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.
“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.
Tags: Blackstone Group