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Sabre to acquire Abacus International
SOUTHLAKE, Texas, and SINGAPORE, May 14, 2015 – Sabre Corporation (NASDAQ: SABR) announced today that it has entered into a definitive agreement to acquire Abacus International, the leading global distribution system (GDS) in the Asia-Pacific region. Abacus is currently owned by a consortium of 11 Asian airlines along with Sabre, which has a 35% stake in the company. Sabre will purchase the remaining portion of Abacus for net cash consideration of $411 million. “The Asia-Pacific travel market is the largest and fastest growing in the world,” said Tom Klein, Sabre President and CEO. “Acquiring Abacus immediately combines the global capabilities of Sabre with the deep local market expertise of the leading Asia-Pacific GDS. This powerful combination will give customers even more innovation and service options, while allowing Sabre to accelerate growth globally in a very capital efficient way – and to gain regional synergies in all three of our businesses serving travel agents, airlines and hospitality companies.” Abacus International President and CEO, Robert Bailey added, “With our extended network in Asia-Pacific, Abacus has built a trusted brand of unique significance and scale. We now have the opportunity to take the business forward even faster, broadening the scope within the Sabre family and with the support of our shareholder carriers. This is great news for the industry in Asia-Pacific, and we look forward to passing the benefits of integration to all sectors of this region’s diverse travel community.” Abacus serves more than 100,000 travel agents across the Asia-Pacific region’s 59 markets and has both global and uniquely local relationships with airlines and hotels, including the leading portfolio of low-cost content and Chinese airline content. Separately, the acquisition includes new long-term distribution agreements between Sabre and the 11 airline owners of Abacus. “We look forward to continuing our long-term business relationships with our former partners in Abacus, and our new agreements will provide benefits and confidence to travel agents throughout the Asia-Pacific region for many years to come,” said Greg Webb, President of Sabre Travel Network. “Abacus currently provides a broad set of services to its customers using a base of Sabre technology for the large majority of core functions to market, distribute, sell and service travel in the Asia-Pacific region,” Webb added. “That, along with deep local market capabilities, will result in a smooth transition for Asia-Pacific customers, who should see the benefits of global capabilities while continuing to use our familiar, leading technology.” Abacus will operate as a region of Sabre Travel Network, and Sabre expects its expanded Asia-Pacific direct presence will benefit Sabre Airline Solutions and Sabre Hospitality Solutions, which already provide mission-critical support to 78 airlines and thousands of hotels throughout the Asia-Pacific region. Sabre also will continue its partnership to provide technology services to INFINI, a local Japanese GDS. “Sabre and Abacus have established the gold standard for service and content in the Asia-Pacific region, and that only gets better,” Klein said. “Together with Abacus, Sabre will provide customers and suppliers with improved and faster access to Sabre’s industry-leading innovations, including low-cost carrier content, ancillary capabilities, data analytics, and the latest in mobile solutions and personalization services. Additionally, airlines and travel agencies will have more options for new and differentiated products and services created specifically for customers in the Asia-Pacific market.” Subject to regulatory approvals and other closing conditions, the transaction is expected to close in the third quarter of 2015. The acquisition, including associated working capital adjustments and cash acquired, is expected to be financed through approximately $250 million in cash on hand, augmented by incremental net debt of approximately $160 million. Pro forma for the transaction, Sabre estimates its March 31, 2015 net debt to trailing twelve months Adjusted EBITDA ratio would be 3.3x, compared to 3.0x as reported. Assuming a third quarter closing date, Sabre expects the transaction will increase 2015 revenue by approximately $120 million, be approximately neutral to 2015 Adjusted EPS and modestly accretive to current-year Adjusted EBITDA. In 2016, Sabre expects the transaction to increase revenue by more than $300 million, to increase Adjusted EBITDA by approximately $50 million and to be accretive to Adjusted EPS by approximately $0.05. Conference Call Sabre will conduct an investor conference call on Thursday, May 14 at 11:00 a.m. Eastern Time. The live webcast, including accompanying slide presentation, can be accessed via the Sabre Investor Relations website at investors.sabre.com. A recording of the call will be archived for replay following the conference call. About the Company Sabre Corporation is a leading technology provider to the global travel and tourism industry. Sabre’s software, data, mobile and distribution solutions are used by hundreds of airlines and thousands of hotels to manage vital operations, such as passenger and guest reservations, revenue management, and flight, network and crew management. Sabre also operates the world’s leading travel marketplace, processing more than $110 billion of annual travel spend. Headquartered in Southlake, Texas, USA, Sabre operates in approximately 60 countries around the world. Website Information We routinely post important information for investors on our website, www.sabre.com, in the Investor Relations section. We intend to use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document. Forward-looking statements Certain statements in this release are 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 “will,” “expect,” “would,” “estimates,” “may,” “potential” 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 Sabre’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. The