Cornerstone Information Systems, a global leader in managing travel and expense operations, announced a strategic investment in Traxo, which provides real-time corporate travel data capture, to offer a broader data set than can be gathered through traditional channels.
Terms of the investment were not disclosed. The companies said it marks the first phase of a deeper technology collaboration, with more details to come.
For now, the partnership will give Cornerstone clients — including travel management companies, corporate travel departments, online travel agencies and other travel intermediaries — access to Traxo’s patented real-time data capture technology.
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Mitch Gross, head of growth at Cornerstone, said the companies’ synergy made the investment too good an opportunity to pass up.
“Traxo is the market leader in real-time off-channel booking data. Cornerstone leads in bringing travel data into travel operations and using advanced automation to maximize service and efficiency,” he said. “Working together puts action behind Traxo’s data and expands the range of transactions Cornerstone can impact. And - most importantly - the impact our customers can have on their clients.”
Andres Fabris, founder and CEO of Traxo, echoed the sentiment.
“This is a real game-changer,” he said. “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.”