Skift Travel News Blog

Short stories and posts about the daily news happenings around the travel industry.

Travel Technology

Blackstone Sells Stake in Travel Tech Company IBS Software For $450 Million

5 months ago

Blackstone sold its stake in Indian software company IBS Software for $450 million to British private equity firm Apax Partners. 

Founded in 1997, IBS Software sells software-as-a-service solutions to the global travel and logistics industry. The company’s offerings include modular, cloud-based solutions for the travel industry — including cargo and logistics, flight operations, passenger services, loyalty programs, cruise operations, energy and resource logistics and hospitality distribution platforms.

Software as a Service
Tour operators are increasingly turning to Software as a Service Companies

“This investment is an endorsement of our strategy and our commitment and contribution to the industry, and we have a shared vision with Apax for the future of the business,” said VK Mathews, founder and executive chairman of IBS Software. “We thank our customers and employees who have been instrumental in our success so far. We’re grateful to the Blackstone team for their invaluable support over the years and we look forward to an exciting and fulfilling journey ahead with Apax.”

IBS Software’s Founder and Executive Chairman, V K Mathews, who will remain the majority shareholder.

“We are thrilled to partner with VK and the management team at IBS Software. Having closely monitored the travel software sector over the last several years, IBS Software stood out to us as uniquely positioned in the industry, offering a next-gen software suite that we believe is truly unrivalled,” said Jason Wright, partner at Apax. “Over the last two decades, IBS Software has invested in products, innovation, and culture, while continuing to scale the business. We believe there is tremendous growth potential ahead and look forward to leveraging our software experience to help IBS Software become a world leader in travel and logistics software.”

The transaction is subject to customary closing conditions and is expected to close at the end of the second quarter this year. 

Hotels

Blackstone’s Sale of The Cosmopolitan Hotel Notched Profit Record

1 year ago

Alternative asset manager Blackstone released its earnings on Thursday and revealed that its $5.7 billion sale of the Cosmopolitan hotel and casino in Las Vegas had produced about $4.1 billion in profit, the Wall Street Journal estimated

The financial firm said in filings that the Cosmopolitan sale was its most profitable single real estate asset sale ever. But it didn’t precisely disclose the profit. The WSJ deduced the amount by analyzing the company’s profit-and-loss sheets for the second quarter. Blackstone as a whole reported a net loss for the quarter.

The Las Vegas Review-Journal has some context on the Cosmopolitan deal and the long-term Blackstone’s effects on workers, the resort, and Las Vegas.

Filters

Tags

blackstone-group

Clear Filters