RC Law Advised STAYmyway in the Sale to Operto Guest
RC Law advised the shareholders of STAYmyway, a Spanish start-up, on the sale of all of their equity interests to Operto Guest Technologies Inc. (a Canadian company), in exchange of cash and preferred stock of the buyer. The firm acted as international counsel to the sellers and its role included the negotiation of transaction documents and the performance of a limited due diligence of the buyer. Buyer’s Spanish counsel was Gomez Acebo & Pombo and sellers’ Spanish counsel was Metricson. Buyer’s counsel was Canadian firm, Fasken Martineau, Vancouver office. Partner Xavier Ruiz acted for RC Law.
Press Release
Operto Guest Technologies acquires STAYmyway
Canada: Operto Guest Technologies, a provider of smart device automation and software-as-a-service [SAAS]-based software technologies for the global short-term and vacation rental, hotel and multifamily industries, has acquired STAYmyway, a smart hospitality technology company based in Murcia, Spain.
Founded in 2014, STAYmyway has grown into a prominent technology provider throughout the European accommodation market. Last year, the company announced an exclusive partnership with Accor Hotels to provide the technology that powers the ‘Accor Key’ programme across its global network.
With Operto’s acquisition of STAYmyway, the company plans to accelerate the rollout of the programme, which encompasses Accor’s portfolio of over 5000 hotels, operating in more than 100 countries worldwide.
STAYmyway has also developed proprietary, patented hardware solutions that allow for old ‘offline’ locks to be upgraded to modern, BLE/Bluetooth-enabled locks without the prohibitive expense of replacing the original lock and subsequent door. The hardware solutions work across most major lock brands and provide hoteliers with the ability to enable a modern digital check-in experience for their customers, at a fraction of the cost of lock replacement.
By verifying and digitally checking in guests before they arrive at a property, operators can drastically reduce their staffing and guest administration burden, while allowing guests to access their room without stopping at the front desk. Now known as Operto BOOST, guests can check into a property in a “faster, cost effective and reliable” way, which will be welcome news for 97 per cent of US hotel operators who are reporting labour shortages.
Operto CEO Steve Davis said: “We are building Operto to help our customers deliver better guest experiences through simple, and affordable, technology solutions. Our acquisition of STAYmyway fits extremely well within this vision.
“Operto BOOST will help bring pre-arrival guest verification, check-in and mobile entry, into the mainstream for accommodation providers worldwide. With the ability to reuse and upgrade existing hardware, at a fraction of the normal replacement cost, we are also helping operators meaningfully lower their carbon footprint, and keep perfectly good hardware out of the landfill.
“2022 continues to be an absolutely huge year of growth at Operto, in terms of revenue, reach into new accommodation verticals, and the launching of new products and services to delight our customers.
“Looking forward, STAYmyway, with its breakthrough technology and amazing engineering team, will only give more momentum to our business by increasing our reach and putting yet another tool in our kit to help customers improve their operations and satisfy their guests,” he added.
STAYmyway CEO Faustino Fernandez said: “The entire team at STAYmyway couldn’t be more excited about continuing our collective journey with Operto. We share in their vision of enabling incredible guest experiences, through technology that surprises and delights the customer, while removing common day-to-day operational challenges from the owner.
“Adding our proprietary hardware and software expertise, into an established industry leader like Operto, paves the way for even better solutions and support for our customers around the world.
“Operto already has an incredible reputation for delivering best-in-class technology solutions, to hotels, short-term and vacation rentals across the world, and our team is committed to continuing to deliver this level of excellence to our customers,” he added.
Earlier this year, Vancouver-based Operto raised $12 million in a Series A funding round led by venture capital firm FUSE, with follow-on investments from Watchfire Venturers, BlackPines Capital Partners and other prominent investment groups. At the time, the company said that it would use the financing to further accelerate the development of its Connect™ operating system, and continue its expansion across all accommodation verticals and into new geographies.
Source: https://shorttermrentalz.com/news/operto-staymyway-acquisition/
