General Atlantic looks at IBS

Bangalore: The $15 billion private equity giant General Atlantic (GA) is on path to expand its IT investment portfolio in India. The PE firm is close to picking up a substantial minority stake in Kerala-headquartered firm — IBS Software Services, sources said.
The investment is rumoured to be in the range of $25-35 million, though, there was no confirmation.
IBS, which started its operations in 1997 at the Technopark campus in Thiruvananthapuram, with around 60 people today has a headcount of 1,200. The company provides IT services primarily to the verticals of travel, cargo, logistics and oil and gas.
IBS has development centres in Thiruvananthapuram and Kochi with sales presence in the US, Europe, Middle-East and Asia-Pacific.
IBS has certain marquee clients in its portfolio like Cathay Pacific, Nippon Cargo Airlines and BP. It has also made certain acquisitions by buying out Avient Technologies from Honeywell International and certain technology assets of Discovery Travel System.
25/07/07 Economic Times

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Categories: Foreign Jul 2007, General Aviation Jul 2007