TripAdvisor has acquired Iceland-based Bokun, a technology provider for tours, attractions and experiences.

Bokun serves as a booking engine, an inventory channel manager and a price management tool for tours and activities. The software was created in 2012 to help Icelandic suppliers capitalize on the country's booming tourism industry, but since then Bokun's customer base has grown into a global one.

Prior to the acquisition, Bokun subscriptions cost $120 per month. Following the acquisition, TripAdvisor will instead be moving to a fee structure of 0.1% per booking. Suppliers can sign-up for a free three-month trial on Bokun. The new fee structure will be in place by the time the three-month trial is over, TripAdvisor said.

"Our opportunity in this space is enormous. We're committed to taking the experiences sector far beyond its current online penetration of just 20%, and Bokun will play a critical role in this mission," stated Dermot Halpin, president of TripAdvisor experiences and rentals.

Halpin added that the acquisition marks a new phase for TripAdvisor by expanding the business beyond TripAdvisor's core offering as predominantly a distribution channel.

Bokun will remain based in Iceland, with immediate plans to expand the team. Terms of the acquisition were not disclosed.

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