OYO acquires Data Science and Machine Learning company, Danamica

OYO acquires data science company Danamica

OYO Hotels and Homes, which is a budget hospitality chain startup, has acquired the Danamica. The financial terms of the transaction are not disclosed.

The deal will help the OYO drive growth across all its brands viz. OYO Homes, Belvilla and DanCenter in Europe, the announcement notes.

Danamica specializes in dynamic pricing. With the help of this latest deal, OYO plans to expand further its ability to use pricing as one of the key differentiators for the real estate customers and owners.

Executive Opinion

Global Head, OYO Vacation and Urban Homes, & Chief Strategy Officer, OYO Hotels & Homes, Maninder Gulati, 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 travelers and city dwellers, that choose an OYO Vacation Homes as their abode."

Mads Westberg and 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."

OYO and Machine Learning

OYO claims its pricing, inventory allocation, and revenue management are driven with the help of a machine learning-based algorithm for dynamic and prediction pricing. The algorithm analyzes 144000 data points every hour and makes around 60 million price changes every day with a prediction accuracy of around 98%.

It even allows each hotel to drive maximum revenue per available room based on its micro-location.

Previously in August, OYO had committed to invest $400 million in the vacation home business in Europe with a prime focus on strengthening the relationship with homeowners.

In August, OYO had also acquired a Las Vegas-based Hooters Casino Hotel to reveal its operations in the Las Vegas, the gambling capital of the globe.

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Udit Agarwal Opinions expressed by techsutram contributors are their own. More details

Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

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