US: RedAwning, a marketing, distribution, reservations, and hospitality platform for short-term rentals, has announced the acquisition of channel manager Lexicon Travel Technologies for undisclosed terms.
With a portfolio of around 15,000 managed and independent short-term rental properties across North America, RedAwning already provides some channel management services when placing listings on platforms such as Booking.com, Vrbo and Homes & Villas by Marriott International. However, the company is now acquiring the channel management technology of Lexicon, one of the largest channel managers in the United States, which serves 125 clients and 16,000 units.
The ten employees at Lexicon, including the leadership team, will now join RedAwning, while the company’s existing customers and partners will also have the opportunity to move across to the platform as a result of the acquisition.
RedAwning CEO Tim Choate said: “We are delighted to join forces with the impressive team at Lexicon and expand our platform to hundreds of new clients with thousands of properties. The transitions will be seamless for all of our new clients, as RedAwning already supports all of the same PMS platforms as Lexicon and all of the channels too, as well as many more for Lexicon clients to join.”
Joel Inman, founder and CEO of Lexicon Travel Technologies, said: “After we made the decision to sell our business, we looked for a company that would create true synergies with our existing value proposition. As I got to know the RedAwning platform, I realised they have already solved many of the technical challenges Lexicon has been facing.
“RedAwning brings true technology and automation to channel management that delivers value through higher conversion with essentially zero manual work,” he added.