Duetto (“Duetto” or the “Company”), a leading provider of revenue management software for the hospitality industry, today announced that it has been acquired by GrowthCurve Capital (“GrowthCurve”). GrowthCurve is acquiring the business from affiliates of Warburg Pincus and other shareholders. Terms of the transaction were not disclosed.
Duetto offers innovative solutions that simplify hotel operations and optimize revenue. With a focus on organic product development, data and integrations, Duetto connects disparate systems into a cohesive, efficient platform that drives profitability and growth for hotels worldwide. More than 6,000 hotel and casino resort properties in more than 60 countries use the Company’s applications, which include GameChanger for pricing, ScoreBoard for intelligent reporting, and BlockBuster for contracted-business optimization. Earlier this week, Duetto launched its newest product, OpenSpace, a revenue management solution and booking engine for meeting and event spaces. Duetto’s reliable customer service and unwavering commitment to simplifying the complexities of hotel revenue management have led to its recognition as the #1 RMS for three consecutive years by HotelTechAwards.
GrowthCurve Capital is a control-oriented private equity firm focused on building businesses by utilizing data, analytics and machine learning, combined with a comprehensive approach to human capital, to seek to accelerate growth and drive long-term value. GrowthCurve will partner with Duetto to further accelerate its AI strategy, including the development of new AI products, support the launch of new business lines and expand into new markets.
David Woolenberg, CEO of Duetto, stated, “We are excited to partner with GrowthCurve whose expertise in machine learning and AI, coupled with their experience in high-growth businesses, aligns perfectly with our vision. This acquisition will boost our investments in innovative tech, enhance our capabilities to support our customers and solidify our leadership in hotel revenue management. We thank our customers, team members, founders and partners for their continued support, as well as Warburg Pincus, Icon Ventures and our investors for their partnership. With the strength of the Duetto brand, we are confident that, together with GrowthCurve, we will achieve our ambitious growth objectives and drive the future of hospitality tech.”
Matthew Popper, Head of Technology and Information Services Investing at GrowthCurve, said, “Duetto is a leader in the fast-growing revenue management software market, with a differentiated solution that helps clients harmonize data and manage decision-making at scale. We look forward to partnering with David and the rest of the management team to accelerate Duetto’s growth, including applying GrowthCurve’s functional capabilities in data science and AI to further enhance the solution’s value proposition for clients.”
Sim Allan, Vice President at GrowthCurve, added, “Duetto is uniquely positioned to accelerate the adoption of sophisticated analytics and AI in the hospitality sector, enabling clients to unlock the value of their data for all stakeholders, including enhancing guest experiences. We are excited to partner with David and the industry-leading team at Duetto to continue delivering innovative software solutions to the hospitality sector.”
“It has been a privilege and a pleasure to partner with Duetto these past seven years. Duetto’s relentless focus on customer satisfaction has been key to its success,” said Ash Somani and Parag Gupta, Managing Directors at Warburg Pincus. “Under David Woolenberg’s leadership, Duetto has built an incredibly talented team that we are confident will continue to thrive in its next phase of growth.”
Jefferies LLC served as lead financial advisor, William Blair served as an advisor, and Orrick, Herrington & Sutcliffe LLP served as legal counsel to Duetto. Houlihan Lokey served as exclusive financial advisor and Davis Polk & Wardwell served as legal counsel to GrowthCurve.
