Bi-Weekly UpdateSep 25, 2026 · 7 pages · Free to read

Retail and Hospitality Software Bi-Weekly Industry Events & M&A Update — September 11–25, 2026

A bi-weekly tracker of Retail and Hospitality Software market moves, company news and M&A activity for September 11–25, 2026, built for operators, acquirers and advisors who need a fast read on what changed, who moved, what transacted and what it means.

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-5.5%
Sector median move: +3.7%
Sabre Corporation (SABR): -17.3%
NCR Voyix Corporation (VYX): 6.7x
Sector EV/EBITDA (CY2027E)

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › RETAIL AND HOSPITALITY SOFTWARE

Operators Sell Platform Work While the Price Spread Widens

This update covers the two-week period September 11–25, 2026: what moved, what companies announced, and what it means for the sector.

September 11–25, 2026

Prepared by NeuraCap AI   ·   Confidential

Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25

Retail and Hospitality Software Bi-Weekly Update   |   September 11–25, 2026   |   Confidential   |   Not investment advice

Sources & methodology

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Executive summary

Retail and Hospitality Software fell broadly over September 11–25, 2026, with 6 of 8 covered names down and a -5.5% median move against the S&P 500's +1.1%. Sabre Corporation (SABR) priced $1,350,000,000 in upsized secured notes and announced a new airline platform win, while NCR Voyix Corporation (VYX) and Shift4 Payments, Inc. (FOUR) posted the period's steepest declines. No new sector transactions closed, leaving the standing 6.7x EV/EBITDA precedent set as the reference for acquirers.

Key findings

6 of 8 covered names fell; median move was -5.5% vs S&P 500's +1.1%
Sabre priced $1,350,000,000 in secured notes and won a new airline platform deal
NCR Voyix (-17.3%) and Shift4 (-15.3%) were the period's steepest fallers
No new M&A closed; the sector's 6.7x EV/EBITDA precedent set still anchors price

What each page shows

The analyst’s walkthrough of the deck, page by page.

