Dramatically increased investment in Track PMS
will yield a number of new capabilities that will give TravelNet
Solutions' clients a competitive advantage as the vacation rental
market recovers from a period of low demand
COTTAGE
GROVE, Minn., June 25,
2024 /PRNewswire/ -- TravelNet Solutions, the leading
enterprise vacation rental technology provider, today announced
that it has increased the product and engineering resources
committed to its core property management system, Track, by 3X.
This move is part of an overall restructuring plan that started in
April of 2024. The increased investment signals a major shift to
accelerate innovation and empower TravelNet's clients to
improve overall business performance in the face of sluggish –
albeit recovering – vacation rental market demand.
"I couldn't be more excited to share the news of the expanded
engineering investment for in Track," said TravelNet Solutions'
CEO, Ryan Bailey. "This investment
will allow us to unlock entirely new capabilities that will help
our clients grow revenue and propel the vacation rental market
forward."
According to recent information from KeyData, Revenue Per
Available Room is down roughly 25% since its high in the Summer of
2021. As a result, many Vacation Rental Property Managers have seen
financial results suffer.
The significant increase in Track's product and engineering
capacity is intended to drive innovation specifically targeted at
increasing revenue and reducing cost for TravelNet clients, while
improving their guest and owner experiences. These improvements and
new capabilities will give Track's clients a further advantage as
they navigate the market recovery.
"We have been preparing to make this investment since late 2023
and I'm thrilled to see that plan come together," said Arvind Sharma, TravelNet Solutions' Chief
Technology Officer. "This move will allow us to take a
fundamentally different approach to innovation that will yield a
set of unmatched capabilities for the enterprise vacation rental
market." This investment was the central driver behind TravelNet's
restructuring efforts that started in April
2024. As part of that plan, some resources were shifted from
other business units and reallocated to Track to drive new feature
development.
In parallel, the TravelNet team made significant adjustments to
its Client Services organization designed to increase the speed and
quality of service, deliver a unified customer experience across
all product lines, and improve overall client outcomes. The results
of these Client Services changes will begin to be felt in the
second half of 2024.
"With the market challenges that our operators are facing, we
see it as our responsibility to bring transformational new
capabilities as well as a new level of service to the market, both
of which we believe will help our clients extend their competitive
advantage through the market recovery," said Bailey. "We're looking
forward to unveiling some of our recent and planned innovations in
July, and throughout the coming months. There's lots of exciting
news ahead, and we're just getting started."
About TravelNet Solutions
For more than 21 years,
TravelNet Solutions, Inc. (TNS) has provided integrated software
and marketing solutions for the hospitality industry anchored by
its flagship Track Property Management System and other products
under the Track banner. Our single-vendor ecosystem gives growing
vacation rental companies all the enterprise-class tools they need
to scale. With 70+ integration partners and a growing list of
native features, Track helps hospitality pros level up.
About Track PMS
Track PMS is the award-winning
property management solution that empowers growth-oriented
hospitality businesses to outperform the market. Its integrated
suite of operational tools, such as trust accounting and owner
portal, makes it easier for companies to consolidate their
technology footprint and reduce reliance on third-party
solutions.
Track is the most powerful, configurable, and comprehensive
platform for property management teams.
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SOURCE TravelNet Solutions