P3 Hotel Software targets growth in US and Germany after securing $1.2 million investment
Hotel software solutions provider P3 has announced plans to nearly double its workforce and expand into the United States and Germany after securing investments totaling $1.2 million (€1.1 million).
The Irish company – which offers an integrated ecosystem of hotel technology through core products, such as a personalized booking engine and online check-in/check-out solutions – said it had received $820,000 (€750,000) of Business Venture Partners (BVP).
This funding comes on top of a recent investment of $380,000 (€350,000) that P3 received from Irish state economic development agency Enterprise Ireland in 2021.
P3 is now planning a major expansion into the US market, as well as into Germany. The funds will facilitate the creation of 15 new jobs – five in the US, two in Germany and the rest in Ireland – bringing the number of people employed at the company to 40. Recruitment of employees to help develop new products and assist with new customers is already underway and includes programmers, customer technical support staff, project managers, and sales and marketing personnel.
P3’s global expansion is the result of continued strong growth over the past few years, driven by the company’s close partnership with hotel reservation system provider Oracle Hospitality and its acquisition of new prospects in international markets.
Innovative contactless solutions, such as online check-in/payment, which facilitate social distancing and reduce hotel wait times, continue to help hotels automate tasks during the current labor shortage. work. An improved customer booking experience also helps increase direct booking rates.
Phelim Pekaar, CEO of P3, said: “This investment from BVP will take P3 to the next level – we are delighted to have entered into the agreement and are now very focused on growing in the US and German markets.”
“One of the biggest learnings for the hospitality industry over the past two years has been the recognition of the need to change and innovate, to embrace technology and use it to your advantage – in areas such as as integrated online check-in/payment and secure payment facilities.”
“Many hotels that previously did not pay enough attention to this are now analyzing their IT infrastructure and replacing their old reservation systems with newer platforms, such as OPERA Cloud, which offer greater automation and operational efficiency.”
“They want to take advantage of the benefits that technology offers and are now looking for software solutions that allow them to improve the customer experience and drive revenue growth. This change offers huge opportunities for companies like P3. »
Elliot Griffin, CEO of BVP, said: “We believe that P3 is a perfect fit for BVP. Our investment is the culmination of a process where we took the time to learn and understand the mechanics of what P3 does, the people involved in the business and its potential for growth. We’ve built a strong relationship with P3 based on this process, and we’re excited to help them take advantage of the tremendous opportunities in the hospitality technology industry.
Established in 2004, Business Venture Partners (BVP) is an experienced investment manager with a long history of supporting Irish businesses. BVP currently has €50 million in assets under management deployed across 20 companies. BVP partners with Irish businesses that have global ambition and a vision to have a positive impact on the world. We are proud to be one of Ireland’s leading ESG investment firms and to offer flexible investment options ranging from seed capital to project finance.
About P3 Hotel Software
Founded in 2000, following the collapse of the technology bubble, P3 Hotel Software provides personalized reservation solutions for large independent hotels and hotel groups worldwide. The personalized booking engine and online check-in/checkout core products facilitate a smooth booking process for guests and an enhanced guest experience. P3’s solutions cover all stages of the online customer journey and integrate seamlessly with Oracle’s market-leading OPERA hotel reservation and property management system.