Apax acquires $450m IBS stake from Blackstone

IBS provides software solutions to global travel and logistics industry

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Published: Tue 16 May 2023, 7:19 PM

Apax Partners, a leading global private equity advisory firm, said on Tuesday it had reached a definitive agreement to invest approximately $450 million to acquire a significant minority stake in IBS Software, a leading provider of software solutions to the global travel and logistics industry, including major airlines in the GCC.

Apax, which has raised and advised funds with aggregate commitments of more than $65 billion, acquired the stake from Blackstone and will partner closely with IBS majority shareholder V K Mathews, who is also the firm’s founder and executive chairman, the software giant’s Dubai regional office said.

The partnership with Apax is an endorsement of IBS strategy and its commitment and contribution to the industry, said Mathews. “We have a shared vision with Apax for the future of the business. We thank our customers and employees who have been instrumental in our success so far,” he said.

Anand Krishnan, CEO, IBS Software, his company has a vital role to play in helping customers accelerate revenues, drive efficiency and create differentiated customer experiences as the travel industry rapidly embraces digitalisation. “We thank Blackstone for helping us create real value and a true partnership.”

Amit Dixit, head of Asia Private Equity, Blackstone, said value creation at IBS demonstrated the asset managing firm’s business-building approach to investing and reinforces its conviction in technology as a sectoral theme.

Jason Wright, partner, Apax, said IBS Software stands out as uniquely positioned in the industry, offering a next-gen software suite that we believe is truly unrivalled. “Over the last two decades, IBS Software has invested in products, innovation, and culture, while continuing to scale the business. 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.”

J.P. Morgan is acting as financial adviser to IBS and Blackstone, Drew & Napier is acting as legal counsel to IBS and Simpson Thacher & Bartlett is acting as legal counsel to Blackstone.

Founded in 1997 with a vision of redefining the future of travel through technology innovation, IBS Software is backed by a team of 4,000 professionals. IBS provides next-generation Software-as-a-Service.