Apax Funds to invest $450 mn in IBS Software

Thiruvananthapuram: Global travel and logistics SaaS company IBS Software on Monday said Apax Funds will buy a minority stake in the company for $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 $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 $65 billion. Apax Funds invests in Internet/Consumer, Tech, Services, and Healthcare 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," IBS Software Chairman Mathews said. Thanking Blackstone for helping them create "real value and a true partnership", Anand Krishnan, CEO, IBS Software said, "Apax has deep experience in partnering with leading SaaS providers and will be a strategic partner for IBS Software as we embark on a new phase of growth