OYO Hotels & Homes has acquired Danamica, a Copenhagen based data science company, Danamica, with machine learning and business intelligence capabilities, specialized in dynamic pricing. This acquisition is in line with OYO’s strategy of growing its global vacation rentals business through strategic investments in technology products, processes, and people.
"OYO Hotels & Homes, the world's third-largest and fastest-growing hotel chain, has acquired Danamica, a Copenhagen-based data science company, with machine learning and business intelligence capabilities, specialised in dynamic pricing," the company said in a statement on Monday.
"This acquisition is in line with OYO's continued commitment to its global vacation rentals business through strategic investments in technology products, processes and people," it said.
In August, OYO had announced €300 million investment in the vacation homes business in Europe.
With the acquisition of Danamica, the company said, it would be able to drive top line growth by leveraging dynamic pricing across its brands -- OYO Home, Belvilla and DanCenter.
"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," it said.
“We are delighted to announce our acquisition of Danamica, a Europe based, machine learning and business intelligence company specialized 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. Data sciences across Pricing, AI, and Imaging Sciences have been a cornerstone of OYO’s proprietary revenue enhancement technology. It is also a huge missing piece in the way traditional vacation rentals industry is run. We are glad to have found Danamica, which has built expertise in these areas. Both Rune and Mads (Co-Founders - Danamica) are extremely talented individuals and together with their team, they have built a valuable IP that analyses many years of data and pricing trends and provides logical and scientific recommendations, which will help us scale our vacation and urban homes business across Europe and other parts of the world,” Maninder Gulati, Global Head, OYO Vacation and Urban Homes, & Chief Strategy Officer, OYO Hotels & Homes said in a statement.