HomeAway Acquires Largest Vacation Rental Management Software Provider—Instant Software, Inc.
AUSTIN, TX, October 5, 2010 — HomeAway , Inc. – the world’s leading online vacation rental marketplace – today announced its acquisition of Instant Software, Inc. (ISI), the top vacation rental management software provider.
With this acquisition, HomeAway® continues to expand its suite of product offerings for professional vacation rental managers. "We're dedicated to building the world's most complete online marketplace for vacation rentals," says Brian Sharples, CEO of HomeAway, "and the acquisition of Instant will assist our professional customers in operating more efficiently in this growing market."
ISI has approximately 1,400 property management customers, compared to more than 4,030 that use HomeAway websites for distribution. "There is a tremendous opportunity to expand the use of professional management software within the HomeAway customer base," says Dave Hopcroft, CEO of ISI, which he co-founded in 1994.
Prior to the acquisition, HomeAway had long partnered with ISI to provide electronic distribution and online booking to professional managers using their software through ISILink™. HomeAway plans to invest further in this capability, making the service accessible to a wider-range of property managers, on a variety of distribution platforms. "We'll continue to work with third-party distribution providers that can increase bookings and exposure for our customers," says Sharples. "We're also going to seek ways to expose the local services offered by our property managers to our large base of 'rent-by-owner' customers."
To capitalize on these opportunities, HomeAway also today announces the formation of a new team to oversee development, sales and third-party distribution agreements for property management software. This group, headed by VP and General Manager John Banczak, includes ISI and HomeAway's two existing property management businesses for the B&B industry, Webervations and RezOvation.
Business operations for ISI will continue from its current offices in Denver, Basalt, Colo., and Pensacola, Fla. With this acquisition, HomeAway adds 50 employees to its global, now 710-member team.
The terms of the deal were not disclosed.
About Instant Software:
Instant Software, Inc. (ISI) is the world’s leading provider of technology solutions for the Vacation Rental Management industry. Instant Software’s complete end-to-end solutions include the market leading Reservations and Business Management Solutions - First Resort Software™, Property Plus™, Entech™, and V12.NET™; Online Solutions integrated through ISILink™, the most powerful web distribution system in the industry; and Rezolution web marketing, website design and booking engine solutions.
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