Travel, transportation and logistics technology company IBS Software today said that it will receive USD 170 million (about Rs 1,132 crore) private equity investment from funds managed by Blackstone in exchange for a minority stake.
Blackstone is buying out General Atlantic, a leading growth equity firm that has invested in IBS since 2007, and other shareholders, IBS said in a release.
It said the transaction is expected to close within a month, subject to customary regulatory approvals.
IBS said it has a global presence, with nearly 3,000 professionals across nine offices. It provides a range of new-generation software products to some of the world's best airlines, busiest airports, leading cruise lines, major travel distributors and top oil and gas companies.
"We see a huge synergy from Blackstone's portfolio of companies and their extensive experience in the travel and hospitality space," IBS Group Founder and Executive Chairman V K Mathews said.
There is no material change in the majority shareholding pattern in IBS Software as the initial PE investor General Atlantic exits as a result of this transaction, the release added.
"We foresee significant growth opportunity for IBS, driven by the company's deep domain knowledge, its portfolio of products, and roster of referenceable customers," said Amit Dixit, Senior Managing Director and Co-Head of Private Equity in India at Blackstone.
