News Brief

IBS gets funding

After investing in some of the big names in India such as NSE, NDTV, Genpact and Patni; General Atlantic, an active investor in India, recently shook hands with Kerala based IBS Software Services. GA will invest $60 million in this IT solution provider for Travel, Transportation and Logistics industries and thus became a minority stakeholder of IBS Software Services.

With a customer base of more than 70 in travel, transportation and logistic sector which include the world’s top airlines, busiest airports, top cruise lines as well as the top oil and gas companies, IBS is hoping for a lot from this investment. “This partnership will strengthen our respective organizations and along with that, General Atlantic will be able to provide us with strategic assistance to take us forward in our growth strategies,” said VK Mathews, Chairman & Managing Director, IBS Group.

In order to provide the strategic assistance, Abhay Havaldar, Managing Director of General Atlantic, will join the IBS’ board of directors. General Atlantic has been an active investor in India since their entry here in 2002 with their first investment in Patni; after which they have already invested $1 billion in 10 companies in India.

Talking about their business in India which currently accounts for only two percent, It is in talks with cargo companies, airlines and airports to take its revenue share from India to about five percent in coming years.