IBS Software Acquires Bangalore-based Moveo Systems

IBS Software Services Ltd, an IT solutions provider catering to travel, transportation and logistics industries, has acquired Bangalore-based start-up Moveo Systems for an undisclosed sum, the company has said in a statement. It is the sixth strategic acquisition by the company, which offers IT solutions for all business segments in the aviation space.
The merger will significantly enhance and strengthen the airport operations business of IBS and also drive its enterprise mobility offering by leveraging the IP-based framework developed by Moveo.
“Moveo Systems brings considerable proficiency in enterprise mobility, providing perfect synergy to the existing operations of IBS. Ability to deliver information anywhere, any time through mobile applications is of critical importance that helps our customers transform their businesses,” V.K. Mathews, executive chairman of the IBS Group, commented on the acquisition.
Incorporated in 2006, Moveo specialises in intelligent networks and service delivery platforms to ensure industry-specific workflow. The company offers value-added solutions and services for a number of industry verticals such as infrastructure, manufacturing, banking, retail, FMCG and hospitality. Earlier, the start-up had raised $2.2 million in two rounds of angel funding.

Following the acquisition, Moveo chairman and CEO Sankalp Saxena will be the president, aviation operations services, in IBS, heading the airline, airport and cargo operations of the group.
02/11/11 Anil Das/techcircle.in

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Categories: Indian Aviation- In General Nov 2011, New Nov 2011