   New Delhi     Last Updated: September 2, 2019  | 22:31 IST
OYO acquires Copenhagen-based data science company Danamica

In a bid to strengthen presence in European vacation rental market, hospitality firm OYO has acquired Copenhagen-based data science company Danamica for an undisclosed amount.

"This acquisition is in line with our continued commitment to the company's global vacation rentals business through strategic investments in technology products, processes, and people," OYO said in a press release.

Last month, the Softbank-backed firm had said it will invest 300 million pounds (over Rs 2,390 crore) 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 OYO Vacation Homes we are aiming at offering guests a consistent top-notch holiday experience and becoming the partner of choice for homeowners, the company said.

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 specialised 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."

"We are very pleased to announce that Danamica is now part of OYO Vacation Homes family. OYO's ambition and growth are extraordinary and we couldn't imagine taking part in a more exciting journey. OYO and Danamica have a shared understanding of the importance and impact of AI and data science," said Mads Westberg & Rune Larsen, Founders, Danamica.

With the acquisition of Danamica, the Gurgaon-headquartered company will further 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, Oyo said.

Starting with Europe, Danamica's technology innovations will benefit our global OYO vacation homes business, the company added.

Similar to airlines and ride-sharing companies, OYO has introduced the dynamic pricing in the hospitality industry to create a level-playing ground even for an independent or small hotelier or homeowner.

Four months ago, OYO had announced the acquisition of Amsterdam-based vacation rental company @Leisure from German media group Axel Springer, for a reported 370 million euros.

Edited by Chitranjan Kumar

Also Read: PNB to consider infusion of Rs 18,000 crore at board meet this week

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