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Apax Funds Make Approximately $450m Investment in Travel Tech Company IBS Software

In Business
May 17, 2023

THIRUVANANTHAPURAM:
Funds advised by Apax Partners LLP (“Apax”) announced today
that they have reached a definitive agreement to invest approximately $450m to acquire a
significant minority stake in IBS Software, a leading 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.
Founded in 1997 with a vision of redefining the future of travel through technology innovation,
IBS Software provides next-generation SaaS solutions that power the most mission-critical
operations at the world’s leading aviation, tour and cruise, hospitality and logistics companies.
With a comprehensive portfolio of modular, cloud-based solutions purpose-built for the travel
industry, IBS Software helps travel companies accelerate innovation and drive efficiency across a
broad set of core business processes, including cargo and logistics, flight operations, passenger
services, loyalty programs, cruise operations, energy & resource logistics and hospitality
distribution platforms. Backed by a team of 4000 professionals across the world with more than
25 years of deep domain expertise, IBS Software’s scalable, cloud-native platform and
demonstrated market leadership, position it to define the future of mission-critical technology for
the travel industry.

V K Mathews, Founder and Executive Chairman of IBS Software 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.”

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.”
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.”
Amit Dixit, Head of Asia Private Equity, Blackstone, said: “We are happy to have played an
important role in IBS Software’s transformation to a SaaS company with global leadership in
Travel and Logistics. IBS is already one of the largest enterprise SaaS companies out of India. We
thank VK for his strategic vision and for being a terrific partner, and Anand and the management
team for their impeccable execution. Value creation at IBS Software demonstrates our business-
building approach to investing and reinforces our conviction in Technology as a sectoral theme.”
The transaction is subject to customary closing conditions and is expected to close end of Q2 2023.
Financial terms were not disclosed.
J.P. Morgan is acting as financial advisor to IBS Software and Blackstone, Drew & Napier LLC is
acting as legal counsel to IBS Software and Simpson Thacher& Bartlett LLP is acting as legal
counsel to Blackstone.
Kirkland & Ellis LLP is acting as legal counsel and Jefferies LLC is acting as financial advisor to
Apax.