NEW YORK (TheStreet) -- Sabre
(SABR - Get Report) was falling -3.1% to $15.89 Monday after losing a contract with Southwest Airlines
(LUV) to competitor Amadeus.
Sabre confirmed that a competitor won the contract for creating a new reservation system for the airline in a statement. In the statement Sabre said that it is still under contract with Southwest, and will be compensated for its reservation system for all domestic flights through December 31, 2016.
Southwest's reservation system contributed about 1% of total revenue for Sabre in 2013 according to the company.
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SABR data by YCharts
"Sabre Corporation is a technology solutions provider to the global travel and tourism industry. The Company provides software and services to a range of travel suppliers and travel buyers. The Company through its Travel Network business, processes hundreds of millions of transactions annually, connecting travel suppliers, including airlines, hotels, car rental brands, rail carriers, cruise lines and tour operators, with travel buyers in a comprehensive travel marketplace. The Company operates through three business segments: Travel Network, Airline and Hospitality Solutions and Travelocity. The Company offers global distribution of travel content from approximately 125,000 travel suppliers to approximately 400,000 online and offline travel agents. To those agents, it offers a platform to shop, price, book and ticket comprehensive travel content in a transparent workflow."
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