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Sabre, Ariba to Form Travel Web Exchange

March 02, 2000|Reuters

Sabre Holdings Corp. and business-to-business software maker Ariba Inc. said they would create a Web-based exchange for the travel and transportation businesses, in the latest move to organize online procurement within an industry. Sabre, in which AMR Corp., the parent of American Airlines, owns a majority, estimates the network will save companies 10% to 15% for the products and services they buy. The airline industry alone spends $50 billion annually on goods and services. Shares of Ariba closed up $15.38 at $279.88 on Nasdaq. Sabre, which runs the world's No. 1 computerized travel reservation system, closed up $4.25 to close at $44.38 on the New York Stock Exchange.

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