India: Blackstone buys minority in IBS Software for $170m; General Atlantic exits

Visual from IBS LinkedIn Page

Technology firm IBS Software on Wednesday said global private equity (PE) fund Blackstone Group Lp has acquired a minority stake in the company by buying out General Atlantic and some other shareholders for $170 million.

The transaction is expected to close within a month, subject to regulatory approvals.

Travel, transportation and logistics software firm IBS has nearly 3,000 employees across nine global offices and provides software products to airlines, airports, cruise lines, travel distributors and oil and gas companies. General Atlantic invested in the company in 2007. Blackstone is the world’s largest alternate asset management firm with assets under management of over $334 billion.

“Investment by a global tier-1 PE (private equity) player is a true endorsement not only of the relevance and significance of what we do and our financial strength, but also a validation of our industry vision, the business model that we operate and standards of corporate governance. We see a huge synergy from Blackstone’s portfolio of companies and their extensive experience in the travel and hospitality space,” said V.K. Mathews, founder and executive chairman of IBS Group.

“IBS is a rare software as a service (SaaS) company with intellectual property in the aviation, travel and hospitality verticals across the globe. We are impressed by the company’s management team and its track record of delivering mission critical solutions to marquee global customers,” said Amit Dixit, senior managing director and co-head of private equity in India at Blackstone, in a statement.

Blackstone, which established its office in India in August 2005, has since then committed nearly $5 billion in the country. Its corporate PE arm invests out of Blackstone Capital Partners VI global fund, which has a corpus of $16.2 billion. The PE arm of Blackstone in India has committed around $1.9 billion in equity across 20 transactions.

This year, the fund has sold two of its investments and expects to sell a few more. In total, it has exited four investments, including Intelenet Global Services, Agile Electric, CMS Infosystems and Emcure Pharmaceuticals Ltd. The fund has also made a partial exit from S.H. Kelkar and Co. Pvt. Ltd through an IPO. Another Blackstone portfolio company, Nuziveedu Seeds Ltd, is also expected to launch an IPO in the coming months.

Also Read: 

India: PE firms Carlyle, Blackstone, Baring to bid for Reliance Infra cement business

India: PE major Blackstone sells half of its holdings in Synergy Properties to promoter Sankey Prasad

PE firm Blackstone to pick 17% in ATM-maker NCR Corp for $820m

This article was first published on Livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.