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Pace joins the FLYR family

Jens Munch, CEO
Sep 20, 2022 - 3 minute read

We are excited to announce that Pace Revenue has been acquired by FLYR. This is a huge step forward in our mission to accelerate the digital transformation of the hospitality industry. With this development we become the leading Revenue Operating System for the travel and transportation industry.

Our ambitions have always gone far beyond today’s hospitality revenue management solutions. The goal was to build the leading commercial optimization platform - where all your commercial data is at your fingertips, where a team’s decisions are augmented with machine learning and where you can unlock opportunities across all revenue streams.

Let me share some context for how joining forces with FLYR enables us to accelerate that mission and why this is amazing news for the wider travel ecosystem.

Today, Pace optimizes the decision making of more than 1,000 hospitality customers in 45 countries, representing $3 billion of annual bookings. Our platform has demonstrated sustained incremental revenue growth for some of the most sophisticated hotel brands, from Hotel Sacher to JO&JOE and Ibis to TSH.

Pace was founded in 2017, soon after Google’s machine learning division ‘DeepMind’ managed to beat Go world champion Lee Sedol. This was a huge milestone for machine learning and became the catalyst behind our decision to start working on Pace. Our thesis was that it would be possible to apply the same bleeding edge machine learning practices to human decision-making in the world of business. We believed that even the most complex, collaborative and strategic decisions would eventually be drawn into the world of decision augmentation, automation and optimization.

At the time our estimate was that the travel industry was leaking 10-20% of its revenue potential due to its failure to quickly and accurately respond to continuously changing demand conditions. More shocking was the realization that more than 90% of the industry was still using manual processes to tackle these challenges.

We knew the travel industry was sitting on hundreds of billions of trapped potential that could be unleashed by the use of technology, so we decided to build a company to capture the opportunity.

In business, timing is critical and we believed we had reached an inflection point of technology. Large quantities of siloed data were rapidly making their way into the cloud and machine learning techniques were making possible what could not even be imagined a few years earlier.

Our goal was to start with revenue management for the hospitality industry and then scale to become the single platform where commercial teams could understand their challenges, inform their decisions and execute targeted strategies toward optimal outcomes.

Today, Pace optimizes the decision making of more than 1,000 hospitality customers in 45 countries, representing $3 billion of annual bookings. Our platform has demonstrated sustained incremental revenue growth for some of the most sophisticated hotel brands, from Hotel Sacher to JO&JOE and Ibis to TSH.

With the success we’ve had, why not continue building an independent company in pursuit of our mission? The answer is that we found incredible alignment between our mission and FLYR’s. There was alignment in almost all aspects - culture, DNA, mission and processes. From a conversation that started out as an exploration of potential partnerships it became increasingly clear that the biggest opportunity lay in joining forces.

With Pace now part of FLYR, we can address the needs of the industry faster and more efficiently and become the platform where commercial teams across all travel and transportation verticals realize their highest potential. If you have been impressed by what we’ve built in recent years, you will be astounded by what we deliver in the years to come.

For more information about FLYR see the press release: https://flyrlabs.com/resource-hub/flyr-labs-acquires-pace-revenue/

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