The transaction is subject to customary closing conditions and is expected to close by the end of Q2 2023. Other financial terms were not disclosed.

Following the transaction, Apax will partner closely with IBS Software’s founder and executive chairman, V K Mathews, who will remain the majority shareholder, the firm said.

Mathews said the investment would help IBS Software transform the way travel companies operate in a digital world.

Mint had reported on 13 April that IBS Software has received bids from Apax Partners and other investors.

“Value creation at IBS Software demonstrates our business-building approach to investing and reinforces our conviction in Technology as a sectoral theme,” Amit Dixit, head of Asia Private Equity, Blackstone, said.

Founded in 1997 with a vision of redefining the future of travel through technology innovation, IBS Software provides SaaS solutions that power critical operations at the world’s leading aviation, tour and cruise, hospitality and logistics companies.

It provides solutions in modular, cloud-based solutions purpose-built for the travel industry, IBS Software helps travel companies accelerate innovation and drive efficiency across a broad set of core business processes, including cargo and logistics, flight operations, passenger services, loyalty programs, cruise operations, energy & resource logistics and hospitality distribution platforms. It has a team of 4000 professionals across the world.

“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,” said Anand Krishnan, CEO, IBS Software.

Jason Wright, partner, Apax, said it will leverage Apax’s experience in software investment to help IBS Software, “Over the last two decades, IBS Software has invested in products, innovation, and culture, while continuing to scale the business. We believe there is tremendous growth potential ahead,” he said.

J.P. Morgan is acting as financial advisor to IBS Software and Blackstone, Drew & Napier LLC is acting as legal counsel to IBS Software and Simpson Thacher & Bartlett LLP is acting as legal counsel to Blackstone. Kirkland & Ellis LLP is acting as legal counsel and Jefferies LLC is acting as financial advisor to Apax, the companies said in a statement.