Blackstone To Sell Ownership In IBS Software For $450M To Apax

Blackstone Inc (NYSE: BX) agreed to sell its stake in SaaS startup IBS Software to Whatx for $450 million.
Following the transaction, Apax will partner with IBS Software’s Founder and Executive Chairman, 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 aviation, tour and cruise, hospitality, and logistics companies. Apax Partners LLP is a leading global private equity advisory firm.
The transaction will likely close end of Q2 2023.
Anand Krishnan, CEO of IBS Software, added: “As the travel industry rapidly embraces digitalization, we have a vital role to play in helping our customers accelerate revenues, drive efficiency and create differentiated customer experiences. Apax has deep experience in partnering with leading SaaS providers and will be a strategic partner for IBS Software as we embark on a new phase of growth. We thank Blackstone for helping us create real value and a true partnership.”
Blackstone acquired about 40% stake in IBS Software, from General Atlantic, in 2015 for $170 million. Blackstone was looking to sell this stake for over $1.2 billion, TechCrunch reports. To date, IBS Software has raised $680 million in primary and secondary transactions.
Price Actions: BX shares traded lower by 0.67% at $82.31 on the last check Monday.

Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

This article Blackstone To Sell Ownership In IBS Software For $450M To Apax originally appeared on Benzinga.com