Apax funds invest $450m in travel tech company IBS

Funds advised by Apax Partners are to invest approximately $450 million to acquire a significant minority stake in IBS Software, a provider of Software-as-a-Service solutions to the global travel and logistics industry, from Blackstone. 

Funds advised by Apax Partners (Apax) are to invest approximately $450 million to acquire a significant minority stake in IBS Software, a provider of Software-as-a-Service (SaaS) solutions to the global travel and logistics industry, from Blackstone. 

Following the transaction, Apax will partner closely with IBS Software’s Founder and Executive Chairman, V K Mathews, who will remain the majority shareholder.

Financial terms of the transaction, which is subject to customary closing conditions, and is expected to close by the end of the second quarter of 2023, have not been disclosed.  

JP Morgan is acting as financial advisor to IBS Software and Blackstone, Drew & Napier LLC is acting as legal counsel to IBS Software and Simpson Thacher & Bartlett LLP is acting as legal counsel to Blackstone.

Kirkland & Ellis LLP is acting as legal counsel and Jefferies LLC is acting as financial advisor to Apax.