01
BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE
INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › RETAIL AND HOSPITALITY SOFTWARE
Cover slide introducing the bi-weekly Retail and Hospitality Software update for September 11–25, 2026.
This bi-weekly update tracks Retail and Hospitality Software for the two-week period September 11–25, 2026, covering market moves, headline events and the transaction record. We open with the bottom line and close with what it means for operators, buyers and advisors.
Everything on this page
BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › RETAIL AND HOSPITALITY SOFTWARE Operators Sell Platform Work While the Price Spread Widens This update covers the two-week period September 11–25, 2026: what moved, what companies announced, and what it means for the sector. September 11–25, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25 Retail and Hospitality Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 1
02
THE BI-WEEKLY BOTTOM LINE
Contracted Wins on the Record, Red on the Screen
Summarizes the two-week period's market moves and headline events across the 8 covered names.
Six of the eight covered names fell over the two-week period, with a median move of -5.5% against the S&P 500's +1.1%. Sabre Corporation (SABR) was the strongest name in the set at +3.7%, while two names moved more than fifteen percent lower. The transaction record stood still, with no new sector deals landing in the window. So what: the period's evidence is concentrated in a handful of company-specific stories rather than broad sector movement.
Everything on this page
THE BI-WEEKLY BOTTOM LINE Contracted Wins on the Record, Red on the Screen The two-week period in one page · 8 covered names, close-to-close · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Retail and Hospitality Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 2 1 6 of 8 Covered Names Fell; The Median Move Was -5.5% The S&P 500 returned +1.1% over the same two-week period. Sabre Corporation (SABR) was the strongest name in the set at +3.7%. 2 Two Names Moved More than Fifteen Percent, Both Lower NCR Voyix Corporation (VYX) ended the window at -17.3% and Shift4 Payments, Inc. (FOUR) at -15.3%, both well past the -5.5% median for the set. 3 Sabre Reset Its Debt and Sold New Platform Work in the Same Fortnight Sabre priced an upsized senior secured notes offering of $1,350,000,000 on Sep 15, ran tender offers for existing secured debt, and on Sep 22 announced an airline upgrade to its modern retailing platform. 4 The Transaction Record Stood Still No new sector transactions landed in the window. On NeuraCap's standing lens the sector median is 6.7x EV/EBITDA on CY2027E, with a Premium tier median of 20.0x and a Discount tier median of 5.0x. +3.7% Best mover — Sabre Corporation (SABR) worst: VYX -17.3% · 2 up / 6 down of 8 covered -5.5% Sector median two-week return vs S&P 500 +1.1%
03
PUBLIC MARKET MOVERS
Dispersion Did the Talking: One Financing-Led Gainer, Two Deep Fallers
Shows individual stock price moves for covered names over the two-week window, ranked from gainers to fallers.
One name moved higher on financing news while two names fell more than fifteen percent, both past the -5.5% median for the set. NCR Voyix Corporation (VYX) ended the window at -17.3% and Shift4 Payments, Inc. (FOUR) at -15.3%, both beyond the ±8.3% materiality bar we use for this sector. Sabre Corporation (SABR) closed at +3.7%, including a +11.0% single-day move on September 16. So what: dispersion this wide signals company-specific catalysts, not a sector-wide repricing.
Everything on this page
PUBLIC MARKET MOVERS Dispersion Did the Talking: One Financing-Led Gainer, Two Deep Fallers Bi-Weekly moves, close-to-close · September 11–25, 2026 · sector median -5.5% · S&P 500 +1.1% · materiality bar ±8.3% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Retail and Hospitality Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -5.5% Shift4 Payments, Inc. (FOUR) -15.3% No notable in-window news was identified that clearly explains the move. At -15.3%, it sat well below the -5.5% median for the set. Payments-attached software still prices with more sensitivity than the median name here. UNEXPLAINED Sabre Corporation (SABR) +3.7% The move appears to reflect Sabre's Sep 14 announcement of a senior secured notes offering and a cash tender offer for its existing secured debt. Shares gained +11.0% on Sep 16 and ended the two-week period at +3.7%. Balance-sheet news can move a Core-tier distribution name as much as an operating win. COMPANY-SPECIFIC NCR Voyix Corporation (VYX) -17.3% No notable in-window news was identified that clearly explains the move. At -17.3%, the fall ran well past the -5.5% median for the set. Discount-tier installed-base names carry the widest swings when the set turns down. UNEXPLAINED
04
MAJOR NEWS & INDUSTRY CATALYSTS
Companies Sold Platform Work While Sabre Reset Its Capital Structure
Lists the two-week period's highest-impact company announcements, including Sabre's capital markets activity and platform wins.
Sabre priced an upsized senior secured notes offering of $1,350,000,000 on September 15, ran tender offers for its existing secured debt, and announced an airline upgrade to its modern retailing platform on September 22. Agilysys, Inc. (AGYS) recorded an expansion inside an existing customer relationship, and Expedia Group, Inc. (EXPE) opened a new advertiser category. So what: the period's contracted wins came from attach inside the installed base rather than new-logo wins.
Everything on this page
MAJOR NEWS & INDUSTRY CATALYSTS Companies Sold Platform Work While Sabre Reset Its Capital Structure The two-week period's highest-impact events · titles link to the underlying filing or article · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Retail and Hospitality Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 22 · NEWS · PRNewsWire Sabre won an airline upgrade to its modern retailing platform for reservations, ticketing and check-in A multi-year win on the distribution side is contracted, recurring work, which is the layer that holds up when booking volumes swing. Supplier connectivity and content wins still decide who holds the travel distribution layer. Sep 22 · NEWS · Business Wire Agilysys expanded its hospitality technology ecosystem at an existing casino resort customer Adding modules inside a property already served is land-and-expand in its plainest form, and module attach lifts ARPU per location without new logo cost. For a Premium-tier name, attach inside the installed base is what buyers underwrite. Sep 22 · NEWS · PRNewsWire Expedia Group opened a new travel protection advertising category through a multi-year partnership A new advertiser category adds a revenue layer on top of booking volume, which matters where demand is the cyclical part of the model. Two-sided distribution businesses can monetise the same traffic more than once. Sep 24 · NEWS · PRNewsWire Sabre reported the results of its cash tender offers for existing secured debt Closing out the tender offers shows the refinancing started earlier in the window ran through, which matters for a distribution business valued on cash conversion. Capital structure work sits alongside the operating story for installed-base and distribution assets. Sep 21 · NEWS · PRNewsWire Sabre said its modernised retailing and AI capability is already live for customers Positioning on modernisation is how travel distribution vendors defend supplier and seller relationships when competitors are still announcing roadmaps. In distribution, live capability carries more weight than announced capability at renewal. Sep 15 · NEWS · PRNewsWire Sabre published an industry study on how travel companies are pacing AI and modernisation On the study's own reading, travel executives are protecting and in many cases accelerating modernisation roadmaps while prioritising near-term efficiency and automation. Buyers of travel technology are pacing spend rather than pausing it.
05
M&A & STRATEGIC ACTIVITY
No New Transactions, so Earlier Precedents Still Set the Reference
States that no new transactions were recorded in the window and presents the standing precedent set of 34 recorded deals.
No new sector transactions landed in the two-week period, so the precedent set of 34 recorded deals still anchors valuation. On NeuraCap's standing lens, the sector median sits at 6.7x EV/EBITDA on CY2027E, with a Premium tier median of 20.0x and a Discount tier median of 5.0x. So what: acquirers evaluating the sector today are still pricing off the same reference points as the prior period.
Everything on this page
M&A & STRATEGIC ACTIVITY No New Transactions, so Earlier Precedents Still Set the Reference September 11–25, 2026 · precedent transactions: 34 recorded deals Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Retail and Hospitality Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The precedent record is unchanged over the window, so reference pricing still comes from earlier transactions. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 34 Recorded precedent transactions the reference set buyers and sellers price against
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WHAT IT MEANS
What the Period Changes for Operators, Buyers and Advisors
Translates the period's evidence into implications for operators, acquirers and advisors.
For owners and operators, the period's wins were attach inside an installed base already served by Agilysys, Inc. (AGYS) and Sabre Corporation (SABR), not new-logo capture. For acquirers, the unchanged transaction record leaves the 6.7x EV/EBITDA standing lens as the anchor, bounded by a 20.0x premium tier and a 5.0x discount tier. For advisors, the strongest talking points are Sabre's refinancing and platform win, Agilysys' expansion, and Expedia Group, Inc. (EXPE)'s new advertiser category. So what: the period rewards positioning around existing customer relationships over new-market narratives.
Everything on this page
WHAT IT MEANS What the Period Changes for Operators, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Retail and Hospitality Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-25 EV / EBITDA (CY2027E) median 6.7x 8 companies in the study 3 valuation tiers Standing thesis: Retail and hospitality software: the premium sits with the faster-growing names, and not with the higher-margin ones FOR OWNERS & OPERATORS Attach Inside the Installed Base Carried the Evidence The wins on the record were an expansion inside a property already served by Agilysys, Inc. (AGYS) and a platform upgrade at an existing airline relationship for Sabre Corporation (SABR). FOR ACQUIRERS The Reference Set Is Unchanged, so Earlier Precedents Still Anchor Price No new sector transactions landed, leaving the standing lens of 6.7x EV/EBITDA on CY2027E as the anchor, with a Premium tier median of 20.0x and a Discount tier median of 5.0x. FOR ADVISORS Lead with Contracted Wins, Attach and the Tier Spread The period's evidence is company-specific: Sabre's refinancing and airline platform win, Agilysys' expansion at an existing resort customer, and a new advertiser category opened by Expedia Group, Inc. (EXPE).
07
SOURCES & METHODOLOGY
Sources, Methodology and Important Notice
Explains the sources and methodology underlying the figures used throughout the update.
Every figure in this update is drawn from SEC filings, company press releases and established news outlets, with market prices measured through September 25, 2026. Driver attributions use calibrated language and reflect our reads of the recorded evidence rather than asserted causation. So what: readers can trace every number in this deck back to a primary record.
Everything on this page
SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 11–25, 2026 · market data through 2026-09-25 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Retail and Hospitality Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260925T162303Z_663_prod (market data as of 2026-09-25) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: prnewswire.com · businesswire.com

