Meetings and events technology firm Lanyon has acquired Passkey, a provider of group reservation technology.
Terms of the deal have not been disclosed but Lanyon says the acquisition enables it to offer a comprehensive set of cloud-based software products for the meetings and events industry.
It also means it can offer an integrated group reservation and corporate technology platform for hotels.
According to a statement from Lanyon boss David Bonnette the acquisition 'propels' the company forward in terms of a 'unified technology platform for managing all aspects of meetings and events.'
"A range of industry research indicates that approximately $100B per year in hotel revenue is associated with group business and room blocks. Much of this business is managed via manual tasks so there is a clear need for technology that automates these processes."
The statement goes on to claim that Passkey's GroupMax reservation technology is the most widely deployed in the hospitality industry. The service enables conference attendees to book hotel rooms online within event-specific websites but still take advantage of multiple stay and upgrade options.
Passkey unveiled a new online hotel booking platform for meeting planners earlier this year as well as partnering with social media marketing service Flip.to to help hotels turn guests into advocates for their properties.
Back in 2009, Lanyon secured $10 million in funding from Frontier Capital, earmarked for investment in sales, marketing and customer support.