OTA Insight
,
a provider of business intelligence to optimize hotel revenue, distribution and
marketing, has raised $80 million in Series B funding from Spectrum Equity.
The company currently
serves more than 55,000 properties in 185 countries, with products to assist
with pricing decisions and understanding market, channel and competitor
dynamics in real time. It says the investment will be used for product innovation,
engineering, sales and global expansion – with a focus on hotels in the
Americas.
“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,” says Sean Fitzpatrick, OTA Insight CEO.
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“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.”
As part of
the transaction, Steve LeSieur from Spectrum Equity will join the OTA Insight board
of directors.
Founded in
2012, OTA Insight’s total funding is now $100 million. Spectrum Equity joins
existing investors Eight Roads, F-Prime Capital and Highgate Technology
Ventures.