Serko pays “nominal sum” for Arnold Technology

SERKO IPO: Bob Shaw and Darrin Grafton sound the gong at the launch in their Parnell office today.24/06/14

Auckland-based online travel booking business Serko has bought Arnold Technology from Expedia’s Wotif Group for a “ nominal sum” in an all-cash deal.

Serko, a cloud travel and expense management software company, sealed the deal last Friday for the confidential sum, and expects the buyout to boost revenues by 7-8% in the six months ending 30 September, according to NZ’s NBR paper.

The buyout is forecast to lift Serko’s Australasian transaction volume by at least 20%, the paper reports.

“This is an important strategic investment for Serko given we now expect around US$4 billion of Australia’s corporate travel spend to be booked through Serko’s platforms,” Serko chief executive Darrin Grafton said in a statement.

“Through this transaction and our relationship with Expedia Inc, we’re able to continue to serve Arnold’s corporate customers and government accounts, significantly build our business and affirm our commitment to our TMC (travel management company) resellers, which we maintain are crucial to our success in the region.”

Earlier this year, Serko told investors annual revenue would be 4-6% below its NZ$11 million prospectus forecast, and that sales would be down 8% when it announces its six-months result ending September 30.

Image: NBR.co.nz

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