Duetto Closes $80 Million Series D Financing Round Led by Warburg Pincus
February 14, 2018 12:01pm
Record investment in hotel technology will fuel product growth and global expansion of industry’s only Revenue Strategy Platform
SAN FRANCISCO – February 14, 2018 — Duetto, hospitality’s only Revenue Strategy Platform, announced today the closing of an $80 million Series D financing round led by funds affiliated with Warburg Pincus, a leading global private equity firm focused on growth investing. The round is the largest ever non-acquisition investment in a software company serving the hotel industry.
Duetto was founded in 2012 by CEO Patrick Bosworth, Chief Marketing and Strategy Officer Marco Benvenuti and Chief Technology Officer Craig Weissman, the former CTO at Salesforce.com. The company’s flagship software-as-a-service (SaaS) application, GameChanger, brought machine learning, new consumer-centric data and the breakthrough innovation of Open Pricing to the industry, enabling hotel companies to independently price all distribution channels, customer segments, room types and stay dates in real time. Duetto, headquartered in San Francisco and with offices in Las Vegas, Cleveland, London and Singapore, has quickly grown to serve more than 2,500 hotels and casinos in more than 60 countries. Those customers have consistently outperformed the market, beating their competition’s rate of revenue growth by more than 6.5% since the launch of the company.
“As the pace of change has accelerated and the threats of digital disruption have grown, so have our efforts to help this industry we are so passionate about. We are pleased to have the support of Warburg Pincus, whose extensive experience in building SaaS businesses of scale will help drive our growth and provide solutions to more hoteliers worldwide,” said Patrick Bosworth, co-founder and CEO of Duetto. “For more than a decade, hotel companies have been looking for ways to compete more effectively with online travel agencies and drive more direct business. By unifying data across the tech stack, our platform has become the single source capable of delivering true personalization to consumers. Hoteliers now have the ability to increase conversion and drive more direct engagement with consumers by personalizing pricing and merchandising at the point of booking.”
“Duetto has established itself as the market leader in the hotel revenue management space, providing its customers with next-generation solutions to optimize demand, maximize rates and minimize costs,” said Ashutosh Somani, Managing Director, Warburg Pincus. “With its strong domain experience and deep cloud SaaS technology leadership, Duetto is uniquely positioned to bring new capabilities to the hospitality industry. We look forward to supporting Patrick and the Duetto leadership team in their next chapter of growth.”
Duetto’s Revenue Strategy Platform brings together all core technologies and data to make them accessible through multitenant cloud architecture using AWS and MongoDB, enabling future innovations and new applications. The company’s intelligent reporting application ScoreBoard forecasts and analyzes performance, delivering key insights to stakeholders across the organization. BlockBuster brings Open Pricing to contracted group business and enhances collaboration between the sales and revenue management teams. PlayMaker, the industry’s first application to personalize the booking experience in real time, customizes merchandising content and offers for known and unknown guests.
“We want to modernize ecommerce in the hotel industry with our Revenue Strategy Platform at the center of the new hotel tech stack,” said Marco Benvenuti, Chief Marketing and Strategy Officer of Duetto. “Our cloud platform is open and agnostic and we look forward to partnering with other technology companies to unlock new ways of driving efficiencies and more revenue for the hotelier. With our agile development process, we will continually improve our core applications while looking to develop new products when there is a crucial industry need not being served.”
Duetto is backed by investors Warburg Pincus, Icon Ventures, Accel Partners, Battery Ventures and Spectrum 28.
revenue strategy platform,
hotel revenue management
Duetto is hospitality’s only Revenue Strategy Platform. A powerful suite of cloud applications addresses the industry’s complexity in distribution and technology, providing solutions that increase booking conversion, guest loyalty and revenue.
The unique combination of hospitality experience and technology leadership drives Duetto to look for new and innovative solutions to the industry’s greatest challenges. Duetto delivers software-as-a-service to hotels and casinos that leverage dynamic data sources and actionable insights into pricing and demand across the enterprise, enabling a holistic and more profitable Revenue Strategy.
Duetto’s fully deployed hotel clients using GameChanger have recorded an average RevPAR Index lift of 6.5%. More than 2,500 hotel and casino properties in more than 60 countries have implemented Duetto’s applications, which include GameChanger for Open Pricing, ScoreBoard for intelligent reporting, PlayMaker for personalization, and BlockBuster for contracted-business optimization.
For more information, visit http://duettocloud.com.
Contact: Eric Stoessel
How Hotels Can Increase Revenue Without Putting More Heads in Beds
Hospitality Innovators to Converge at Sixth Annual RSS This July
Wharf Hotels and Duetto Announce Revenue Strategy Partnership
Palladium Hotel Group Implements Duetto to Drive Revenue Strategy in Spain
GuestCentric and Duetto Partner to Bring Personalization to Hotel Bookings
The Unfinished Business of Revenue Management: Investment Abandoned
Duetto's New BlockBuster Application Helps Hotels and Casinos Book More Profitable Group Business
Industry Experts Join NAVIS Team to Expand Beyond Independent Resort Locations
citizenM Chooses Duetto as its Revenue Strategy Partner
Duetto Brings True Personalization to Booking Process with Launch of PlayMaker
Duetto Announces Revenue Strategy Partnership with Owner of Harry's Home Hotels
Duetto Announces Revenue Strategy Partnership with Jamaica's Half Moon
Duetto and Constance Hotels & Resorts Announce Revenue Strategy Partnership
Meliá Hotels International Partners With Duetto to Transform Revenue Strategy
Hotel Thought Leaders, Disruptors Headline RSS 2017
Duetto Brings Revenue Strategy Solutions to Outrigger Hotels and Resorts
Revenue Strategy Forum Hong Kong Prepares Hoteliers for the Next Wave of Challenges
You're Invited to Rethink Your Hotel Technology with ALICE & Duetto
Duetto Promotes Nelson Veiga to COO, Nathan Crisp and Nevin Reed to VPs of Customer Success and Managed Services as Company Accelerates Expansion
Duetto Provides Revenue Strategy Solutions for Live! Casino & Hotel Maryland
Please login or register to post a comment.