RateGain Travels To Acquire Adara Inc For $16 Million
The acquisition will help RateGain deepen its access to marketing and commercial leaderships in large enterprises.
Software-as-a-services company RateGain Travels on Tuesday said it will acquire the U.S.-based consumer intelligence IT firm Adara Inc for $16.1 million in an all-cash deal.
"The acquisition is aligned to RateGain's vision of building an integrated Revmax platform - focused on customer acquisition and wallet share expansion. It will help build one of the largest and most comprehensive sources of travel intent data in the world that is permissioned and ethically sourced, impacting every step of the traveller's journey," RateGain said in a BSE filing.
It expects to complete the acquisition within one month from the date of execution of the asset purchase agreement.
"The transaction does not involve any share acquisition. The asset purchase transaction will be carried out for cash consideration of $16.1 million, about Rs 132.4 crore," the filing said.
The acquisition will help RateGain deepen its access to marketing and commercial leaderships in large enterprises, including expansion into adjacent travel segments like destination marketing organisations and large airlines.
Founded in 2009 by Charles Mi in San Francisco, Adara helps industry-leading bluechip enterprises in travel and hospitality to win in the fast-paced digital economy by providing predictive intelligence for optimal consumer engagement.
"The acquisition will also strengthen and consolidate RateGain's position across commercial teams in leading hotel chains, airlines and car rental companies which work with both Adara and RateGain as well as give access to a niche segment of over 50 destination marketing organizations in the U.S.," the statement said.