Apax Partners (Apax), a private equity firm, has signed a deal to buy a minority stake in IBS Software for $450m from Blackstone.

Set up in 1997, IBS Software is engaged in providing software-as-a-service (SaaS) solutions.

Its solutions are used to support operations of companies in aviation, tour and cruise, hospitality and logistics sectors.

With a team of 4,000 people, IBS Software offers a suite of modular and cloud-native solutions.

According to the company, its solutions allow travel companies to streamline business operations such as cargo and logistics, flight operations, passenger services, loyalty programmes, cruise operations, energy and resource logistics, and hospitality distribution platforms.

IBS Software CEO Anand Krishnan said: “As the travel industry rapidly embraces digitalisation, we have a vital role to play in helping our customers accelerate revenues, drive efficiency and create differentiated customer experiences.

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“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.”

UK-based Apax plans to work closely with IBS Software founder and executive chairman V K Mathews.

Following the transaction, Mathews will remain the majority shareholder of the company.

Apax partner Jason Wright said: “We believe there is tremendous growth potential ahead and look forward to leveraging our software experience to help IBS Software become a world leader in travel and logistics software.”

Subject to customary closing conditions, the transaction is expected to close at the end of the second quarter in 2023.