P3 Targets Growth in U.S. and Germany After Securing €750,000 Investment From BVP

Hotel software solutions provider P3 has announced plans to almost double its workforce and expand into the United States and German markets after it secured investment of €750,000.

The Dublin-based company – which offers an integrated ecosystem of hotel technology through core products of custom booking engine and online check-in/checkout – has received investment from Business Venture Partners (BVP).

This funding brings to €1.1m the total amount of investment in P3 in the past year after the company received €350,000 from Enterprise Ireland in 2021.

The funds will allow P3 to create 15 new jobs – five in the US, two in Germany and the remainder in Ireland – bringing to 40 the number of people employed in the company. They will help develop new products and assist with new clients. Roles in Dublin include programmers, client technical support staff, and project managers. Recruitment for these positions and for sales and marketing staff in the US and Germany is already underway.

P3’s expansion comes on the back of continuous strong growth in recent years, driven by the company’s close partnership with hotel reservation system provider Oracle Hospitality and its acquisition of new leads in international markets.

Innovative contactless solutions, such as online check-in/checkout, which facilitate social distancing and reduced queuing times in hotels, continue to help hotels with automation of tasks during the present labour shortage. An enhanced customer booking experience also helps increase direct booking rates.

P3 CEO Phelim Pekaar said: "This investment from BVP will take P3 to the next level – we’re delighted to have completed the deal and are now very focused on growth in the US and German markets.

"One of the biggest learnings for the hotel sector from the past two years has been recognition of the need to change and innovate, to embrace technology and use it to your advantage – in areas such as integrated online check-in/checkout and secure payment facilities.

"Lots of hotels which previously did not give enough consideration to this are now analysing their IT infrastructure and are changing their older reservation systems to newer platforms, such as OPERA Cloud, which offer greater automation and operational efficiency.

"They want to realise the benefits that technology offers and are now looking for software solutions which allow them to enhance the guest experience and drive revenue growth. This shift is providing tremendous opportunities for companies such as P3."

The BVP investment is being made as part of the Government’s Employment and Investment Incentive Scheme (EIIS), under which private investors in SMEs are eligible for up to 40% income tax relief on the amount of their investment.

Elliot Griffin, Managing Director of BVP, said: “We believe that P3 is a good fit for BVP. Our investment is the culmination of a process where we took time to learn and understand the mechanics of what P3 does, the people involved in the company, and its potential for growth. We’ve built a strong relationship with P3 on the back of this process, and we’re excited about helping them to capitalise on the tremendous opportunities in the hotel technology sector.”