Indian software-as-a-service company RateGain IT Solutions Pvt. Ltd has acquired US-based digital marketing provider BCV to expand its offerings in the hospitality segment.
Noida-based RateGain said in a statement said the acquisition, which closed earlier this month, will help it increase revenue from hotel chains, airlines, car rental companies and cruise lines, among others.
RateGain didn’t disclose financial details of the transaction. However, The Economic Times reported that the deal value was between Rs 175 crore and Rs 200 crore ($25-28.61 million at current exchange rates).
Email queries sent to RateGain and BCV did not elicit a response till the time of publication.
Chicago-based BCV provides technology-enabled social media solutions for the hospitality industry. RateGain said BCV will offer its clients a guest experience cloud platform, which will combine the capabilities of both companies and include products designed to increase direct sales, provide guest interactions and mitigate negative experiences.
RateGain founder and chief executive officer Bhanu Chopra said the two companies were aiming to replace traditional models of data collection and analysis with a more contemporary one focussed on generating greater visibility and control to influence guests’ experience and measure the impact on booking.
“We will now have access to far more rate intelligence to ensure we’re hitting the right person across the right platform while increasing guest lifetime value for hotels,” BCV co-founder and CEO Benji Greenberg said.
BCV, founded in 2009, says it has partnered with over 400 hotels across 20 chains and management companies. The company provides social media strategy based on each client’s specific needs. It helps clients develop strategies, create original content, and target and convert potential customers.
RateGain, founded in 2004 by Chopra, provides SaaS products which help travel and hospitality companies increase revenue. It provides services such as cognitive revenue management, smart e-distribution and brand engagement.
In 2015, the company raised around $50 million (Rs 310 crore) in its first round of funding from private equity firm TA Associates. At the time, the company said the capital would be used for its expansion in North American and Asia-Pacific markets, with some of the funding also being used for launching new products catering to the hospitality industry.