02 September 2019, India:
OYO today announced the acquisition of Copenhagen based Data Science Company Danamica. Danamica has machine learning and business intelligence capabilities, specialized in dynamic pricing.
This acquisition is in line with OYO’s continued commitment to the company’s global vacation rentals business through strategic investments in technology products, processes, and people, the company said in a statement.
With the acquisition of Danamica, OYO will further be able to drive top-line growth by leveraging dynamic pricing across all it’s brands – OYO Home, Belvilla and DanCenter, the statement added.
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 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.”
Maninder Gulati, added, “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.”
Mads Westberg & Rune Larsen, Founders, Danamica, said, “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. Like OYO, we recognize the untapped potential in the vacation rental industry that can be fulfilled with a data-driven approach. We are therefore confident that we have found the right home for us in OYO and are excited about the prospect of using our expertise in pricing and machine learning to further help OYO’s continued growth and success.”
Early last month, OYO made an announcement making a commitment to invest €300 million in the vacation homes business in Europe.
(Image – OYO)