Revenue management software specialist Duetto has been acquired by GrowthCurve Capital for an undisclosed amount.
The private equity firm is acquiring the business from affiliates of Warburg Pincus, which invested $80 million in a Series D round in Duetto in early 2018, and other shareholders. At the time it was described as the largest ever largest ever "non-acquisition" investment in a hotel software company.
Duetto offers technology to simplify hotel operations and boost revenue. According to a statement more than 6,000 hotels and resort properties use its applications.
It adds that GrowthCurve will partner with Duetto to further accelerate its artificial intelligence strategy, including the development of new AI products, and to support the launch of new business lines and expand into new markets.
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“We are excited to partner with GrowthCurve whose expertise in machine learning and AI, coupled with their experience in high-growth businesses, aligns perfectly with our vision,” said David Woolenberg, CEO of Duetto.
“This acquisition will boost our investments in innovative tech, enhance our capabilities to support our customers and solidify our leadership in hotel revenue management. We thank our customers, team members, founders and partners for their continued support, as well as Warburg Pincus, Icon Ventures and our investors for their partnership. With the strength of the Duetto brand, we are confident that, together with GrowthCurve, we will achieve our ambitious growth objectives and drive the future of hospitality tech.”
Woolenberg was promoted to CEO in 2020 from his former role of chief operation officer and president. He joined the company as chief revenue officer in 2018 and was promoted to the president and COO role a year later. Patrick Bosworth, Duetto's co-founder became executive chairman.
Matthew Popper, head of technology and information services investing at GrowthCurve, said, “Duetto is a leader in the fast-growing revenue management software market, with a differentiated solution that helps clients harmonize data and manage decision-making at scale. We look forward to partnering with David and the rest of the management team to accelerate Duetto’s growth, including applying GrowthCurve’s functional capabilities in data science and AI to further enhance the solution’s value proposition for clients.”
At HITEC in Charlotte this week, Duetto announced updates to its revenue optimization solutions to help hoteliers manage revenue across all segments, including transient, group and function space. The company has updated its BlockBuster group revenue tool and integrated a new function space tool now called OpenSpace.
Duetto said BlockBuster enables hoteliers to “streamline workflows between revenue, sales and catering teams to deliver a seamless quote for group business at the right rate at the right time.” The system provides information about incremental profit and alternative stay dates to help hoteliers make transient displacement decisions based on profitability.
And OpenSpace is the new name of MiceRate, a solution Duetto acquired in February. It provides algorithm-based pricing for meetings and events and includes a booking engine and quotation tool.