India-based InnKey, which provides a cloud property management system for luxury hotels and chains, will use the funds to expand its business.
According to a statement, Yanolja Cloud, which has the right to acquire InnKey in its entirety, sees the company as complementary to existing business software as a service.
He added that using Yanolja’s experience, InnKey will develop into a “one-stop platform offering a full range of hotel management solutions”.
This latest deal comes after a similar recent investment in HotelOnline, a business that helps hotels with online transactions and distribution.
Viral Shah, co-founder and CEO of InnKey, says: “At InnKey, our vision has always been to disrupt the way large hotels and chains operate worldwide. With InnKey’s product expertise and Yanolja Cloud’s global reach and ecosystem, we will focus on further improving our cloud platform and global expansion as we seek to transform the global hospitality industry. “
Andrew Kim, Director of Global Solutions Business at Yanolja Cloud, says: “We decided to invest in InnKey with an acquisition path based on their deep knowledge of the industry, a solid product and a passionate management team that we saw as a key formula for expanding and accelerating of business opportunities with an improved range of solutions serving all types of hotels. “
Yanolja received a $ 1.7 billion investment from SoftBank just under a year ago with a plan to expand its cloud-based travel and leisure platform.