potential risks and uncertainties include, among others, the closing and effects of the acquisition described in this release, dependency on transaction volumes in the global travel industry, particularly air travel transaction volumes, adverse global and regional economic and political conditions, including, but not limited to, conditions in Venezuela and Russia, dependence on maintaining and renewing contracts with customers and other counterparties, exposure to pricing pressure in the Travel Network business, dependence on relationships with travel buyers, changes affecting travel supplier customers, travel suppliers’ usage of alternative distribution models, and competition in the travel distribution market and solutions markets. More information about potential risks and uncertainties that could affect our business and results of operations is included in Part I, Item 1A, “Risk Factors” in Sabre’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, 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, Sabre undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made. Note on Non-GAAP Financial Measures This release refers to unaudited non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, and the ratios based on these financial measures. We define Adjusted EBITDA as Adjusted Net Income adjusted for depreciation and amortization of property and equipment, amortization of capitalized implementation costs, amortization of upfront incentive consideration, interest expense, net, and remaining provision (benefit) for income taxes. We define Adjusted Net Income as income (loss) from continuing operations adjusted for impairment, acquisition related amortization, loss on extinguishment of debt, other, net, restructuring and other costs, litigation and taxes, including penalties, stock-based compensation, management fees, and tax impact of net income adjustments. We define Adjusted EPS as Adjusted Net Income divided by the applicable share count. We present non-GAAP measures when our management believes that the additional information provides useful information about our operating performance. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with … READ MORE
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The travel retail revolution and the rise of the travel consultant
BY CHRIS HENZ ON 26 MAY 2016 There can be too much of a good thing. The revolution in travel retail has caused disruption across the industry and, more often than not, it is being led by the empowered traveler. An overabundance of travel information and booking options available online was initially viewed as a threat to traditional travel consultants, but it ended up creating a lot of noise — and that noise has proven to be a boon instead. Read … READ MORE
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PCI Data Security Standard (PCI DSS)
Dear Sabre customer, As previously communicated, 30 June is the deadline for disabling SSL/early TLS and implementing TLS 1.2, a more secure encryption protocol, in order to meet the PCI Data Security Standard (PCI DSS) for safeguarding payment data. It is in our mutual best interest to be prepared well in advance of the deadline so there are no resulting business impacts to Sabre or our customers. Beginning 19 June, Sabre will block traffic that uses non-compliant SSL protocols and versions of TLS protocols prior to 1.2. This action will allow both Sabre and our customers the chance to validate that systems will operate as expected before the 30 June deadline and the non-compliant protocols are permanently disabled. Additionally, we will conduct a test run that will allow both Sabre and our customers the chance to catalog and remediate any unforeseen effects before June 19. During the test run listed below, Sabre Web Services will stop accepting non-compliant connections. Any products not upgraded to compliant versions will stop working as will any custom applications not using TLS 1.2 to connect to Sabre Web Services. Non-compliant connections will be restored at the end of the test run. Test Run: 10 June 2018 from 09:00 SGT to 13:00 SGT / 02:00 BST to 06:00 BST (9 June 2018 from 20:00 CDT to 00:00 CDT) You can evaluate your PCI status and find more information on how to become PCI compliant on the IATA website. The final change for non-compliant connections is scheduled for 19 June at 08:00 SGT / 01:00 BST (18 June at 19:00 CDT). There will be no exceptions. Please understand that your business operations will be impacted if you do not take action prior to this date (ensure desktop software can support TLS 1.2 – most notably Operating System, Web Browser, and/or Citrix desktop client). Remember, Windows XP and Vista do not support TLS 1.2, which may make your agency vulnerable to known security risks. Any computers on Windows XP or Vista should upgrade to a newer operating system for improved security and compliance. Additionally, these operating systems are no longer supported by Microsoft and Sabre – further increasing their vulnerability. We will continue to send you reminders periodically prior to the deadline. However, we strongly encourage you to upgrade now and thus avoid last-minute hassles. If you have already upgraded to TLS 1.2, let us know so we can remove you from future reminders. Please contact your Account Director or Sabre Technical Support Team with any questions. Best Regards, Your Sabre … READ MORE
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Offer the Best Rooms with Abacus Hotel!
Choose the best for your customers. With the best hotel deals from Abacus’ extensive network across Asia Pacific, you can now book comfortable stays with the best rates from over 70 hotel properties in China, Hong Kong, Indonesia, Malaysia, Singapore, Thailand and even the United Arab Emirates! In addition, earn commission of up to 20% and stand a chance to win complimentary hotel stay with breakfast for two. Terms and condition apply. Click for more information. … READ MORE
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Season’s Greetings from Sabre Traven Network Indonesia!
