Business
RateGain Travel To Acquire US-Based Data Exchange Platform Adara For $16 Million
RateGain
RateGain Travel Technologies Limited on Tuesday (3 January) announced that it has entered into a definitive agreement to acquire US-based data exchange platform Adara for $16 million through an asset purchase agreement.
RateGain is a global provider of SaaS solutions for travel and hospitality.
The Silicon Valley headquartered provides predictive intelligence to brands for optimal consumer engagement.
In a statement, RateGain said that with digital channels playing a significant role in influencing travel decisions, it is critical for marketers and commercial teams to look at ways to capture intent accurately and target the right audience to increase ROI on their marketing investments.
Founded in 2009 by Charles Mi in San Francisco, Adara uses artificial intelligence to combine the power of global data consortiums with over 24+ billion data elements across 130 countries powering digital marketing, programmatic advertising, campaign measurement, and CRM and retention, helping its customers create better connections to drive more consumer engagement and profitability.
RateGain will pay an upfront consideration of $14.6 million or Rs 120.1 crore while the balance $1.5 million or Rs 12.4 crore will be paid on or before 31 December 2023, reports CNBC-TV18.
Commenting on the acquisition, Bhanu Chopra, chairman and founder, RateGain said, “We are delighted to welcome the Adara team to the RateGain family. 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.
"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," Chopra added.
Adara founder and CEO Charles Mi said, “We are thrilled to be a part of the global RateGain family. 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".
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