The first travel industry technology platform powered by artificial intelligence (AI) is being rolled out by Sabre (SABR 2.17%), the company said in a press release on Thursday.
Sabre's partner in the venture to build the system, called Sabre Travel AI, is Alphabet's (GOOG 2.51%) (GOOGL 2.42%) Google. The latter company is bringing its AI and machine-learning solutions to the platform, in addition to providing the cloud computing services that will support it.
Sabre says that Sabre Travel AI "will help customers to deliver highly relevant and personalized content more quickly, deliver personalized content that better meets the demands of today's traveler, and create expanded revenue and margin growth opportunities."
The company added that it is busy integrating the new platform into some products in its current portfolio, although it did not specify which ones. Sabre also didn't provide any financial details of its arrangement with Alphabet/Google, or how much capital it was expending on the Sabre Travel AI project.
The system is the result of a fairly recent collaboration; Sabre and Google began to team up only in January, indicating a relatively quick development process.
The announcement comes at a challenging time for the travel industry, many aspects of which have been devastated by the coronavirus pandemic. The development and implementation of the new technology will help give it an advantage when the sector begins to recover.
Long thirsty for hope, travel stock investors got excited about Sabre's news. On Thursday, they bid the company's shares up by nearly 17%, trouncing the gains of the wider stock market.