Data engineering and analytics provider Cerebri AI has acquired expense management provider InterpIX from Serko, the companies announced.
The acquisition adds expense report processing, employee reimbursement and guest travel management capabilities to Cerebri AI's offerings, as the company aims to be "the AI-agentic solution for corporate travel for all things not bookings," Cerebri AI co-founder and CEO Jean Belanger said.
"We believe the acquisition of InterpIX will help drive Cerebri AI's growth, and we have already signed two [Fortune 500] companies for guest travel and expense as a result of the acquisition."
Cerebri AI launched its corporate travel solutions platform in 2022 and now develops and sells its AIQ Agents and Applications, which can manage data enquiries around budgets, metrics, contracts and auditing. Its solutions are built on its data engineering platform, which can aggregate and reconcile T&E data on a global basis, according to the company.
Serko acquired Minneapolis-based InterpIX in 2018 as part of a strategy to expand and support its US operations. In an investor update, Serko said the sale is part of its strategy to "simplify operations”.
"Serko has established integration and referral partnerships with several leading US payment and expense providers and will continue to expand these relationships rather than operating a standalone, US-focused expense product," Serko said in the update. "Serko will continue to operate its Zeno expense solution."
Per the terms of the transaction, Serko will receive royalties on revenues generated from current and future InterpIX customers, according to Serko. It is expected to result in a non-cash accounting loss of about $2 million for Serko, the company said.