SiteMinder’s IPO in Australia has inspired many travel technology and data intelligence companies, including OTA Insight. The latter hopes that Spectrum Equity can help OTA Insight to make a similar leap.
OTA Insight, a business intelligence service for the hospitality industry, has secured $ 80 million in new funding from Spectrum Equity.
Citing the private equity firm’s data-driven portfolio of companies, including Ancestry and Survey Monkey, Sean Fitzpatrick, CEO of London-based OTA Insight, said his company plans to leverage the experience of Spectrum Equity in Data Company Growth for OTA Insight’s Next Growth Phase.
Spectrum Equity joins existing investors Eight Roads, F-Prime Capital and Highgate Technology Ventures. OTA Insight’s total funding to date is $ 100 million.
With more than 200 employees, Fitzpatrick said the company plans to expand its ranks to 300 to 325 people by the end of 2022.
He said the company had doubled its employee roster in North America over the past year and that expanding its hotel services in Latin America would be a major goal.
The company’s product portfolio for chains and independents includes information on market, rate, income and parity issues. It has more than 55,000 properties in 185 countries as clients, according to the company.
The challenge, said Fitzpatrick, is to increase brand awareness and expand its customer base. He said rebranding from the name of hotel data company OTA Insight is not a top priority because the name contains “brand equity”.
OTA Insight aggregates both partner data including online travel agencies, metasearch engines, global distribution systems, among others, and then also provides insight. While some competitors are focusing on large chains, his company is looking to make gains in the overall addressable market, Fitzpatrick said.
“There is a lot of blue ocean and a lot of space for everyone,” including North America, said Fitzpatrick.
Spectrum Equity chief executive Steve LeSieur said in a statement his company has a long history of partnering with data intelligence and decision support companies. “We are delighted to join forces with the entire OTA Insight team as they grow the business and develop new products and tools to meet the demands of an industry hungry for new technologies,” said he declared.