Sabre has named an executive from Constellation Software to its board and will drop a shareholder rights plan implemented on March 1 to thwart a takeover attempt.
Constellation holds a 12.7% stake in Sabre. Constellation began buying Sabre stock last April and notified Sabre that it had acquired at least 10% of the company in January.
Mark Miller, Constellation's president, said his company invested in Sabre because of its "confidence in the company."
"We are pleased to work with the Sabre board and management team as a minority investor and long-term strategic partner," Miller said.
The shareholder rights plan -- commonly called a "poison pill" -- would have been triggered if a shareholder acquired 15% of Sabre stock. Other shareholders would have been able to acquire Sabre stock at 50% off, diluting stock and making a takeover more expensive.
Damian McKay, CEO of Constellation division Vela Software Group, will join Sabre's board with a term to expire at its annual meeting, at which point stockholders will vote on reappointing him.
Sabre CEO Kurt Ekert said the agreement with Constellation "validates the progress we've made to sharpen our focus toward ushering the next age of travel, underpinned by new and underpenetrated growth opportunities."