Corporate travel tech supplier Serko is acquiring online booking tool GetThere from Sabre as part of a new collaboration partnership between the two companies.
New Zealand-based Serko will take ownership of the GetThere business in a $12 million deal, which includes the OBT and "certain intellectual property" related to GetThere’s operation.
The deal is subject to customary closing conditions, with completion expected in early January 2025. Serko will pay $10 million in cash at the close of the deal and another $2 million in cash or shares in late 2025.
Once the deal is completed, Serko plans to continue operating and selling GetThere as its own brand, with its existing Zeno platform remaining as a distinct brand, according to a Serko spokesperson.
Serko will also partner with Sabre to develop "new product capabilities" for corporate customers and broaden its customer base.
Darrin Grafton, Serko’s CEO and co-founder, said acquiring GetThere was "highly complementary" to the company's North America operations.
“For some time, we have been closely considering how we scale in North America, expanding our existing operations in a NZ$400 billion (US$230 billion) business travel market," said Grafton in a statement.
"This partnership and acquisition is a logical step for Serko, with target growth in the US managed travel market strengthening our position as a leader in business travel technology."
GetThere was one of the pioneers of corporate online booking tools after starting life at the Internet Travel Network in the mid-1990s. Under Sabre’s ownership, the OBT has continued to add features including New Distribution Capability content and a new air shopping experience.
Grafton said Serko is also embarking on an "acceleration of investment" in its products and technology.
The completion of the GetThere acquisition will mark the beginning of a new partnership between Serko and Sabre, with a five-year initial term. This will include working together on project development and investment, with Sabre's North America sales team also co-selling and co-marketing Serko's solutions.
“Collaborating with Serko furthers Sabre's deep commitment to deliver the solutions and services that our corporate customers need,” added Roshan Mendis, Sabre Travel Solutions’ chief commercial officer.
"Together, we will help ensure that travel management companies and corporations are equipped to meet their travel programme objectives, as well as the changing needs of business travellers."
The acquisition also includes a 12-month transitional services agreement as Serko takes over GetThere’s operations.