South Korea: Seoul-based travel tech company ONDA has acquired the hotel property management system business unit of Korean B2B solutions provider Oasis Story and formed a subsidiary called OATech as it seeks to accelerate its global expansion.
The move is anticipated to help ONDA become a global property management system provider for all property types, ranging from short-term / vacation rentals to international luxury resorts and smaller hotels. The systems will be integrated to provide real-time online room distribution, enabling properties of all types to maximise their revenue.
ONDA currently dominates around 70 per cent of South Korea’s domestic online accommodation booking market but it is targeting expansion into a host of international markets, including Southeast Asia, the Middle East, North Africa and Europe.
The company is also rolling out a number of international partnerships, having become the first Airbnb Preferred Partner and the first Google Hotel partner in Korea, and in April, it announced a strategic, undisclosed investment in Thai hospitality tech firm Hoteliers.Guru.
ONDA’s PMS lineup across all property types currently includes: Pension Plus [for vacation rentals and villas in the Korean domestic market; Hoteliers.Guru [for independent hotels under 100 rooms, small- and medium-size hotels, bed-and-breakfasts and short-term rentals]; OA PMS [for independent hotels under 300 rooms in the Korean domestic market]; and Dive [for international luxury chain hotels and resorts].
In January, ONDA raised $10 million in a Series B funding round, taking its total investment to date to $25.5 million, as it sought to accelerate the digital transformation of the domestic hospitality industry and develop a system to attract inbound travel into Korea. Furthermore, the company doubled its valuation from its pre-Series B round, despite the economic headwinds and challenging global funding landscape.
ONDA CEO Hyun-seok Oh said: “Most of our hotel customers can now manage their property digitally with ONDA, from property management to online room distribution and revenue management. We will continue to invest in the development of digital transformation technologies for hotels and hoteliers.”