OTA Insight Raises $80M Series B Funding From Spectrum Equity to Bring Data-Driven Decisions to Hospitality Industry
The dynamic market intelligence platform empowers hospitality providers across the globe to make better-informed commercial decisions
OTA Insight, the global leader in cloud-based hospitality business intelligence, has raised $80 million from Spectrum Equity, a leading growth equity firm focused on internet-enabled software and transformational data companies. Spectrum Equity joins existing OTA Insight investors Eight Roads, F-Prime Capital and Highgate Technology Ventures. This latest investment will support the company in furthering its mission to enable smarter commercial decisions and outputs across the industry as it expands its global footprint.
OTA Insight delivers powerful data and analytics to optimize commercial decision-making across the hospitality industry. As the industry rebounds in the wake of the global pandemic, many hospitality operators are embracing new technologies to gain a competitive edge. Over 55,000 hotel properties in 185 countries use OTA Insight's commercial platform, which includes Market Insight, Rate Insight, Revenue Insight and Parity Insight, to make complex pricing decisions and understand rapidly evolving market, channel and competitor dynamics in real time.
"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 OTA Insight's CEO, Sean Fitzpatrick. "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," added Fitzpatrick.
The investment by Spectrum Equity will fuel OTA Insight's growth in key areas of product innovation, engineering, sales, and global expansion. "We are very excited about the response from our customers to our latest products and innovations," said Gino Engels, co-founder and CCO. "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."
"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," said Matthias Geeroms, co-founder and CFO. "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."
"We have a long history of partnering with leading data intelligence and decision support companies," said Steve LeSieur, Managing Director at Spectrum Equity. "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."
As part of the transaction, Steve LeSieur from Spectrum Equity will join the OTA Insight Board of Directors.