IBS Software Services Revenue, Valuation, Funding & Investors

IBS Software Services is valued at $1.4B as of May 2023, a 5.4x multiple on its last reported $270M revenue.

Last IBS Software Services valuation

$1.4B

Secondary · May 2023

Last IBS Software Services funding round

$170M

Undisclosed stage · Dec 2015

IBS Software Services revenue

$270M

Secondary · May 2023

Key investors in IBS Software Services

IBS Software Services Overview

About IBS Software Services

IBS Software is a Kochi-headquartered developer of SaaS platforms for airlines, airports, hotels, and cargo operators worldwide. The company delivers passenger services systems like iFly Staff for crew management and iFly Res for reservations, alongside revenue management tools and hotel property management software. Serving over 250 customers including Air France-KLM, Qatar Airways, and Hilton, IBS Software maintains a global presence with offices in the US, UK, Middle East, and Asia-Pacific. Founded in 1997, it focuses on cloud-based solutions for schedule optimization and loyalty programs in the travel sector.


Founded

1997

HQ

IndiaThiruvananthapuram

Website

ibsplc.com

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$270M (May 2023)

Valuation

$1.4B (May 2023)

IBS Software Services Valuation

IBS Software Services is currently valued at $1.4B, based on its secondary sale in May 2023.

The $450M round was led by Apax Partners.

IBS Software Services' valuation has grown 3.0x from $486M at its undisclosed-stage round in December 2015 to $1.4B in May 2023, across 2 priced rounds.

IBS Software Services valuation by funding round

Revenue multiple
IBS Software Services valuation by funding round
DateStageValuationRevenue Multiple
May 2023Secondary$1.4B5.4x
Dec 2015Undisclosed stage$486M-

IBS Software Services Revenue

IBS Software Services' latest recorded revenue is $270M, as of its secondary sale in May 2023. At a $1.4B valuation, that implies a 5.4x revenue multiple.

IBS Software Services revenue by funding round

IBS Software Services revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
May 2023$270M$1.4B5.4xSecondary

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

IBS Software Services Funding History

IBS Software Services has raised a total of $170M across 1 funding round, plus 1 secondary share sale.

IBS Software Services funding rounds

IBS Software Services funding rounds
DateStageInvestorsRaisedValuationDeal Summary
May 2023SecondaryApax Partners (lead)$450M$1.4BIBS Software Services provides SaaS solutions for the global travel and logistics industry, focusing on aviation areas such as fleet and crew operations, aircraft maintenance, passenger services, loyalty programs, staff travel, and air cargo management. Funds advised by Apax Partners reached a definitive agreement on May 15, 2023, to invest approximately $450 million to acquire a significant minority stake from Blackstone, with founder V K Mathews remaining the majority shareholder. The transaction valued the company at $1.4-$1.5 billion and was expected to close by end of Q2 2023. Blackstone had previously acquired about 40% stake in 2015 for $170 million from General Atlantic, achieving nearly three times return on this secondary sale to Apax. Apax was selected after competing with CVC Capital and Thomas H. Lee Partners, advised by JP Morgan. The company had raised $680 million to date in primary and secondary transactions. For fiscal 2023, IBS Software reported revenue of $270 million and EBITDA of $90 million. The firm, founded 25 years prior, had considered a U.S. IPO in 2022 but postponed amid economic conditions, with prior year revenue at $150 million.
Dec 2015Undisclosed stageBlackstone (lead)$170M$486MIBS Software Services is a Kerala-based provider of software products for travel, transportation, logistics, aviation, hospitality, and oil & gas sectors, serving global airlines, airports, cruise lines, travel distributors, and energy companies with nearly 3,000 professionals across nine offices. The company operates as a SaaS provider with intellectual property in these verticals, focusing on mission-critical solutions for marquee customers. In December 2015, Blackstone invested $170 million to acquire a minority stake of around 35% from General Atlantic (which had invested $60 million in 2007 for a significant portion) and other shareholders, marking Blackstone's second IT sector investment in India that year. The transaction included both primary and secondary components, expected to close within a month subject to regulatory approvals, aimed at enhancing board expertise, managerial bandwidth, and global expansion to drive aggressive growth. IBS Software had previously received PE investment from General Atlantic in 2007, underscoring its growing industry stature. Blackstone highlighted the company's deep domain knowledge, product portfolio, and customer roster as key growth drivers. CEO Rajiv Shah noted the partnership would leverage Blackstone's global reach for long-term value to employees, customers, and shareholders. At the time, IBS was positioned for significant expansion in aviation, travel, and hospitality software markets. Later developments include Blackstone reportedly acquiring about 40% stake (per 2023 reports) and selling its stake to Apax for $450 million in 2023, valuing the transaction highly amid IBS's transformation to a leading enterprise SaaS company from India with global leadership in travel and logistics. The company has raised $680 million to date in primary and secondary transactions.

