Spacebase, a booking platform for meeting and event spaces, has acquired Okanda, an online portal for hotel meeting rooms.
Both companies are based in Germany. Founded in 2014, Okanda has a portfolio of 1600 locations, including hotel chains like Radisson, Hilton, Sheraton and Hyatt.
Okanda’s online reservation system aims to simplify the process of viewing and booking spaces for users, and allows venues to boost occupancy rates. Its revenue model is a mix of commission and subscription.
The move marks the next step in Spacebase’s second acquisition series. It operates four distinct brands which covers various segments in the market for small- and large-scale meeting and event spaces: Spacebase, Craftspace, eventsofa and Okanda.
Edward Belleville, Content Marketing and PR Manager at Spacebase, commented: “As WeWork faces drastic devaluation, our business model of making working spaces bookable online is going from strength to strength.
“The Okanda deal consolidates our access to corporate clients and to venues operated by big hotels like Radisson, Sheraton, Hilton and Hyatt. With an expanded portfolio and our unique instant booking capabilities, it marks a leap forward for us as a company – and we’re confident it will have long-term effects for our industry too.”
Julian Jost, CEO of Spacebase, said: “Okanda quickly took the lead of the market for hotel meeting rooms with instant booking, which allowed it to achieve rapid growth. Over the last two years, the technological and commercial restructuring undertaken by Ingmar Bornholz has made Okanda into an even more successful business. We’re excited to keep building on this as we bring Okanda into the Spacebase family.”
Ingmar Bornholz, investor and interim CEO of Okanda, said: “With Spacebase, we have found the ideal home for Okanda – we share the same drive, values and potential to further revolutionise the events and meetings market. I am pleased and grateful that Okanda’s success story will continue – I wish our team and the Spacebase team every success.
“The Okanda acquisition helps us to achieve full B2B market coverage. We’re excited to be the number one corporate meeting marketplace in Germany and the only one to offer instant booking functionality across our platform.”