Serko Limited: Company Profile

Background

Overview

Serko Limited, established in 2007, is a New Zealand-based technology company specializing in corporate travel and expense management solutions. The company is publicly listed on both the New Zealand Stock Exchange (NZX) and the Australian Stock Exchange (ASX) under the ticker code SKO. Serko's mission is to create a connected, frictionless travel experience by building the world’s leading business travel marketplace. Its vision is to bring people together by transforming the way businesses manage travel and expenses.

Industry Significance

Serko has established itself as a significant player in the corporate travel technology sector, offering innovative solutions that address the complexities of business travel and expense management. The company's platforms are utilized by organizations across more than 180 countries, processing over US$4.5 billion in corporate travel transactions annually.

Key Strategic Focus

Core Objectives

Serko aims to revolutionize corporate travel by providing intuitive, efficient, and cost-effective solutions that enhance the travel experience for businesses and their employees. The company's strategic focus includes expanding its global footprint, integrating advanced technologies, and fostering strategic partnerships to drive growth and innovation.

Areas of Specialization

Serko specializes in:

• Corporate Travel Management: Offering platforms that streamline the booking and management of business travel.

• Expense Management: Providing tools that simplify the reconciliation and reporting of travel-related expenses.

• Artificial Intelligence Integration: Leveraging AI to enhance user experience and operational efficiency.

Key Technologies Utilized

The company employs a range of technologies, including:

• Zeno Platform: An AI-powered corporate travel and expense management solution.

• Mobile Applications: Serko Mobile app for iOS and Android devices, offering travel concierge services.

• Cloud Computing: Utilizing cloud infrastructure to ensure scalability and reliability.

Primary Markets Targeted

Serko primarily targets:

• Large Enterprises: Organizations requiring comprehensive travel and expense management solutions.

• Small and Medium Enterprises (SMEs): Providing scalable solutions suitable for businesses of various sizes.

• Travel Management Companies (TMCs): Partnering with TMCs to offer integrated services to their clients.

Financials and Funding

Funding History

Serko has undergone several funding rounds to support its growth and expansion:

• Initial Public Offering (IPO): Listed on the NZX in June 2014.

• ASX Listing: Listed on the ASX in June 2018.

• Strategic Investment: In October 2019, Booking Holdings acquired a 4.7% stake in Serko as part of a partnership deal.

Recent Financial Performance

For the fiscal year ending March 31, 2025, Serko reported:

• Revenue: NZ$90.5 million, marking a 27% increase from the previous year.

• Net Loss: NZ$22 million, resulting in a net profit margin of -24.82%.

• Cash Position: NZ$20 million in cash as of the first half of 2026.

Capital Structure

Serko maintains a conservative capital structure with a debt-free balance sheet, reflecting minimal reliance on debt financing. This approach provides financial flexibility for strategic investments and growth initiatives.

Pipeline Development

Key Developments

• Acquisition of GetThere: On January 6, 2025, Serko completed the acquisition of GetThere from Sabre for USD $12 million. This strategic move aims to enhance Serko's presence in the North American market and strengthen its platform capabilities.

• Partnership with Booking.com: Serko provides the underlying technology for Booking.com for Business, with Booking Holdings owning a 4.7% stake in Serko and offering travel technology expertise.

Technological Platform and Innovation

Proprietary Technologies

• Zeno Platform: An AI-driven corporate travel and expense management solution that processes over US$4.5 billion in corporate travel annually.

• Serko Mobile App: A mobile application for iOS and Android devices, offering travel concierge services to corporate travelers.

Significant Scientific Methods

• Artificial Intelligence Integration: Utilizing AI to enhance user experience, predictive workflows, and operational efficiency.

Leadership Team

Executive Profiles

• Darrin Grafton: Co-founder and CEO with over 30 years of experience in travel technology. Recognized as one of the top 25 most influential executives in the travel industry by the BTN Group.

• Bob Shaw: Co-founder and Chief Strategy Officer, involved in transforming the travel industry since 1987.

• Shane Sampson: Chief Financial Officer with over 30 years of experience in finance and commercial leadership roles.

• Matthew Gerrie: Chief Operating Officer, joined Serko in 2025 from Booking Holdings, where he was Director of Strategy, Analytics in Global Strategy & Business Development.

Market and Competitor Analysis

Market Insights and Dynamics

The corporate travel technology market is characterized by rapid innovation and increasing demand for integrated solutions that streamline travel and expense management. Key trends include the adoption of AI and machine learning, the rise of mobile applications, and a focus on sustainability and cost efficiency.

Competitor Analysis

Serko faces competition from several companies in the corporate travel and expense management sector, including:

• Expensify: Offers expense management solutions and has a significant presence in the market.

• Locomote: Provides corporate travel management solutions and competes in similar markets.

• Corporate Traveller: A travel management company offering services to businesses, operating in overlapping regions.

Strategic Collaborations and Partnerships

• Booking.com: Serko provides the underlying technology for Booking.com for Business, with Booking Holdings owning a 4.7% stake in Serko and offering travel technology expertise.

• GetThere: Acquired by Serko in January 2025, enhancing its presence in the North American market.

Operational Insights

Strategic Considerations

Serko's strategic initiatives focus on expanding its global footprint, integrating advanced technologies, and fostering strategic partnerships to drive growth and innovation. The company's conservative capital structure provides financial flexibility for strategic investments and growth initiatives.

Strategic Opportunities and Future Directions

Roadmap and Expansion

Serko aims to achieve NZ$250 million in revenue by 2030, focusing on:

• Growth in Booking.com for Business: Expanding the partnership to increase market share.

• Reinforcing Market Leadership in Australasia: Strengthening its position in existing markets.

• Expanding in North America: Leveraging the acquisition of GetThere to enhance presence.

• Evolving the Serko Platform: Integrating new technologies and features to meet customer needs.

Contact Information

• Website: serko.com

• LinkedIn: Serko Ltd.

• Twitter: @SerkoOnline