Travel tech supplier Serko is acquiring online booking platform GetThere from Sabre as part of a new partnership between the two companies, they announced on Monday.
The $12 million deal will see New Zealand-based Serko acquire ownership of the GetThere business, including the tool itself and "certain intellectual property" related to the operation of GetThere. The deal is subject to customary closing conditions, and the companies project it will close on or around Jan. 6, 2025, according to Serko.
Serko will pay $10 million in cash at the close of the deal and the additional $2 million in cash or shares in late 2025, Serko said.
Once the deal is done, Serko plans to continue operating and selling GetThere as its own brand, with its Zeno platform staying as a distinct brand as well, a Serko spokesperson confirmed. From there, Serko will work with Sabre to develop "new product capabilities" for corporate customers and broaden its customer base, according to the companies.
Serko chief executive and co-founder Darrin Grafton said acquiring GetThere is "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 $230 billion business travel market," Grafton said 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."
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GetThere is one of the grandfathers of corporate online booking tools, starting as the Internet Travel Network in the early years of online travel booking technology of the mid-1990s. While it more recently has been categorized as an"old-gen" technology, Sabre said it has continued to add features including New Distribution Capability abilities and a new air shopping experience.
Grafton said Serko is also embarking on an "acceleration of investment" in its products and technology.
The closing of the GetThere acquisition will kick off a new partnership between Serko and Sabre, with a five-year initial term, that will include working together on project development and investment, and Sabre's North America sales team will co-sell and co-market Serko's solutions.
"Collaborating with Serko furthers Sabre's deep commitment to deliver the solutions and services that our corporate customers need," Sabre Travel Solutions chief commercial officer Roshan Mendis said in a statement. "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."
The acquisition also includes a 12-month transitional services agreement as Serko takes over GetThere operations.
*This story originally appeared on Business Travel News.