The latest late-stage acquisition among IPO-ready firms is Blackstone’s $450 million sale of its share in Indian SaaS startup IBS Software to Apax.
IBS Software provides aviation, logistics, and hospitality software. The Kerala-based startup has operations in the U.S., Canada, Australia, Dubai, Japan, South Korea, and the U.K. Its website lists Cathay Pacific Airways, Etihad Airways, Air Canada, DHL, FedEx, Heathrow, JetBlue, Lufthansa, Qantas, Singapore Airlines, and Virgin Atlantic as customers.
General Atlantic sold Blackstone 40% of IBS Software for $170 million in 2015. Local media indicated that Blackstone wanted over $1.2 billion for this share. Tracxn says IBS Software has raised $680 million in primary and secondary transactions.
“We’re excited to partner with Apax as we enter a new phase in our mission to transform travel companies’ digital operations. “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,” said V K Mathews, founder and executive chairman of IBS Software.
Last year, 25-year-old IBS Software, which made $150 million in 2022, mulled a U.S. IPO. However, the confidentially filed IPO was delayed due to a worsening global economy.
“Having closely monitored the travel software sector for several years, IBS Software stood out as uniquely positioned in the industry, offering a next-gen software suite that we believe is truly unrivaled. “Over the last two decades, IBS Software has invested in products, innovation, and culture while continuing to scale the business,” stated Apax partner Jason Wright.
