Thursday, December 2, 2021
HomeTravel TechnologySerko to Raise Capital for International Growth, Acquisitions

Serko to Raise Capital for International Growth, Acquisitions

New Zealand-based travel and expense management provider Serko plans to raise NZ$85 million—about US$58.4 million—to grow its business, particularly in the unmanaged travel segment, and “pursue opportunities for inorganic global expansion,” the company said Wednesday in its half-year financial results announcement.

The capital will come from issuing NZ$75 million in ordinary shares to new investors as well as a NZ$10 million retail offer to existing shareholders letting them subscribe to up to NZ$50,000 in new shares. Serko has halted trading on the Australian and New Zealand stock exchanges and plans to complete its capital raise before the end of the year.

About 40 percent of the new capital is earmarked for developing Serko’s “global marketplace strategy,” especially driving growth in North America. Serko reported an average monthly growth of more than 10 percent in transaction volumes from May through September in North America and reports an increase in inquiries for its…

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