Apax acquires Blackstone's stake in travel s'ware player IBS for $450-M

Apax Funds is to acquire Blackstone's significant minority stake Thiruvananthapuram-headquartered in travel and logistics SaaS business IBS Software for approximately USD 450 million. IBS Software's founder and executive chairman, V K Mathews, will remain the majority shareholder. Founded in 1997, IBS Software helps travel companies across the world 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. It has a team of 4,000 professionals across the world. JP Morgan is acting as the financial advisor to IBS Software and Blackstone, Drew & Napier LLC is acting as the legal counsel to IBS Software and Simpson Thacher & Bartlett LLP, as the legal counsel to Blackstone. Kirkland & Ellis LLP is acting as the legal counsel and Jefferies LLC, as the financial advisor to Apax.