Dublin journey platform Hostelworld has acquired OccasionGenius the US-based B2B occasion discovery platform for $12m to assist its social monetisation technique.
Based by serial entrepreneur and investor Ray Nolan in 1999, Hostelworld is headquartered in Eire, with some 270 workers and hostel companions in over 180 international locations. The OccasionGenius acquisition can be funded by a brand new €10.3m, 3-year time period mortgage facility with Allied Irish Financial institution.
OccasionGenius offers journey companies the power to supply their clients a city-by-city catalogue of native ‘Issues to Do’ and a worldwide dataset of ‘journey worthy’ occasions that encourages travellers to ebook journeys. Hostelworld says OccasionGenius is rising quickly with forecasted annualised recurring income of €1.5m, by yr finish.
“The acquisition of OccasionGenius is a big growth which positions Hostelworld as the primary social journey platform with an built-in providing of social networking, occasion discovery and lodging,” mentioned Gary Morrison, Hostelworld Group CEO.
“This acquisition permits us to right away supercharge our platform with a wealth of content material that may take us years to construct organically and enhances worth creation alternatives for our shareholders.”
Hostelworld says the acquisition reinforces its ambition to create “the world’s main social journey platform” and offers it entry to structured, international occasion content material that may in any other case take years to construct organically.
A current survey by Hostelworld of over 5,000 younger folks aged 16 and over throughout the US, UK, Australia, France, Germany, India and Brazil discovered that one in 5 hostel travellers say they’re extra prone to ebook hostels providing free social experiences over those who don’t.
“By integrating this at scale, we increase from lodging into occasions, strengthen group connection, and advance our broader social monetisation technique,” mentioned Hostelworld
Hostelworld emerged from Net Reservations Worldwide in 1999, which started as a reserving engine for hostels. Hostelworld.com grew rapidly to 12m guests a month by 2019. At this time it boasts partnerships in 180 international locations, and its web site and app function in 19 languages.
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