RateGain, a leading software-as-a-service (SaaS) platform in the hospitality and travel industry, has announced its partnership with HotelKey, a cloud-based property management platform for hotels. The news caused a 4% surge in the shares of RateGain Travel Technologies during the afternoon trade on February 23.
The collaboration between the two platforms is set to integrate RateGain’s global distribution, central reservations, and pricing capabilities with HotelKey’s property management system (PMS) platform. The integration will be implemented across HotelKey’s portfolio of over 4,000 properties, with hundreds of properties already accessing the combined capabilities, according to the company’s exchange filing.
The President of the Americas at RateGain, Chinmai Sharma, stated that the partnership with HotelKey would provide a one-stop-shop for hoteliers looking for better ways to run their properties, train their employees, and maximize pricing, distribution, and revenue. HotelKey’s PMS platform provides real-time access to key performance indicators (KPIs) such as occupancy, analytics, and revenues.
Aditya Thyagarajan, the co-founder and president of HotelKey, praised RateGain’s revenue-generating capabilities, stating that the partnership would be a significant advantage for hotel owners and operators. HotelKey’s client portfolio includes approximately 400,000 live rooms and over 4,000 live properties, including 500 independent hotels worldwide.
In the third quarter of fiscal year 2023, RateGain reported a remarkable surge in net profit to Rs 13 crore compared to Rs 9 lakh in the same period of the previous year. Operational revenue also rose 40% year over year to Rs 138 crore, while margins saw sequential improvement, expanding to 16.5% in Q3FY23 compared to 14.1% in Q2FY23.
At 12:27 pm, RateGain Travel was trading 4.12% higher at Rs 359.15 on the National Stock Exchange. The company’s shares have gained approximately 12% over the last year. With the partnership between RateGain and HotelKey, hoteliers can look forward to a more streamlined and efficient way of managing their properties and maximizing their revenue.
RateGain Travel Technologies Ltd is the leading distribution technology company globally and the largest Software as a Service (SaaS) provider in the travel and hospitality industry in India. The firm offers travel and hospitality services across different verticals like hotels, airlines, online travel agents, meta-search companies, package providers, car rentals, cruises, and ferries.
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