RateGain Travel Technologies Ltd has entered into a definitive agreement to acquire Adara Inc, a data collection and management leader for the travel and hospitality industry, for $16 million or Rs 132.4 crore.

With this acquisition, RateGain aims to build the world’s most comprehensive AI-driven travel intent and data platform.

The deal also aligns with RateGain’s focus on customer acquisition and share-of-wallet expansion. The value will also deepen access to prominent corporate marketing and commercial leadership, including growth into the adjacent tourism sector.

RateGain will make an upfront payment of $14.6 million or Rs 120.1 crore, while the balance of $1.5 million or Rs 12.4 crore will be paid on or before December 31, 2023.

The acquisition is likely to be completed within one month from the date of the asset purchase agreement.

Adara leverages digital profiles scored against travel intent to provide companies with tailored audiences to optimize their marketing campaigns. The company operates globally, with clients in the US, Europe, the Middle East and Asia.

Last month, RateGain’s product, AirGain, was selected by Senegal’s flag carrier Air Senegal for real-time market insights.

The product will allow Air Senegal to track the activity on all important OND routes at a rate of 80% to stay on top of market changes and provide the most competitive offers to its customers.

Shares of RateGain Travel Technologies opened 1.4% higher at Rs 295.65.