Merry Chrismast! Please be informed that our office will be closed on Monday, 25 December 2017, and for Tuesday, 26 December 2017 Our Customer Service operating hours will be changed from 08.30 AM – 13.30 PM. Thank you for your kind attention and happy holiday! Best Regards Sabre Travel Network Indonesia Customer support after office hours HP : 0816920832 or 0812862323 Email : helpdesk@sabretn.co.id, technical@sabretn.co.id, … READ MORE
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Abacus Study Reveals Vast Untapped Opportunities for Mobile
Despite soaring adoption rates of smartphones and tablets across Asia Pacific, mobile applications remain a largely untapped opportunity within the travel industry here, according to a regional study released by Abacus International today. This is one of the primary findings of the ‘2013 Abacus Corporate Travel Practices Survey’ which collated the views of the most influential corporate travel companies and corporate travel agencies in Asia Pacific to uncover vital trends that are expected to impact their businesses over the next two to three years. Revealing a clear disconnect between the perceived importance and actual provision of smartphone and tablet applications in the industry, 83 per cent of respondents felt mobile technology would have a moderate to significant impact on their business, but only a third (33%) of those surveyed had implemented any mobile web or native applications as yet. Additionally, of those available only four in ten enable flight and hotel bookings via mobile and only one in ten provide the ability to make changes to existing arrangements. Just one in seven had created a specific app for tablet users. Corporate travel policy was another area where the prevailing trend was not reflected in the practice of agents. Despite the positive economic outlook acknowledged by all, 97 per cent had received instructions from clients to further tighten their policy terms. The pressure has led to increased demand for alternative flight and accommodation options, right into the long tail. More budget travel has clearly resulted. 73 per cent of respondents noted higher low-cost carrier (LCC) bookings for corporate travellers, mostly to comply with policies governing the choice of lowest fare. Robert Bailey, CEO of Abacus International notes, however, that the LCCs are also reaching out to the corporate sector much more. “While the low-cost market in Asia has yet to fully embrace corporate travel distribution, some budget carriers are now clearing a path to the corporate accounts, recognising the scale of the opportunity with trade partners, particularly on routes where low-cost competition is beginning to crowd out,” he said. Two patterns of corporate booking tool adoption were also seen to be emerging, which the study explores in more detail. Secondary expense management systems as a source of competitive differentiation were also identified, with over half looking to jump in on their popularity soon. “Despite the challenges, travel agencies are better placed to capitalise on the trends as they affect their businesses,” added Bailey. “The essential technology and content is already available and customised for clients in many different commercial settings.” The 2013 Abacus Corporate Travel Practices Survey was completed in April 2013 and is published today. For more information, contact … READ MORE
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Malaysia Airlines Berhad & Sabre Great 6 Months Join Reward Program 2017
Booking and issued Malaysia Airlines ticket only on Sabre and win Grand prizes 2 units Daihatsu Alya Car and 2 Business Class Ticket JKT-LHR-JKT and dozens of Bimonthly prizes starting from Shopping vouchers up to Motorcycle. Terms and condition applies. Promotion Periode : 01 July – 31 December 2017 … READ MORE
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Letter From Jet Airways – Jet Airways GDS Policy
Dear our valuable agents partner From now on, we shall not accept any further ADM waiver from you should this ADM is containing of GDS misuse policy, some of them are as follows: Duplicate PNR booking- ADM raised due to Duplicate PNR booking. As per the GDS misuse policy creating duplicate bookings in the same passenger name record (PNR) or across PNRs for the same passenger is prohibited. Also Post investigation we see that tickets were not issued for the misused PNRs, hence the ADM holds good for the same. Churning the PNR more then 3 times – As per the GDS misuse policy Travel service providers must avoid repeated cancelling and re-booking of the same or different flight, class, date or route (known as churning) to circumvent ticketing time limits or for any other reason whatsoever; as this leads to unreasonably high booking / cancelling volumes. Fictitious Name booking – PNR was generated using fictitious name. TEST/MR.Travel Service providers must not create any fictitious bookings, that block the airline’s inventory in the live GDS environment, Please klik to find attached detail of our GDS miss-use policies. Kindly please circulate and inform this to all of your respective staffs and or branch offices. Thanks Regards, Ikhsan Sarwa Raharja, Mr. Reservation & Ticketing Staff PT.AEROJASA PERKASA (AeroGSA) Aerowisata Park, Jl. Prof. DR.Soepomo No.45, Tebet, Jakarta 12810 Office hours: 0800 – 1700 (Weekdays) Saturday & public holiday – Closed Phone : +62 21 8370 2636 Fax : +62 21 8370 8376 Email: 9wsales@ajp.aerowisata.com … READ MORE