Serko Acquires US Software Company InterplX Inc

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 309 4754, F: +64 9 377 0545, investor.relations@serko.com
Incorporated in New Zealand ARBN 611 613 980


Market Release
20 December 2018

Serko Acquires InterplX to Expand North American Market Capability
Serko Limited (NZSX:SKO, ASX:SKO, “Serko”), a leader in integrated travel and expense management, today
announced that it has acquired 100% of the ordinary shares in InterplX Inc, a provider of SaaS expense
management software in the United States.
InterplX was founded in 1994 and is headquartered in Minneapolis, Minnesota, providing business expense
management solutions including expense audit, payment processing and receipt processing to a range of
organisations including several Fortune 500 clients.
The acquisition provides Serko with a North American customer service and technology development capability
to support market expansion in the Northern Hemisphere, and augments Serko’s existing global support centres
in providing a global 24/7 support footprint.
The InterplX suite of solutions includes strategic software assets for Automated Clearing House (ACH) payment,
full audit and fraud detection software and capabilities which we expect to be of benefit to Serko’s existing
customers.
It will continue to be run by its founder Chuck Buckner and existing management team, who will now report to
Serko’s Vice President of North America, Tony D’Astolfo.
“We are very excited to be joining forces with a global leader in corporate travel and expense technology
innovation,” said Mr. Buckner. “Our two companies are well aligned in terms of technical architecture and a
high degree of customer service. The North American market is demanding a user-friendly alternative to the
legacy providers and we are pleased to join Serko to create an integrated travel and expense offering that will
fill that void.”
Announcing the transaction, Serko CEO Darrin Grafton, said this was an investment to support Serko’s global
growth strategy, “We’re delighted to announce this acquisition, and to welcome the people and customers of
InterplX into the global Serko family. We were deeply impressed by the quality of the technology and the high
service levels and customer retention that Chuck and the team have achieved, and we look forward to further
building on InterplX’s strong pedigree in market.”
While the exact terms of the agreement are confidential, the consideration payable of US$2.5 million is to be
fully satisfied via the issue of Serko fully paid ordinary shares, with 50% of the stock issued at completion
(573,922 shares issued at NZ$3.30) and the remainder issued subject to revenue targets being achieved through
to December 2019. The first tranche of shares to be issued are subject to an escrow period restricting the
shares from being sold before 30 June 2019.
This transaction will add to Serko’s revenue through the continued provision of expense management solutions.
Due to the completion date being close to the end of the current financial year the expected revenue
contribution remains within Serko’s existing guidance of 20% - 30% revenue growth and EBITDA guidance for
FY19. The revenue uplift impact in FY20 associated with this acquisition is expected to be between $2.5 million

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 309 4754, F: +64 9 377 0545, investor.relations@serko.com
Incorporated in New Zealand ARBN 611 613 980
to $3.5 million NZD. Serko will provide guidance for the FY20 year when it releases its FY19 results in May
2019.
The first and second tranche of shares will fall within Serko’s placement capacity and will be issued pursuant to
NZX Listing Rule 7.3.5 and, in the case of the second tranche, new NZX Listing Rule 4.5.
ENDS

For Investor Relations queries please contact:
Susan Putt
Chief Financial Officer, Serko
+64 9 309 4754
investor.relations@serko.com

About Serko
Serko is a leading travel and expense technology solution, used by over 6,000 corporate entities and Travel
Management Companies (TMCs) who combined book more than A$6bn of travel a year through Serko’s
platforms.

Zeno is Serko’s next generation travel management application, using intelligent technology, predictive
workflows and a global travel marketplace to transform business travel across the entire journey.

Listed on the New Zealand Stock Exchange Main Board (NZSX:SKO) and the Australian Securities Exchange
(ASX:SKO). Serko employs more than 160 people worldwide, with its HQ in New Zealand, and offices across
Australia, China, India and the U.S.

Visit www.serko.com for more information