Dublin-headquartered HostelWorld has agreed a deal to buy US-based event discovery platform OccasionGenius for $12m.
HostelWorld said the deal would enhance its platform and help with its growth ambitions, giving it immediate access to structured global event content and accelerating development that would have taken years to build organically
"By integrating this at scale, we expand from accommodation into events, strengthen community connection, and advance our broader social monetisation strategy," it added.
The company said the deal is being funded by a €10.3m loan from AIB.
OccasionGenius offers a global event dataset, comprising a city-by-city catalogue of local "Things to Do" and a unique global dataset of "travel worthy" events that inspire travellers to book trips.
In a statement, HostelWorld said that OccasionGenius is growing rapidly with forecasted annualised recurring revenue of €1.5m by the end of the year.
It said its own financial guidance for 2025 remains unchanged and today's acquisition is aligned with its objectives as set out at its Capital Markets Day in April.
Gary Morrison, HostelWorld's group chief executive, said the deal for OccasionGenius is a significant development which positions the company as the first social travel platform with an integrated offering of social networking, event discovery and accommodation.
"This acquisition allows us to immediately supercharge our platform with a wealth of content that would take us years to build organically and enhances value creation opportunities for our shareholders," he added.
