Global travel, transportation and logistics technology major IBS Software will receive USD170 million private equity investment from funds managed by Blackstone (NYSE: BX) in exchange for a minority shareholding, the company said.
Blackstone is buying out General Atlantic, a leading growth equity firm that has been invested in IBS since 2007, and other shareholders. The transaction is expected to close within a month, subject to customary regulatory approvals.
This is the second time IBS has received capital investment from a global PE (private equity) firm, a recognition widely seen as being indicative of its growing stature in the industry that it operates in. IBS has a global presence with nearly 3,000 professionals across nine offices and 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 & gas companies.