New Zealand often does not get the credit that it deserves when it comes to technology. The island is often thought of as a tropical paradise with magnificent beaches. Perhaps the climate is why so many cloud based businesses are succeeding in this region. Serko is a company that was founded in 1994 and its transformation into a corporate travel agency that primarily uses the cloud has pushed this company into a position of being able to do an IPO on the New Zealand Stock Exchange.
Serko offers travel and booking services to corporate clients using SaaS. Serko looks to raise between $17 and $22 million New Zealand dollars as it offers up 33% of its company’s common shares on the stock market floor. This IPO is scheduled to take place on June 24th.
Serko is known for its two main SaaS applications. The two SaaS applications are known as Serko Online and Serko Incharge. These two offerings help streamline the challenges that corporations face when they need to pay employees back for travel expenses, find corporate rates on hotel rooms or book flights using a centralized system that ensures the corporation gets the best deal. Serko also gives corporations the ability to limit the services of travellers based on corporate policies.
Serko has 100 people who work for the company worldwide. The cloud timekeeping and travel management solution are focusing on emerging markets such as the Middle East and countries found in the Pacific Rim. Founders Bob Shaw and Darrin Grafton both mention that it has been “A long awaited offering.” Two duo almost put the company on the stock exchange last year but pulled back and waited until now because they thought that 2014 was better timing. The capital that Serko raises will help fund additional ventures and raise Serko’s brand awareness in the emerging markets the company is targeting.