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.
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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.
