Apax Partners have reached a definitive agreement to invest approximately $450 million to acquire a significant minority stake in IBS Software, 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: “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. We thank our customers and employees who have been instrumental in our success so far. We’re grateful to the Blackstone team for their invaluable support over the years and we look forward to an exciting and fulfilling journey ahead with Apax.”
Jason Wright, Partner, Apax, commented: “We are thrilled to partner with VK and the management team at IBS Software. 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. 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.”
The transaction is subject to customary closing conditions and is expected to close end of Q2 2023. Financial terms were not disclosed.