General Atlantic to invest $60 mn in Kerala IT firm

Thursday, 26 July 2007, 07:00 Hrs
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Thiruvananthapuram: General Atlantic (GA), the Greenwich-headquartered global growth investor, will invest $60 million (2.42 billion) in Kerala-based IBS Software Services (IBS), a leading IT solutions provider to the travel, transportation and logistics industries.

GA, rated among the top 20 private equity investment companies in the world, will thus acquire a minority stake in IBS which is headquartered in Technopark here.

In a press statement Wednesday, IBS Group chairman and managing director V.K. Mathews said the firm was excited about this partnership, which would enable it to leverage the strengths of the respective organisations.

"Being a global growth investor in the technology sector, GA will be able to provide IBS with strategic assistance to propel IBS to the next phase of its aggressive growth strategy," said Mathews.

"GA's investment will be used to further accelerate the organisation's growth through global mergers and acquisitions, and ramping up our sales, business consulting capability and infrastructure."

Founded in 1997, IBS provides new-generation software products and services for the travel, transportation and logistics sectors.

It serves more than 70 customers worldwide including top airlines, busiest airports, cruise lines and oil and gas companies, which use IBS solutions for their mission-critical operations.

IBS employs about 1,700 people globally with two development centres in India.

GA managing director Abhay Havaldar will join the IBS' board of directors and will assist the company in evaluating growth opportunities globally.

Havaldar said IBS was one of the leading software product companies in India and with its deep technical expertise, high-quality client base and strong management team, it was extremely well-positioned for continued growth and expansion.
Source: IANS
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