Cornerstone, a global leader in managing travel and expense operations, has made a strategic investment in Traxo, kicking off the first phase of a close technology partnership between the two, the companies said in a Thursday (Aug. 10) press release.
This partnership will bring Traxo’s patented, real-time data capture technology to bear and leverage Cornerstone’s data and automation products to empower their customers, who include travel management companies (TMCs), corporate travel departments, online travel agencies (OTAs), and other travel intermediaries, with visibility into out-of-channel bookings, according to the press release.
These capabilities will be enabled by Traxo’s real-time off-channel booking data and Cornerstone’s tools for bringing travel data into travel operations and using automation to maximize service and efficiency, Cornerstone Head of Growth Mitch Gross said in the release.
“Working together puts action behind Traxo’s data and expands the range of transactions Cornerstone can impact,” Gross said. “And — most importantly — the impact our customers can have on their clients. One plus one equals a lot more than three. We love the company and our synergies so much we couldn’t pass up the opportunity to also invest.”
Traxo Founder and CEO Andres Fabris added in the release: “This is a real game-changer. For the first time, companies will gain full visibility into where and when their employees travel, and that data will become actionable, leading to a complete reevaluation of how to source and negotiate agreements with travel providers worldwide.”
This partnership comes at a time when global business travel and event costs are expected to keep climbing through the remainder of 2023 and into 2024 after experiencing record hikes in 2022.
The global average ticket price (ATP) of flights booked for business travel increased 72.2% year over year in 2022, business and travel meeting specialist CWT and the Global Business Travel Association (GBTA) said Thursday (Aug. 10).
“Looking forward, prices seem to be leveling off with much milder increases projected over the next 12 to 18 months,” CWT President and CEO Patrick Andersen said when announcing these findings. “We could now be looking at the true new cost of travel.”