Blackstone sells stake value $450 mn in Indian agency IBS Software program to Apax

World VC agency Blackstone on Monday reached a definitive settlement to promote its stake within the Kerala-based software-as-a-service (SaaS) supplier IBS Software program to world non-public fairness agency Apax for $450 million.

Following the transaction, Apax will accomplice intently with IBS Software program’s Founder and Government Chairman, V.Okay. Mathews, who will stay the bulk shareholder.

Based in 1997, IBS Software program gives next-generation SaaS options that energy essentially the most mission-critical operations on the world’s main aviation, tour and cruise, hospitality, and logistics corporations.

Backed by a workforce of 4000 professionals the world over with greater than 25 years of deep area experience, IBS Software program’s scalable, cloud-native platform and demonstrated market management place it to outline the way forward for mission-critical expertise for the journey business.

“This funding is an endorsement of our technique and our dedication and contribution to the business, and now we have a shared imaginative and prescient with Apax for the way forward for the enterprise. We’re grateful to the Blackstone workforce for his or her invaluable help through the years and we stay up for an thrilling and fulfilling journey forward with Apax,” mentioned Mathews of IBS Software program.

The transaction is anticipated to shut by the tip of Q2 2023.

Blackstone acquired about 40 per cent stake in IBS Software program, from Common Atlantic, in 2015 for $170 million.

“Having intently monitored the journey software program sector over the past a number of years, IBS Software program stood out to us as uniquely positioned within the business, providing a next-gen software program suite that we consider is actually unrivalled,” mentioned Jason Wright, Associate, Apax.

Amit Dixit, Head of Asia Personal Fairness, Blackstone added that they’re completely happy to have performed an necessary position in IBS Software program’s transformation to a SaaS firm with world management in journey and logistics.

“IBS is already one of many largest enterprise SaaS corporations out of India. Worth creation at IBS Software program demonstrates our business-building strategy to investing and reinforces our conviction in Know-how as a sectoral theme,” Dixit added.

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