Today PRIX completes a journey. Since September last year we've been falling in love with the hotel-industry. And we are ready to take this relationship to the next level.
The hotel-industry is full of adorable quirks and endless streams of acronyms: ADR, ARR, BAR, OTB, REVPAR, GOPPAR, OTA, CRS, CRO, CM, RMS, PMS, CompSet, FOT, GDS, LOS, PPN, TAC. It has a rich history, is a truly global industry, almost entirely digital on the sale-side but still with huge opportunity in digitising how hotels are actually run.
When you fall in love you're always a bit nervous as to how you will be received by the family. Will they like you? More importantly, will you like them?
For us, that's been the best thing about the last few months. Our first partner was MEWS, the most disruptive in cloud PMS (there I go with the acronyms already). Property Management Systems used to be horrible old pieces of software, and while nobody has been fired for buying Oracle I'm not sure that anybody has enjoyed it very much either. MEWS is changing all of that. And working with them has a been an absolute joy. Amazing, fun, genuine team!
We can honestly say the same about all of their customers, some of whom are now our customers. Teleport, Emblem, Mosaic were early supporters and we're building partnerships with a few other trusted partners, VerticalBooking, Cubilis, StayNTouch and more. Everybody in our team comes from different industries and we agree hotels have a higher than average share of fun and friendly!
The time has come to tie the knot. Prix.ai was the brand for a company that was building pricing-as-a-service for multiple industries. Too many times have we been jokingly welcomed into the room with “[Pricks] have arrived” :) And the .ai domain was sometimes confusing. It's more important to us that we have a simple dot com domain that shows our ambition for the hotel industry. We want to help hotels with forecasting, analytics, pricing, revenue displacement etc.
We thought long and hard about what new name captures our identity and gives us space to grow. After many, many terrible (and quite good) suggestions there was one that stuck: Pace. It represents what we do, helping to understand the speed of bookings and where you will end up. Everything is about understanding pace, and adjusting your pace (one of the best tools for this being price).
We hope all of our new friends approve of the name and that we're a keeper.