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Blackstone’s significant minority stake in travel and logistics SaaS business IBS Software is reportedly being bought by Apax Funds and a definitive agreement has been signed. The value of the stake is estimated to be $450 million, according to Apax Partners LLP.
The transaction is subject to customary closing conditions and is expected to close by the end of second quarter of 2023.
The deal will allow the Apax to partner with IBS Software’s founder and executive chairman, V K Mathews, who will retain the majority stake. In light of this, Mathew said that the investment will allow IBS Software to transform and operate the way a travel company does in digital world.
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The company was founded in 1997 with a vision of redefining the future of travel through technology innovation. IBS Software provides SaaS solutions that power critical operations at world’s leading tour and cruise, hospitality, aviation, and logistics companies.
The company helps the travel companies to accelerate their innovation and drive efficiency across a broad set of core business processes, which also includes cargo and logistics, passenger services, cruise operations, loyalty programs, flight operations, energy & resource logistics, and hospitality distribution.
