Apax invests $450 million in an Indian software firm

TRIVANDRUM: British private equity firm Apax Partnersand alternativeasset managerblackstone have announced a $450 million investment in Indian travel tech major IBS Sotware.

Thekerala-basedfirmprovidessotwaresupport to the global travel and logistics industry and its clients include Emirates, Etihad and Abu Dhabi National Oil Company. “There is tremendous growth potential ahead and we look forward to leveraging our sotware experience to help IBS become a world leader in travel and logistics sotware,” a press release the company issued quoted Apax Partner Jason Wright as saying.

“Having closely monitored the travel sotware sector over the last several years, IBS Sotware stood out as uniquely positioned in the industry, offering a next-gen sotware suite that we believe is truly unrivalled.” It said the group will acquire a “significant minority stake” in the company. Apax will partner closely with IBS Sotware’s founder and executive chairman VK Mathews who will remain the majority shareholder. Mathews described the deal as a new phase in his mission to transform how travel companies operate in a digital world.

“As the travel industry rapidly embraces digitalisation, we have a vital role to play in helping ourcustomersacceleraterevenues, driveefficiency and create differentiated customer experiences,” its chief executive officer Anand Krishnan said.

“Apax has deep experience in partnering with leading Saas providers and will be a strategic partner for IBS Sotware as we embark on a new phase of growth. We thank Blackstone for helping us create real value and a true partnership.”