Serko (NZE:SKO, ASX:SKO) will acquire Nasdaq-listed Sabre's business travel management platform, GetThere, for $12 million as part of its North American expansion, according to a Monday filing with the New Zealand bourse.
As part of the deal, the companies plan to co-develop and co-invest in the corporate travel space for an initial term of five years. They will also share revenue for new customer acquisitions under a co-selling partnership.
The acquisition of GetThere is expected to occur on or about Jan. 6, 2025.
The transaction comes on the back of Serko's new total income target of NZ$250 million for the financial year 2030.
Serko's shares were up nearly 13% in recent Tuesday trade in New Zealand.
Price (AUD): $3.23, Change: $+0.36, Percent Change: +12.54%
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