Funds advised by Apax Partners LLP announced adefinitive agreement to invest $450 million to acquire a significant minority stake in IBS Software, provider of modern Software-as-a-Service (SaaS) solutions to the global travel and logistics industry, from Blackstone. Following the transaction, Apax will partner closely with IBS Software’s Founder and Executive Chairman, V K Mathews, who will remain the majority shareholder.
Mathews said: “This investment is an endorsement of our strategy… we have a shared vision with Apax for the future of the business.”
Anand Krishnan, CEO, IBS Software, added: “As the travel industry rapidly embraces digitalisation, we have a vital role to play in helping our customers accelerate revenues, drive efficiency and create differentiated customer experiences. Apax has deep experience in partnering with leading SaaS providers and will be a strategic partner for IBS Software as we embark on a new phase of growth. We thank Blackstone for helping us create real value and a true partnership.”
