New Delhi, May 15 (IANS): Global VC firm Blackstone on Monday reached a definitive agreement to sell its stake in the Kerala-based software-as-a-service (SaaS) provider IBS Software to global private equity firm Apax for $450 million.
Following the transaction, Apax will partner closely with IBS Software's Founder and Executive Chairman, V.K. Mathews, who will remain the majority shareholder.
Founded in 1997, IBS Software provides next-generation SaaS solutions that power the most mission-critical operations at the world's leading aviation, tour and cruise, hospitality, and logistics companies.
Backed by a team of 4000 professionals across the world with more than 25 years of deep domain expertise, IBS Software's scalable, cloud-native platform and demonstrated market leadership position it to define the future of mission-critical technology for the travel industry.
"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. 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," said Mathews of IBS Software.
The transaction is expected to close by the end of Q2 2023.
Blackstone acquired about 40 per cent stake in IBS Software, from General Atlantic, in 2015 for $170 million.
"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, Apax.
Amit Dixit, Head of Asia Private Equity, Blackstone added that they are happy to have played an important role in IBS Software's transformation to a SaaS company with global leadership in travel and logistics.
"IBS is already one of the largest enterprise SaaS companies out of India. Value creation at IBS Software demonstrates our business-building approach to investing and reinforces our conviction in Technology as a sectoral theme," Dixit added.