Sources and methodology

This update covers Retail and Hospitality Software over the 14-day window September 11–25, 2026; market data runs through September 25, 2026. The universe is the 8 listed companies whose core business is Retail and Hospitality Software under NeuraCap's industry classification, subject to a $100M market-capitalisation floor so that very small, loosely related names cannot dominate the movers and statistics. Companies covered: Agilysys, Inc. (AGYS), Diebold Nixdorf, Incorporated (DBD), Expedia Group, Inc. (EXPE), Shift4 Payments, Inc. (FOUR), Global Business Travel Group, Inc. (GBTG), Sabre Corporation (SABR), Toast, Inc. (TOST), NCR Voyix Corporation (VYX). No covered name fell below the floor in this window.

Window and company universe

How the moves and statistics are computed

Each company's period move is the change in closing price from the last close before the window to the last close inside it (close-to-close). The sector median is the median of those moves across the covered names; the index return is computed the same way for the S&P 500 over the same dates. The largest single-day move inside the window is shown for each mover. Movers are the largest gainers and losers by period move; the attribution cards prefer movers whose in-window record explains the move. Movers carry the valuation tier assigned in the standing sector study (the latest NeuraCap sector outlook) where that study rated them.

Events, news and how a move is attributed

Company events are the 8-K filings made inside the window; news items are publisher-sourced headlines for the window, admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron's and peers). Video and social platforms are never used. A move is linked to an event only when the event falls inside the window and only in calibrated language; where nothing in the record explains a move, the update says so rather than speculating. Every event links to its source.

Transactions in the window and the trailing record

Transactions are taken from SEC filings by announcement date; 0 were announced inside the window. The trailing record of 34 recorded transactions provides the reference multiples (EV over last-twelve-month revenue or EBITDA at announcement, as disclosed). A value whose own citation describes something other than the price paid is not shown as the deal value; transactions where the acquirer and the target are the same entity are treated as reorganisations and excluded.

Sources

Prices and index levels are market data through September 25, 2026; filings are the companies' SEC filings on EDGAR; press releases are the companies' own; other news items are from the established outlets named on each card; Treasury yields are published by the U.S. Department of the Treasury. Every figure and every event in the update links to its record.

Interpretation and important notice

'Why it matters', 'why the deal happened' and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, labelled as such. The update is informational: it is not investment advice, not a recommendation to buy or sell any security and not an offer of any kind.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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Retail and Hospitality Software Bi-Weekly Industry Events & M&A Update — September 11–25, 2026

Key figures

Read the report

Executive summary

Key findings

What each page shows

INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › RETAIL AND HOSPITALITY SOFTWARE

Contracted Wins on the Record, Red on the Screen

Dispersion Did the Talking: One Financing-Led Gainer, Two Deep Fallers

Companies Sold Platform Work While Sabre Reset Its Capital Structure

No New Transactions, so Earlier Precedents Still Set the Reference

What the Period Changes for Operators, Buyers and Advisors

Sources, Methodology and Important Notice