Oyo has acquired Copenhagen-based data science venture Danamica for an undisclosed sum, the company announced on Monday.
“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,” Maninder Gulati, chief strategy officer of Oyo Hotels & Homes, said in the statement.
Danamica has machine learning and business intelligence capabilities specialised in dynamic pricing.
Earlier, Oyo had acquired Amsterdam-based vacation rental company @Leisure from German media group Axel Springer and rebranded it as Oyo Vacation Homes, reported Economic Times.
Oyo has doubled down on building the largest vacation rental management service business in Europe.
“To support our vision towards becoming the largest full-service vacation rental business, we will make significant investments to expand our footprint in the market,” Tobias Wann, chief executive of Oyo Vacation Homes, had said a couple of months back.
With offices in Switzerland, Spain, Italy, Netherlands, France, and cities across Europe, the teams will support the growth of the vacations business across identified regions, the company had said in August.
“Globally, vacation rentals represent a massive multi-billion euro opportunity, the largest of which is in Europe,” Gulati, who is also the global head for Oyo’s vacation and urban homes segment, had said.
Oyo’s pricing, inventory allocation, and revenue management are driven by a machine learning-based algorithm for prediction and dynamic pricing that analyses 144,000 data points every hour and makes 60 million price changes every day globally, with a prediction accuracy of 97%, allowing each of its assets to drive maximum revenue per available room (RevPAR) based on its micro-location.