Blackstone sells IBS Software stake to Apax for $450 million
Source:https://techcrunch.com/2023/05/15/blackstone-sells-ibs-software-stake-to-apax-for-450-million/ Blackstone sells IBS Software stake to Apax for $450 million 2023-05-15 21:59:42

Blackstone has reached a definitive agreement to sell its stake in the Indian SaaS startup IBS Software to Apax for $450 million, the three said Monday, the latest in a series of late-stage deal activities among IPO-ready firms.

IBS Software offers a range of software solutions to airlines, logistics and hospitality companies. The Kerala-based startup has a global presence with offices in the U.S., Canada, Australia, Dubai, Japan, South Korea and the U.K. It counts Cathay Pacific Airways, Etihad Airways, Air Canada, DHL, FedEx, Heathrow, JetBlue, Lufthansa, Qantas, Singapore Airlines and Virgin Atlantic among its customers, according to its website.

Blackstone acquired about 40% stake in IBS Software, from General Atlantic, in 2015 for $170 million. Blackstone was reportedly looking to sell this stake for over $1.2 billion, according to earlier local media reports. IBS Software has raised $680 million to date in primary and secondary transactions, according to market intelligence firm Tracxn.

“We’re excited to partner with Apax as we enter a new phase in our mission to transform how travel companies operate in a digital world. 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,” said V K Mathews, founder and executive chairman of IBS Software, in a statement.

Twenty-five-year-old IBS Software, which generated a revenue of about $150 million in financial year 2022, considered a U.S. initial public offering last year. The firm, which filed confidentially for the IPO, postponed the plans amid a global weakening economy.

“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. Over the last two decades, IBS Software has invested in products, innovation, and culture, while continuing to scale the business,” said Jason Wright, partner at Apax, in a statement.

Science, Tech, Technology Source:https://techcrunch.com/2023/05/15/blackstone-sells-ibs-software-stake-to-apax-for-450-million/

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