Hospitality technology specialist InnKey has received an undisclosed investment from Yanolja Cloud, South Korean travel technology platform.
India-based InnKey, which provides a cloud-based property management system for upscale hotels and chains, will use the funds to expand its business.
According to a statement Yanolja Cloud, which has the right to fully acquire InnKey, views the company as complementing its existing Software-as-a-Service business.
It adds that using Yanolja’s experience, InnKey will develop into a “one-stop platform offering a full range of hotel management solutions.”
This latest deal comes after a similar recent investment in HotelOnline, a business which helps hotels with online transactions and distribution.
Viral Shah, co-founder and CEO of InnKey, says: “At InnKey, our vision has always been to disrupt the way large hotels and chains have operated globally. With InnKey’s product expertise and Yanolja Cloud’s global reach and ecosystem, we will be focusing on further enhancing our cloud platform and expand globally as we look to transform the global hospitality industry.”
Andrew Kim, director of global solutions business at Yanolja Cloud, says: “We decided to invest in InnKey with a path to acquisition based on their deep domain knowledge, a robust product, and a passionate management team, which we saw as the key formula in expanding and accelerating the business opportunity with an enhanced solutions lineup catering to all types of hotels.”
Yanolja received a $1.7 billion investment from SoftBank just under a year ago with a plan to expand its cloud-based travel and leisure platform.