NEEDHAM, Mass USA, 23 April 2018 TripAdvisor acquired Bokun last week, a business management technology provider for tours and attractions.
TripAdvisor says the acquisition allows it to provide technical solutions in addition to a distribution channel.
“We’re committed to taking the experiences sector far beyond its current online penetration of just 20%, and Bokun will play a critical role in this mission,” commented, , TripAdvisor experiences and rentals president, Dermot Halpin.
Based in Iceland, Bokun developed a business management software created specifically for tours, attractions and travel experience suppliers.
It acts as a booking engine, an inventory channel manager and a price management tool.
Founded in 2012, Bokun it was launched to help Icelandic suppliers capitalise on the country’s booming tourism industry. Bokun’s customer base is now global, ranging from local suppliers to Fortune 500 companies.
It currently offers subscriptions for €100 per month, versus the industry standard of 5% to 6% taken on online bookings.
To serve its goal of bringing the entire experiences category online, TripAdvisor will make its software product even more accessible with a near-term move to a fraction of a percent per booking, far under the industry standard.
Suppliers can sign-up for a free three-month trial on Bokun. The new pricing structure will be in place before this free trial ends.
Bokun will remain based in Iceland, with immediate plans to expand the team. Terms of the acquisition will not be disclosed.