Now in Hotels in 50 Countries, Duetto's Cloud-Based, Big Data Solution Doubles Hotel Profitability
San Francisco, August 4, 2015 — Duetto, the market leader in hotel and casino profit optimization technology, today announced the closing of a $30M financing led by Icon Ventures to further extend the company's global reach.
Duetto's CEO, Patrick Bosworth, said, "While the explosive growth in online travel spends continue to accelerate, hoteliers are still struggling with outdated technologies that cannot keep up with today's distribution needs. In an environment of disruption in which third-party intermediaries are eating into hotel profitability, hotel owners, operators and managers are starved for technology to level the playing field and recapture revenue being lost on commissions. Duetto provides the solution."
Duetto is the only pricing solution able to handle the complexity of different customer segments, room categories, length of stay restrictions and distribution channels. The company's approach, combining Open Pricing and Big Data analysis, has enabled Duetto customers to far outpace their competitive sets, often seeing twice the rate of revenue growth over their competitors.
"The rapid development of online technologies has benefited the top lines of businesses worldwide, but has largely bypassed the world's leading hotels and hospitality companies," said Jeb Miller, General Partner at Icon Ventures. "Duetto is the established category winner in Revenue Strategy, helping hotels and casinos worldwide optimize profitability, and regain competitive advantage. We are excited to bring the full resources of the Icon team to help Duetto scale, and achieve the full potential of the application of Big Data to drive ROI for the hotel industry."
Since 2012, Duetto has signed nearly 1,000 properties in more than 50 countries. To keep pace with demand, Duetto plans to continue its expansion into key markets throughout the Americas, Europe and Asia.
Kent Ho, founding General Partner of Spectrum 28, a Silicon Valley based fund with extensive connections in Asia, which also participated in the round, said, "Duetto's technology solutions are impressive and the market opportunity for even more rapid adoption is huge, especially in Asia-Pacific." "We look forward to partnering to help exploit those opportunities, as Duetto's growth continues in our region and worldwide."
Also participating in the Series C round are previous Duetto investors, including Accel Partners, Battery Ventures, Altimeter Capital, Leland Pillsbury, founding partner, Co-Chairman and CEO of Thayer Lodging, and Marc Benioff, the founder, Chairman and CEO of Salesforce.com.
Website: http://www.duettoresearch.com
Blog: http://www.duettoresearch.com/blog/
Twitter: @OptimizeDemand
