General Atlantic acquired minority stake in IBS

Mumbai, July 25: A leading global private equity firm General Atlantic LLC (GA) has bought a minority stake in India-based software company IBS Software Services (IBS) for USD 60 million.

General Atlantic is a leading global growth investor and is rated as one of the top 20 Private Equity investment companies in the world. Edelweiss is the exclusive financial advisor to IBS in this transaction.

V K Mathews, Chairman&Managing Director, IBS Group today said, ''Being a global growth investor in the technology sector, General Atlantic will be able to provide IBS with strategic assistance to propel IBS to the next phase of its aggressive growth strategy.'' Abhay Havaldar, Managing Director of General Atlantic, will join the IBS' board of directors and will assist the company in evaluating growth opportunities globally.

Commenting on General Atlantic's commitment to IBS, Mr. Havaldar said, ''IBS is one of the leading software product companies in India and with its deep technical expertise, high quality client base and strong management team, IBS is extremely well-positioned for continued growth and expansion.

Founded in 1997, IBS is provider of new-generation software products and services for the travel, transportation and logistics industry sectors serving 70 plus customers world-wide.

IBS has about 1,700 employees globally with two development centers in India.

UNI