The deal is likely to be closed within a month.
Global investment and private equity firm, Blackstone has invested around Rs. 1,132 crore ($170 million) in IBS Software, a travel, transportation and logistics software company. In this deal, Blackstone has bought General Atlantic, which is an investor in Thiruvananthapuram based IBS Software, according to reports.
The deal is likely to be closed within a month and with this Blackstone will be IBS Software’s minority shareholder, reports The Hindu. The publication quoted VK Mathews, Founder and Executive Chairman of IBS Group, saying, “Investment by a global Tier-1 PE is a true endorsement not only of the relevance and significance of what we do and our financial strength, but also a validation of our industry vision, the business model that we operate and standards of corporate governance.”
IBS Software has a headcount of 3,000 employees spread across its nine global offices. General Atlantic invested in the software firm in 2007, reports Livemint. IBS Software provides end to end IT solution to the aviation industry across various process areas, namely, airline passenger services, cargo operations, airport operations, flight and crew operations and aircraft maintenance engineering.