Global travel and logistics SaaS company IBS Software on Monday said Apax Funds will buy a minority stake in the company for USD 450 million.
Post the latest transaction, IBS Software’s Founder and Executive Chairman V K Mathews will remain the majority shareholder.
“Funds advised by Apax Partners LLP (Apax) announced today that they have reached a definitive agreement to invest approximately USD 450 million to acquire a significant minority stake in IBS Software, a leading provider of modern Software-as-a-Service (SaaS) solutions to the global travel and logistics industry, from Blackstone, the world’s largest alternative asset manager,” a company press release here said.
Founded in 1997 in Thiruvananthapuram, IBS Software provides SaaS solutions that power operations in aviation, tour and cruise, hospitality and logistics companies across the globe, with a team of 4,000 professionals.
Apax Partners LLP is a leading global private equity advisory firm, which for 50 years has raised and advised funds with aggregate commitments of more than USD 65 billion. Apax Funds invests in Internet/ Consumer, Tech, Services, and Healthcare companies.