RateGain Travel Technologies Limited, a global provider of SaaS solutions for travel and hospitality, has entered into a definitive agreement to acquire Adara for $16 million, according to a filing on the Indian stock exchange.
Based in Silicon Valley, Adara’s technology is focused on predictive consumer intelligence and Martech offerings. The company was founded in 2009 by Charles Mi and is known as “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,” a statement read.
Adara uses artificial intelligence to combine the power of global data consortiums with more than 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.
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.”
Commenting on the acquisition Charles Mi, Founder & Chief Executive Officer, Adara 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. I am excited for what the future holds and cannot wait to scale the Adara story to new heights with RateGain.”
According to a Yahoo report citing the RateGain filing, RateGain will pay $14.6 million in cash, with $1.5 million in deferred cash next year. Adara has raised about $67 million in at least four rounds of funding in about 14 years of its existence.
RateGain generated around $54 million in revenue in fiscal year 2022, which ended in September, according to its filings.