TripAdvisor® has announced its acquisition of Bokun, a leading provider of business management technology for the tours, attractions and experiences industry. With the acquisition, TripAdvisor expands its offering, now providing suppliers with technical solutions in addition to the sector’s largest distribution channel.
“As the industry leader, our opportunity in this space is enormous. 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 Dermot Halpin, president, TripAdvisor Experiences and Rentals.
Halpin continued, “This marks a new phase for our business: we’re expanding beyond our core offering as the industry’s largest distribution channel. This product is part of a very bright future for the industry - one that eliminates fragmentation, significantly grows and simplifies distribution for suppliers, and dramatically improves the shopping experience for travellers.”
Based in Iceland, Bokun is a business management software created specifically for tours, attractions and experiences suppliers: it acts as a booking engine, an inventory channel manager, a price management tool, and more. Founded in 2012, Bokun grew quickly to help Icelandic suppliers capitalise on the country’s booming tourism industry. Bokun’s customer base is global, ranging from local suppliers to Fortune 500 companies.
Bokun offers exceptional value in the market. It currently offers subscriptions for €100 per month, versus the industry standard of 5%-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.
“We’re thrilled to join the world’s largest attractions, tours and experiences business,” commented Hjalti Baldursson, CEO and co-founder, Bokun. “TripAdvisor gives us the opportunity to serve customers in every corner of the world, and we’re excited about the significant growth that’s to come.”
Bokun will remain based in Iceland, with immediate plans to expand the team. Terms of the acquisition will not be disclosed.