Will this news change MyVR?
Guesty Has Acquired MyVR!
April 08, 2021 | Amiad Soto
Today we are incredibly excited to announce that Guesty has acquired MyVR, a fellow Y Combinator alum and successful property management software solution in this space that shares our vision of innovating the short-term rental ecosystem.
Our investment highlights the promise of 2021 as the short-term rental ecosystem – and travel as a whole – recovers from an unprecedented year of hurdles and adjusts to new consumer behavioral patterns, trends and expectations that are a direct result of the pandemic. This includes the surge in upcoming bookings we have witnessed due to widespread pent up demand to travel and a more robust user base of consumers now opting for private rentals over traditional hotel stays to avoid crowded common areas and benefit from the new reality that is blending how we work and live.
Guesty’s decision to acquire MyVR was made after getting to know their strong team and cutting-edge product, while evaluating the ways in which we can power our growth and bring more standardization to this dynamic ecosystem as alternative accommodation continues to go mainstream.
If you are a Guesty or MyVR customer reading this, note that both platforms will continue to operate independently and customers of both companies will experience no changes to the product and services they are currently benefiting from, but will enjoy access to a larger team composed of the brightest minds working on top-notch products, services and technologies to power your growth.
We will be welcoming the MyVR team into the Guesty family and can’t wait to embark on this next chapter together, transforming the short-term rental industry by optimizing smart property management across various market segments worldwide.
The future looks bright. There is no question that travel is recovering and our growing team will be there every step of the way continuing to power the diverse businesses of professional hosts and property management companies pioneering the next generation of alternative accommodation across the globe.
We are incredibly excited for what’s to come. Thank you for being a part of our journey.
Cheers to a great 2021!
If I was in charge (and I’m not) my first priority would be integration. Which would probably involve migrating the MyVR customer base to Guesty’s technology.
That was probably already mapped out by the Guesty Team as they did their due diligence prior to the acquisition. They know what it’s going to cost them and what they will gain as a result.
First off, a huge thanks to you, Carole, for being a long time customer and friend of MyVR. We couldn’t have run the business as a standalone for as long as we had without the support of you and everyone here.
There’s a lot of hard work ahead, but we believe this merger will change MyVR for the better. Nothing will change immediately, however. Guesty has made their intentions clear to us that they want to support the MyVR platform and provide the budget and independence to operate independently. Over time customers of each platform will be able to benefit more from the collective efforts of each company and product as we explore synergies. There are some things MyVR does better than Guesty, and vice-versa. I believe the combination of the two will result in a superior product for customers of each.
Building property management software (and a channel manager) is not an easy job. There’s an incredibly robust set of features, requiring a fairly large tech build out, with a lot of ongoing maintenance. Running a property management business is equally as hard, and you deserve the best technology possible to run your businesses, and at a reasonable cost. Given the challenges with providing enterprise level technology at prices that work for SMB’s (small and medium businesses), we think scale will ultimately provide superior results. This merger results in Guesty + MyVR being the largest PMS in the industry.
Amiad talked a bit more about the merger in this article: https://skift.com/2021/04/08/short-term-rental-sector-sees-more-consolidation-as-tech-startup-guesty-buys-rival-myvr/
Thanks for your comment, and I appreciate your thoughts. At the moment there are no plans to migrate users. Undoubtedly there will be some users who are on Guesty who might be better off being on MyVR, and vice-versa. That will take some time to assess and I think we’ll be in a position to help users migrate more seamlessly where that ends up being the case. This work lies ahead and will not be rushed. The near-term focus is on the integration of the teams and a deeper assessment of relative product strengths.
Big picture, I think the collective assets from each platform will allow us over time to deliver products that better meet the needs of varying customer segments within this massive industry, but under the same roof in order to take advantage of synergies/overlap. I think a lot of PMS’s in the space are trying to be everything to everyone (we’ve probably been guilty of this at times). The scale will allow our newly combined company to customize products better for different personas, as Amiad highlights in the Skift article that I shared above.
@jonathan-murray - Could this merger result in a broader set of Web Site template options and possibly greater site design flexibility?
I hear you that this is a need, Darrell. You’ve done an amazing job of pushing the boundaries on what can be done with our current templates and website builder. Unfortunately I can’t answer that with confidence at the moment - that’s a detail that is quite a bit beyond where we are with integration planning, since the merger just closed today. The focus of the process we went through was mostly around due diligence to get a deal done. In the months ahead, we’ll start to get more granular with product planning. But I do know that this is a need for many who use our website builder.
You know that I love you guys and while I am really happy for you on a personal level, I’m a bit selfish on a professional level (@Markus-Nordvik probably recalls our very first meeting in Arizona several years ago when I asked about this I’m hopeful that your attention to us won’t get lost in the merger (meaning I hope you’ll be sticking around) and I’m looking forward to seeing future enhancements that will only improve MyVR (I’m keeping my fingers crossed that we can get do use our own email address at some point, alas I don’t know if that was ever something that was on a ‘to-do’ list).
@jonathan-murray Team integration is good too. It took us over six years to get around to integrating the JPMorgan team when I was with Chase…