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IBS Software plans IPO in October
Friday, 07 January 2005, 20:30 IST
THIRUVANANTHAPURAM: IBS Software Services, based at the Technopark here, is all set to launch an initial public offering (IPO) worth $100 million in October, the company said Friday.
"We are finalising this and expect to place it by October. The money would be for advancement of our already developed software," said V.K. Mathews, chairperson and managing director of IBS.
The company closed the first year with a turnover of only 
40 million ($912,000). This fiscal the turnover is all set to cross 1 billion.
"In 2004 we inked contracts worth $23 million. A major deal was our partnership with Cendant Travel Distribution Services, a division of Cendant Corp. This was for the marketing of a new generation passenger services system that has been designed to replace legacy technologies," said Mathews.
IBS is all set to open its second development centre at the Kochi Infopark in February.
"We would like to be known as a Kerala-based global company. Currently, we employ 450 engineers but this would touch 1,000 in the coming years," he said.
The software firm specialises in transportation and logistics space and has operations in the US, Europe, West Asia and Asia Pacific.
The company began operations in 1997 as a joint venture between the International Business Services Group and Atraxis AG, the IT arm of the erstwhile Swissair Group.
IBP's global clients include British Airports Authority, Air Canada, Dubai Airport, Qantas, SITA, EDS, Shell, GulfShare and Qatar Airways.
Source: IANS
40 million ($912,000). This fiscal the turnover is all set to cross 1 billion.
"In 2004 we inked contracts worth $23 million. A major deal was our partnership with Cendant Travel Distribution Services, a division of Cendant Corp. This was for the marketing of a new generation passenger services system that has been designed to replace legacy technologies," said Mathews.
IBS is all set to open its second development centre at the Kochi Infopark in February.
"We would like to be known as a Kerala-based global company. Currently, we employ 450 engineers but this would touch 1,000 in the coming years," he said.
The software firm specialises in transportation and logistics space and has operations in the US, Europe, West Asia and Asia Pacific.
The company began operations in 1997 as a joint venture between the International Business Services Group and Atraxis AG, the IT arm of the erstwhile Swissair Group.
IBP's global clients include British Airports Authority, Air Canada, Dubai Airport, Qantas, SITA, EDS, Shell, GulfShare and Qatar Airways.
Source: IANS