- Blackstone Inc BX agreed to sell its stake in the SaaS startup IBS software To Apax for $450 million.
- Post-transaction, Apax will work with IBS Software’s founder and CEO, VK Mathews, who will remain the majority shareholder.
- Founded in 1997, IBS Software provides next-generation SaaS solutions that power the most mission-critical operations at the world’s leading airlines, travel & cruise, hospitality and logistics companies. Apax Partners LLP is a leading global private equity advisory firm.
- The transaction is expected to close at the end of the second quarter of 2023.
- Anand Krishnan, CEO of IBS Software added, “As the travel industry rapidly transitions to digital, we play a critical role in helping our clients increase revenue, increase efficiency and create differentiated customer experiences. Apax has extensive experience working with leading SaaS providers and will do so.” We will be a strategic partner for IBS Software as we enter a new phase of growth. We thank Blackstone for helping us create real value and a true partnership.”
- Blackstone acquired approximately 40% of IBS Software from General Atlantic in 2015 for $170 million. According to TechCrunch, Blackstone wanted to sell that stake for over $1.2 billion reports. To date, IBS Software has raised $680 million in primary and secondary transactions.
- Price promotion: BX shares were trading down 0.67% at $82.31 at last check on Monday.
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