India’s Oyo acquires Copenhagen-based data science firm Danamica for $10M ~ The Tech News

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Monday, 2 September 2019

India’s Oyo acquires Copenhagen-based data science firm Danamica for $10M

AppyBro06:03No comments

India’s Oyo said on Monday it has acquired Copenhagen-based data science firm Danamica as the giant lodging startup works to expand its business in Europe.

Neither of the parties disclosed financial terms of the deal, but a source familiar with the matter told TechCrunch that Oyo paid about $10 million to acquire the Danish firm.

Danamica, which was founded in 2016, has built machine learning tools and “business intelligence capabilities” to specialize in dynamic pricing of rental properties and hotels.Oyo said Danamica would help it scale its technical expertise as the Indian startup expands its footprint in overseas markets.

Today’s announcement comes weeks after Oyo said it planned to invest €300 million in its vacation rental business in Europe, and $300 million toward U.S. expansion over the coming years.

In May this year, Oyo bought Amsterdam-based holiday rental company Leisure from Axel Springer for $415 million.

In a prepared statement, Maninder Gulati, Global Head of OYO Vacation and Urban Homes and Chief Strategy Officer of 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.”

More to follow…

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