Guesty, the leading property management platform that automates and streamlines all complex operational needs accompanying short-term rental management, announced it has acquired another leading property management software MyVR. The deal effectively makes the company the largest short-term rental property management platform worldwide.
Guesty’s investment showcases the promise of 2021 as the short-term rental ecosystem - and travel as a whole - recovers from an unprecedented year of hurdles and adjusts to new consumer behavioral patterns, trends and expectations that are a direct result of the pandemic. This includes the surge in upcoming bookings the company has witnessed due to overall pent up demand to travel and a more robust user base of consumers now opting for private rentals over traditional hotel stays to avoid crowded common areas and benefit from the new reality that is blending how we work and live.
“Our decision to acquire MyVR was a no-brainer. Like Guesty, MyVR is a Y Combinator alumnus. Their innovative team has developed a cutting-edge product that will help power our growth and bring more standardization to the space,” said Amiad Soto, Co-Founder & CEO of Guesty. “The future looks bright; there is no question that travel is recovering. Our growing team will be there every step of the way continuing to power the diverse businesses of professional hosts and property management companies pioneering the next generation of alternative accommodation across the globe.”
Both the Guesty and MyVR platforms will continue to operate independently and customers of both companies will experience no changes to the product and services they are currently benefiting from. Over time, they will enjoy access to a more robust technical offering and a larger team composed of the brightest minds working on the next generation of products and services to power their growth. The combined assets, proprietary technology and in-depth expertise of the two companies will strengthen our offerings with the goal of continuing to optimize smart property management across various market segments worldwide.
The acquisition means Guesty is better positioned to cater to a broader customer base, quickly deliver more advanced features, drive increased standardization, and develop deeper business partnerships within this dynamic ecosystem - all while continuing to provide users with the flexible tools they need to run their businesses from one centralized platform. Guesty will also benefit from MyVR’s strong presence in one of their core markets, North America.
As part of the deal, Guesty will welcome the MyVR team to the Guesty family, all of whom will have a hand in continuing expansion efforts while complementing Guesty’s already robust 90-person in-house Product and R&D team. This will be beneficial to users as recent data from Guesty highlights that consumer confidence to travel is returning, with summer rental reservations in the U.S. outperforming that of 2019 pre-COVID booking volume by 6% and 2020 booking volume by 110%. This, coupled with digital nomadism on the rise, has resulted in work-from-home evolving into work-from-any-home, and means the short-term rental space is poised to recover quickly.
“With vacation rentals and low-touch, independent boutique hotels being the preferred accommodation choice in a post-COVID world, there is no doubt that professional hosts and property management companies will increasingly seek proven, modern, innovative tech partners to help deliver on the demands of travelers within our rapidly expanding industry,” said Jonathan Murray, Co-Founder & CEO of MyVR. “We are excited to join the Guesty family and together become the choice market leader for property management, offering all the tech solutions users need, under one roof."