Blackstone: Blackstone sells stake in IBS to Apax for $450 million
NEW DELHI: Private equity firm Apax Funds on Monday said it has reached a definitive agreement to acquire
Blackstone
s minority stake in travel tech firm
IBS Software
for about $450 million.
V K Mathews
, founder and executive chairman at IBS Software, will remain a majority shareholder in the company following the transaction.
Blackstone had acquired a minority or about 30% stake in IBS Software in 2015 for $170 million. Founded in 1997, IBS Software provides SaaS (software-as-a-service) solutions to companies operating in the logistics, aviation, hospitality, tour and cruise spaces. The Singapore-headquartered firm employs 4,000 people globally and has product, R&D teams placed across Chennai, Kochi, Bengaluru and Thiruvananthapuram. There is tremendous growth potential and look forward to leveraging our software experience to help IBS become a world leader in travel and logistics software, said Jason Wright, partner at Apax.
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Tuesday, May 16, 2023 at 2:55 am