You are a holder so I guess you reasonable up to date with...

You are a holder so I guess you reasonable up to date with Serko, their Serko booking system but the next iteration is Zeno, this is state of the art of Travel booking system, it has a lot of connectivity and tech build into it plus AI. How good is this Serko system? Well Flight Centre, Booking.com, Corporate Travel Management and many other all use them instead of their internal system you be the judge, and you well know booking.com taking a 5% stake last year, booking.com also works in partnership with Serko to golbally roll out Serko system to their corporate clients. UK, Ireland is done, Germany next Month and after that they want an accelerate roll out globally.

Serko slowly sign up reseller in the US, they score a few since the Pandemic.
Steady as she go and they got cash to expand and once travel resume it in the poll position to start the global expnasion, foundation will be layed by then

Just before travel banned, they grow at a healthy clipped and now with booking.com roll out globally and more reseller sign up in the US, big number will flow through once travel resume.

Also remember Serko made most of their money from domestic travel so countries just need to open their states border and off we go, it doesnt need to be international

How it makes it money?

it basically a fee clipper business wheneversomeone using their platform to book travel, it clipped fee and it does it in 4different streams.

1. Travel Booking Revenue - it gets a transactionfee when someone book travel in Serko system

2. It provides expense report to corporate clients- subscription fee per user per month, another subscription is Premium MobileApps so user can access their travel and expense stuff on the go nice and easy.
They are agile and saw and opportunity during the pandemic to offer their customers saving via target expense and report and they expand this market during the pandemic

3. White label products for large clients andbrand whatever they want to called it, FLT called it Savi, another UK Travelcompany called it something else I can’t remember, this goes to Service Revenue, this is an annual fees plus extra money if they want features developed for their own brand exclusivity

4. The right to play in Serko eco system, onceSerko Control the market and most corporate travel company and client use Serkoit has a network effect, as in suppliers want to be part of Serko eco system inorder to get more business, they have to pay Serko a fee called the right toplay, similar to Apple Appstore. so, you want your product and services come up and display on Serko system so clients can book you pay up to be included this goes to service revenue

the user experience is also very good, clientswants it, travel company has to supplies what clients wants and it just endlesscycle, more users use it, more of them tell their peers how good Zeno is, morewant to use and ask their corporate travel management company to supplies themSerko Zeno (https://www.zeno.com/)

It has partners with Qantas, Southwest airlineetc... so their clients can use points directly in Zeno, more to come, this isNDC stuff, again latest industry stuff

https://www.iata.org/en/programs/airline-distribution/ndc/

Zeno connected traveller enable them to clipped fees many times over, they can monetize the whole journey from travel, to hotel to entertainment
This is what connected traveller look like in Zeno

Fly - Stay - Move - Eat - Work - Play - Rest

Book a flight they clipped a fee

Book a hotel they clipped a fee
Book a car they clipped a fee

Book some place to eat they clipped a fee

Book an entertainment venue they clipped a fee

you get the idea now?

Why Travel company pushing Serko products?

1. It is a superior tech to anything out thereincluding their in-house system, booking.com investment is a testament of thatand they are a big user of Serko product

2. Travel company also get something out it bybeing able to sell more stuff to their corporate clients via a connectedtraveler getting more commission in more places in the journey.

3. Cheaper for Corporate clients to use Serko asit can grab any market to any market and give them the cheapest price or iftheir Corp clients has preferences their AI will do the job of always book thestuff they prefer at the cheapest price.

Serko has done something no one has manage to beable to pull it off before and that is any market to any market in CorporateTravel this is not an easy task and I hope it will end up ruling the CorporateTravel world booking system and taking my investment with it.

Not many players havethis tech know how to compete with Serko at this Zeno level

First mover advantage and network affect will seal the deal and makes Serko a global power house