Biznextindia : RateGain Travel Technologies Limited (RateGain), a global provider of SaaS solutions for travel and hospitality, today announced that it has entered into a definitive agreement to acquire Adara Inc. (Adara) through an asset purchase agreement.
The asset purchase transaction will be carried out for cash consideration of USD 16.1 Mn (INR 132.4 crores). Out of which, upfront USD 14.6 Mn (INR 120.1 and rest is deferred USD 1.5 Mn (INR 12.4 crores) crores) to be paid on or prior to December 31, 2023.
The Silicon Valley headquartered global leader in predictive consumer intelligence to enhance its AI-powered DaaS (Data as a Service) and Martech offerings to form the World’s most comprehensive travel-intent and data platform powered by AI. 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 today is a trusted partner in data collection and management for helping industry-leading blue-chip enterprises in Travel and Hospitality to win in the fast-paced digital economy by providing predictive intelligence for optimal consumer engagement. The global leader in permissioned data and ethical data collection, 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.
“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” Bhanu Chopra, Chairman and Founder, RateGain said.