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Blackstone sells IBS Software stake to Apax for $450 million

Variety

15-05-2023 | 08:29

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Blackstone sells IBS Software stake to Apax for $450 million

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Blackstone has reached a definitive agreement to sell its stake in the Indian SaaS startup IBS Software to Apax for $450 million, the three said Monday, the latest in a series of late-stage deal activities among IPO-ready firms.

IBS Software offers a range of software solutions to airlines, logistics and hospitality companies. The Kerala-based startup has a global presence with offices in the US, Canada, Australia, Dubai, Japan, South Korea, and the UK. It counts Cathay Pacific Airways and Etihad Airways, Air Canada, DHL, FedEx, Heathrow, JetBlue, Lufthansa, Qantas, Singapore Airlines, and Virgin Atlantic among its customers, according to its website.

Blackstone acquired about 40 percent stake in IBS Software, from General Atlantic, in 2015 for $170 million. Blackstone was reportedly looking to sell this stake for over $1.2 billion, according to earlier local media reports. IBS Software has raised $680 million to date in primary and secondary transactions, according to market intelligence firm Tracxn.

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