Sabre is selling corporate travel platform GetThere to New-Zealand based Serko for $12 million.
When the deal is complete, the companies said Serko will work with Sabre to grow GetThere's customer base and develop advancements and solutions for corporate customers.
A five-year partnership will start when the GetThere acquisition closes -- that's expected to occur on or around Jan. 6. The companies will utilize Sabre's sales team in North America to co-sell and co-market Serko's products, including GetThere and Zeno (Serko's travel and expense-management software).
There will be revenue sharing for new customer wins, plus Sabre can earn performance payments of up to S12.75 million (payable in cash or shares) for achieving contracted annual revenue on an approximate 1-to-1 ratio from co-selling in the first two calendar years of the partnership.
Serko CEO Darrin Grafton said Serko and Sabre will "co-develop and co-invest to bring new capabilities to the industry."
Serko said it will become the second-biggest provider of corporate booking solutions in North America when the GetThere transaction closes. Concur is the largest.
Sabre has owned GetThere since 2000, when the company acquired the corporate travel booking tool for $757 million.