Ongoing collaboration will support joint
strategic development, investment and commercial plans
Upon closing, Serko will acquire GetThere,
Sabre's corporate online booking tool
SOUTHLAKE, Texas and AUCKLAND, New Zealand, Oct. 28,
2024 /PRNewswire/ -- Sabre Corporation (NASDAQ: SABR)
("Sabre"), a leading software and technology company powering the
travel industry, and Serko Limited (NZX & ASX: SKO) ("Serko"),
a leading online travel technology company, announced today that
they have entered into a definitive agreement, pursuant to which
Serko will acquire GetThere L.P. ("GetThere"), Sabre's powerful
business travel management solution.
Under the new partnership, Serko will acquire the GetThere
business and work with Sabre to collaborate on the development of
new product capabilities for corporate customers, as well as the
growth and expansion of the companies' relevant customer base – all
with the goal of empowering and delivering greater value to travel
management companies (TMCs), corporate travel buyers, and,
ultimately, business travelers. The partnership also defines a
joint approach to commercial, sales and marketing initiatives to
seek to facilitate growth in North
America and beyond.
Upon closing of the deal, which is subject to customary
conditions, ownership of the GetThere business will be transferred
to Serko, including the GetThere solution and certain intellectual
property used by GetThere in the operation of its business; the
substantial expertise and deep domain knowledge of the GetThere
team members; as well as a strong global customer base that
includes many blue-chip companies in North America. Serko will continue to operate
and sell under the GetThere brand and the parties will work
together on transitional arrangements to ensure customers
experience continuity of product, service and
management. Sabre does not expect the sale of the GetThere
business to have a significant impact on its revenue, Adjusted
EBITDA or free cash flow in 2024 and thereafter.
"Our partnership with Sabre marks a significant step in Serko's
evolution, solidifying our commitment to delivering a comprehensive
and seamless end-to-end solution for the global managed travel
segment," said Darrin Grafton, Chief
Executive and Co-Founder of Serko. "The acquisition of GetThere is
highly complementary to our existing North America operations. Additional
investments in our products and technology will support our
momentum in North America and
globally, benefitting partners and customers."
Serko and Sabre will focus on strategic co-development and
co-investment plans to develop new capabilities for the industry
by:
- Prioritizing initiatives that will help minimize friction for
travelers and increase efficiency for TMCs and corporations
- Streamlining processes beyond shop, book and manage to reduce
friction in disruptions, payments and expense reconciliations
- Utilizing each company's technology, product and platform
expertise to deliver new products and features.
Additionally, through its partnership with Sabre, Serko will
utilize the Sabre and Google co-innovation framework to further
explore and develop new advancements and solutions for the
corporate travel space.
"This collaboration supports Sabre's strategy to be the most
valued platform technology provider for the travel industry while
building upon our continued focus in the corporate travel space,"
said Garry Wiseman, Chief Product
and Technology Officer of Sabre Travel Solutions. "As a
forward-thinking company within the corporate managed travel space,
and backed by Sabre's expertise and capabilities, we believe Serko
is well-suited to lead the future of GetThere."
"Collaborating with Serko furthers Sabre's deep commitment to
deliver the solutions and services that our corporate customers
need," said Roshan Mendis, Chief
Commercial Officer of Sabre Travel Solutions. "Together, we will
help ensure that travel management companies and corporations are
equipped to meet their travel program objectives, as well as the
changing needs of business travelers."
GetThere has a long history of serving the largest and most
complex managed travel corporations. Over the years, Sabre has
introduced new, innovative capabilities for GetThere, helping
customers to control costs and deliver a higher ROI to make every
trip a success. Most recently, Sabre has introduced several
new enhancements to GetThere, including NDC capabilities, as well
as a new air shopping experience which is driving positive business
outcomes for both suppliers and corporate customers.
Forward-Looking Statements
This press release includes forward-looking statements
about trends, future events, uncertainties and our plans and
expectations of what may happen in the future. Any statements that
are not historical or current facts are forward-looking statements.
In many cases, you can identify forward-looking statements by terms
such as "expect," "guidance," "outlook," "trend," "on course," "on
track," "target," "potential," "benefit," "goal," "believe,"
"plan," "confident," "anticipate," "indicate," "trend," "position,"
"optimistic," "will," "forecast," "continue," "strategy,"
"estimate," "project," "may," "should," "would," "intend," or the
negative of these terms or other comparable terminology.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
performance or achievements to be materially different from any
future results, performances or achievements expressed or implied
by the forward-looking statements. More information about potential
risks and uncertainties that could affect our business and results
of operations is included in the "Risk Factors" and
"Forward-Looking Statements" sections in our Quarterly Report on
Form 10-Q for the quarter ended June 30,
2024, filed with the SEC on August 1,
2024, in our Annual Report on Form 10-K for the year
ended December 31, 2023, filed with
the SEC on February 15, 2024, and in our other
filings with the SEC. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future events, outlook, guidance,
results, actions, levels of activity, performance or achievements.
Readers are cautioned not to place undue reliance on these
forward-looking statements. Unless required by law, we undertake no
obligation to publicly update or revise any forward-looking
statements to reflect circumstances or events after the date they
are made.
About Sabre Corporation
Sabre Corporation is a software and technology company that takes
on the biggest opportunities and solves the most complex challenges
in travel. The Company connects travel suppliers and buyers around
the globe and across the ecosystem through innovative products and
next-generation technology solutions. Sabre harnesses speed, scale
and insights to build tomorrow's technology today – empowering
airlines, hoteliers, agencies and other partners to retail,
distribute and fulfill travel worldwide. Headquartered
in Southlake, Texas, USA, Sabre
serves customers in more than 160 countries around the world. For
more information visit www.sabre.com.
About Serko
Serko is a leading business travel technology company.
Serko's next generation travel management platform, Zeno, powers
the travel programs of more than 6,000 companies, as well
as Booking.com for Business which supports travelers from
small business around the world. Listed on the New Zealand Stock
Exchange Main Board (NZX:SKO) and Australian Securities Exchange
(ASX:SKO), Serko is headquartered in New
Zealand, with offices across Australia, China and the United
States. For more information, visit serko.com.
SABR-F
Media Contacts:
Sabre
Kristin Hays
kristin.hays@sabre.com
Serko
Erica Schain (Aspectus Group)
serko@aspectusgroup.com
Investor Contact:
Brian Roberts
sabre.investorrelations@sabre.com
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SOURCE Sabre Corporation