The Serko Ltd (ASX: SKO) share price is on watch this morning after the company announced an update to its partnership with Booking.com.
The post Why the Serko (ASX:SKO) share price is on watch this morning appeared first on The Motley Fool Australia. –
Serko Ltd (ASX: SKO) shares are on watch this morning after the company announced an update to its partnership with Booking.com. The Serko share price closed at $5.77 yesterday after a day of poor trade.
The travel technology company stated Booking.com will be transitioning customers of its business service to Serko’s Zeno platform.
Let’s look further into the announcement the company made this morning.
Booking.com to upgrade to Zeno
The Serko share price will be in focus this morning after the company announced that Booking.com’s upgrade to Zeno is an important milestone in the partnership between the companies.
Zeno is a travel booking platform for corporate travel. It will initially offer a large selection of accommodation options, as well as flights and transport in selected regions.
Serko plans to phase in more regions and languages in time. The majority of Booking.com for Business users are expected to be upgraded to Zeno within 2 to 3 months of its launch.
Serko CEO Darrin Grafton said the company doesn’t expect to see today’s news impact its revenue until the 2022 financial year.
Commentary from management
Mr Grafton commented on the upgrade:
This is an important milestone, not only launching a highly scalable platform that caters to existing Booking.com for Business customers worldwide but marking the start of our vision to bring the connected trip experience to business travelers globally.
The Serko and Booking.com teams have achieved this together under what could be considered one of the most trying years in the history of our industry and to make this happen faster than expected is a credit to the amazing teamwork on both sides.
Serko share price snapshot
The Serko share price has had a volatile week so far. It shot up by nearly 8% on Monday but dropped by 4.63% yesterday.
At the time of writing, the company’s shares are still up 2.85% over the course of this week.
Serko has a market capitalisation of around $622 million, with approximately 107 million shares outstanding.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of February 15th 2021
- Why the Serko (ASX:SKO) share price is racing 5% higher today
- 2 ASX shares rated as buys by brokers right now
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Serko Ltd. The Motley Fool Australia has recommended Serko Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.