GrowthCurve Capital has acquired revenue management platform Duetto from New York-based Warburg Pincus. Terms of the deal were not disclosed.
GrowthCurve said it will partner with Duetto to accelerate its AI strategy, develop new AI-driven products, launch new business lines and expand into new markets.
“We are excited to partner with GrowthCurve, whose expertise in machine learning and AI, coupled with their experience in high-growth businesses, aligns perfectly with our vision,” said David Woolenberg, CEO of Duetto. “This acquisition will boost our investments in innovative tech, enhance our capabilities to support our customers and solidify our leadership in hotel revenue management. We thank our customers, team members, founders and partners for their continued support, as well as Warburg Pincus, Icon Ventures, and our investors for their partnership. With the strength of the Duetto brand, we are confident that, together with GrowthCurve, we will achieve our ambitious growth objectives and drive the future of hospitality tech.”
Duetto aims to simplify hotel operations and optimize revenue by focusing on organic product development, data integration and connecting disparate systems into a unified platform. It was founded almost 15 years ago by Patrick Bosworth and Marco Benvenuti when they left Wynn Resorts. In 2016, it landed its first mega-deal with NH Hotel Group across their 400 hotels and 60,000 rooms in Europe, the Americas and Africa. By March 2019, Duetto surpassed 850 partner hotels in EMEA, representing 150,000 rooms. In 2023, HotelTechAwards named Duetto the No. 1 revenue management software.
Earlier this week, Duetto launched its newest product, OpenSpace, a revenue management solution and booking engine for meetings and events spaces. Some of its other applications include GameChanger for pricing, ScoreBoard for intelligent reporting and BlockBuster for contracted business optimization.
GrowthCurve Capital is a private equity firm that focuses on building businesses using data, analytics and machine learning to accelerate growth and drive long-term value.
“Duetto is uniquely positioned to accelerate the adoption of sophisticated analytics and AI in the hospitality sector, enabling clients to unlock the value of their data for all stakeholders, including enhancing guest experiences. We are excited to partner with David and Duetto to continue delivering innovative software solutions to the hospitality sector,” said Sim Allan, VP at GrowthCurve.
“Duetto [has] a differentiated solution that helps clients harmonize data and manage decision-making at scale,” added Matthew Popper, head of technology and information services investing at GrowthCurve.
Jefferies LLC served as lead financial advisor, William Blair served as an advisor and Orrick, Herrington & Sutcliffe LLP served as legal counsel to Duetto. Houlihan Lokey served as exclusive financial advisor and Davis Polk & Wardwell served as legal counsel to GrowthCurve.