Lanyon, a cloud-based software provider for the meetings and events industry, has acquired Passkey, which offers GroupMAX technology – one of the most widely deployed group reservation technologies in the hospitality industry.
The technology aims to simplify group bookings for event planners by eliminating many of the manual tasks that planners must complete when managing group room bookings.
The technology can also help hotels and convention bureaus to generate more demand and greater revenues per group while capturing savings, improving group profits, and elevating customer service and loyalty.
This acquisition follows Lanyon's merger with Active Network Business Solutions in February to consolidate its technology offering.
David Bonnette, chief executive officer of Lanyon, said: "This acquisition propels us several steps forward in providing a unified technology platform for managing all aspects of meetings and events, while enabling hotels to drive more revenue from corporate travel, and now group bookings.
"A range of industry research indicates that approximately $100bn per year in hotel revenue is associated with group business and room blocks. Much of this business is managed via manual tasks, so there is a clear need for technology that automates these processes. Passkey is a natural complement to our solutions that increase revenue for hotels while making meeting and event planners’ lives easier."