2240 GMT - Forsyth Barr is upbeat about Serko's fledgling Serko.ai product. Serko.ai is a multi-agent AI travel assistant that allows users to plan, book, and manage travel via a natural-language interface. "We exited the demonstration with increased confidence in both the product's delivery timeline and the quality of its user experience," says analyst James Lindsay. Serko did a closed beta launch of the product in the U.S. in May, and a broader U.S. open beta is on track for 3Q27. Serko plans to initially target low-complexity U.S. small-to-medium-sized businesses, Forsyth Barr says. "While the commercial model remains under development, we understand that a percentage-of-booking-value checkout fee is the likely initial approach, with potential for seat-based licensing as the product evolves," says Forsyth Barr, which rates Serko at outperform.