TravelNet Solutions Expands Track Product & Engineering Capacity by 3X to Accelerate Innovation
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.
SOURCE TravelNet Solutions
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