IBS Software, the India-based Software-as-a-Service (SaaS) solutions to the global travel and logistics industry, including Etihad Airways and Emirates, announced a $450 million investment deal with funds advised by Apax Partners.
The Apax Partners funds will buyout the existing ‘significant’ minority stake in IBS with its investment.
The investment deal, subject to meeting the closing conditions, is expected to close at the end of Q2 2023.
The details about the financial terms of the deal were not disclosed.
IBS, however, said Apax will partner closely with IBS Software’s Founder and Executive Chairman V K Mathews, who will remain the majority shareholder.
With a comprehensive portfolio of modular, cloud-based solutions purpose-built for the travel industry, IBS Software helps travel companies accelerate innovation and drive efficiency across a broad set of core business processes, including cargo and logistics, flight operations, passenger services, loyalty programs, cruise operations, energy & resource logistics and hospitality distribution platforms.
The company’s clients in the Gulf region included leading airlines such as Emirates and Etihad, besides a clutch of hospitality and tourism companies.
“We’re excited to partner with Apax as we enter a new phase in our mission to transform how travel companies operate in a digital world,” V K Mathews, Founder and Executive Chairman of IBS Softwaresaid.
He said the Apax investment is an endorsement of the company’s strategy and its commitment and contribution to the industry.
“We will have a shared vision with Apax for the future of the business,” he said.
Jason Wright, Partner, Apax, said having closely monitored the travel software sector over the last several years, IBS Software stood out to the fund as uniquely positioned in the industry.
“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,” Wright said.
J.P. Morgan is acting as financial advisor to the company and Blackstone, while Jefferies LLC is acting as financial advisor to Apax for the deal.
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