Serko buys US software group InterpIX as part of global growth strategy.
Listed corporate travel technology firm Serko Limited has announced the 100% acquisition of Minneapolis, Minnesota-headquartered InterpIX, a provider of “Software-as-a-Service” expense management systems.
The company was founded in 1994 and offers a range of solutions including expense audit, payment processing and receipt management to a range of organisations, including several Fortune 500 clients.
Serko CEO Darrin Grafton said the acquisition was part of the company’s growth strategy, with the US$2.5 million deal to be settled via Serko fully paid ordinary shares.
InterpIX will continue to be run by its founder Chuck Buckner and existing management team, who will report to Serko VP of North America, Tony D’Astolfo.
Buckner said the North American market was demanding a user-friendly alternative to legacy providers, “and we are pleased to join Serko to create an integrated travel and expense offering that will fill that void”.
More details in today’s issue of Travel Daily.