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Thiruvananthapuram, July 25 General Atlantic LLC (GA) will invest $60 million (Rs 242 crore) in the unlisted IBS Software Services based in Technopark here for an undisclosed minority stake.

General Atlantic is a leading global growth investor and is rated as one among the top 20 private equity players. IBS is a leading provider of IT solutions to the travel, transportation and logistics industries. Edelweiss is the exclusive financial advisor to IBS in this transaction.

Founded in 1997, IBS now serves 70-plus customers world-wide. They include leading airlines, airports, cruise lines and oil and gas companies, which have deployed IBS solutions for mission-critical operations.

IBS employs about 1,700 employees globally and has two development centres in India. According to Mr V.K. Mathews, Chairman and Managing Director, IBS Group, the new partnership would enable the company to leverage the strengths of both the organisations. A global growth investor in the technology sector, GA will provide strategic assistance to propel IBS to the next phase of its growth.

GA’s investment will be used to further accelerate growth through global mergers and acquisitions, and ramp up sales, business consulting capability and infrastructure, Mr Mathews said.

Mr Abhay Havaldar, Managing Director of GA, will join the IBS board of directors and will assist the company in evaluating growth opportunities globally. According to him, IBS is well-positioned for continued growth and expansion.

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