OYO Hotels & Homes has acquired data science business Danamica, with terms of the deal undisclosed.
The Denmark-based company uses machine learning and business intelligence for dynamic pricing with OYO hoping to use the company to continue to use pricing as a differentiator for property owners and customers.
According to a statement, OYO already uses a machine learning-based algorithm for revenue management which “analyzes 144,000 data points” hourly and makes “60 million price changes” on a daily basis.
The company says the acquisition of Danamica is in line with its commitment to expanding its vacation rentals business.
OYO recently announced a €300 million investment in the rentals arm in Europe as well as the addition of 1,000 jobs.
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Maninder Gulati, global head for OYO Vacation and Urban Homes, as well as its chief strategy officer for OYO Hotels & Homes, says the acquisition will help the company “be more accurate with pricing leading to higher efficiencies and yield.”
He adds: “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.”
Separately, OYO has partnered with Gallery Suites in Dubai to operate 10,000 holiday homes in the city.
Gallery Suites' parent IBC Group announced plans to acquire 10,000 holiday homes in the destination in mid-August in a deal said to be valued at $5 billion.