Travel solutions provider RateGain has acquired travel intelligence and intent company Adara through an asset purchase agreement.
The deal includes an upfront payment of $14.6 million as well as a deferred payment of $1.5 million to be paid in a year.
California-based Adara, which was founded in 2009, uses artificial intelligence to help travel companies with digital marketing, programmatic advertising and customer relationship management.
“Adara’s key differentiator is its access to permissioned travel-intent data from the world’s top travel and hospitality players as well as destination marketing organizations and relying less on traditional methods of tracking consumer intent,” says Bhanu Chopra, chairman and founder of RateGain.
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“Their focus on innovation and delivering customer excellence has me convinced that together we will help the industry with reliable end-to-end intent and real-time pricing insights making it simpler for them to identify guests, acquire and retain them.”
Charles Mi, founder and chief executive officer of Adara, adds: “Bhanu’s vision to build an end-to-end platform that can help organizations maximize revenue, aligns with what Adara believes in, and the integration of RateGain and Adara will further this to create a unique value proposition that the industry needs, as more and more travelers adopt digital channels to research, plan and book travel. I am excited for what the future holds and cannot wait to scale the Adara story to new heights with RateGain.”
According to a statement from RateGain, the acquisition will also strengthen its position with hotel chains, airlines and car rental companies which both it and Adara work with.
Founded in 2004, RateGain went public just over a year ago on the National Stock Exchange of India and the BSE.
Prior to its IPO it acquired a number of companies including hotel distribution service DHISCO in 2018, guest engagement platform BCV in 2019 and MyHotelShop in 2021.