Who has invested in IBS Software Services?

2 investors have backed IBS Software Services across its funding rounds, including Blackstone and Apax Partners.

Lead investors include Apax Partners and Blackstone.


IBS Software Services Investors

Investors in IBS Software Services by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by IBS Software Services

IBS Software Services has acquired 3 companies to date.

Last acquisition by IBS Software Services was on January 16th 2024. IBS Software Services acquired Above Property for $90M.


Latest Acquisitions by IBS Software Services

Above Property
Accenture Freight and Logistics Software
Ad Opt
Description
Above Property is a cloud-based hospitality management software provider for hotels, resorts, casinos, and integrated properties. Its unified platform encompasses a central reservation system, property management system, and revenue management system, streamlining bookings, guest services, and revenue optimization. Above Property serves global chains in gaming and leisure markets, enabling seamless operations from initial reservations through checkout and loyalty tracking.
Accenture Freight and Logistics Software is a provider of digital platforms and solutions for the freight forwarding, air cargo, and ocean shipping industries. It offers tools like the FreightOS network for booking, tracking, and tendering shipments, connecting over 100 carriers and forwarders globally. The company enables airlines and ocean carriers to optimize operations, reduce costs, and expand revenue through real-time visibility and automation. Based in the United States with operations worldwide, Accenture Freight and Logistics Software integrates with enterprise systems to support end-to-end supply chain management.
Ad Opt is a Paris-headquartered software provider of crew rostering optimization for airlines. Its SaaS platform schedules pilots and cabin crew under collective agreements, minimizing disruptions from fatigue rules and integrating with crew management systems like Fujitsu. Airlines including Air France use it for real-time adjustments and compliance reporting.
HQ CountryUnited StatesIrelandCanada
HQ City
-
Dublin
Montreal
Deal Date16 Jan 202422 Feb 202320 May 2019
Valuation$90Mundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Investments by IBS Software Services

IBS Software Services has invested in 1 company to date.

Latest investment by IBS Software Services was on December 15th 2021. IBS Software Services invested in Shopconnect in their $2M Seed round.


Latest Investments by IBS Software Services

Shopconnect
Description
Shopconnect is an interactive e-commerce and video platform for brands and merchants. It enables immersive online stores with video catalogs, live collaboration features, and buyer engagement tools, supporting product showcases in fashion, electronics, and luxury goods across web and mobile.
HQ CountryIndia
HQ City
Bangalore
Deal Date15 Dec 2021
RoundSeed
Raised$2M
Investors-
Valuationundisclosed
EV/Revenue
EV/EBITDA

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IBS Software Services Competitors

IBS Software Services competitors include listed companies like TravelSky and ServiceTitan, and private ones like ElasticRun, Fleetio, Deliverect and Xpressbees.

Public and private companies comparable to IBS Software Services
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
TravelSkyChinaChinaPublicly listed$1.3B$518M$3.2B0.9x
ServiceTitanUnited StatesUnited StatesPublicly listed$961M($86M)$5.2B4.5x
ElasticRunIndiaPunePrivate--$1.5B-
FleetioUnited StatesUnited StatesPrivate--$1.5B-
DeliverectBelgiumGhentPrivate--$1.4B-
XpressbeesIndiaPunePrivate$271M-$1.4B5.2x

IBS Software Services Public Comps

IBS Software Services is still privately-owned, but its public comps include EverCommerce, Wuxi Boton Technology, Playtech, SureKAM Corporation, Blackbuck, Rategain Travel Technologies, Tsuburaya Fields Holdings, Transfar Zhilian Co, GigaCloud Technology and Keytop Parking.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
EverCommerce$589M$128M3.0x2.9x13.7x9.5x
Wuxi Boton Technology$516M$55M2.4x-22.6x-
Playtech$879M($27M)1.8x1.7x(58.7x)5.5x
SureKAM Corporation$1.2B$93M1.0x1.0x13.4x18.6x
Blackbuck$67M$16M16.5x14.5x68.3x53.2x
Rategain Travel Technologies$190M$34M6.0x4.5x33.5x22.4x
Tsuburaya Fields Holdings$1.1B$126M0.9x0.8x7.8x7.0x
Transfar Zhilian Co$3.7B$258M1.0x1.3x14.0x12.5x

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Common questions about IBS Software Services

When was IBS Software Services founded?IBS Software Services was founded in 1997.
Where is IBS Software Services headquartered?IBS Software Services is headquartered in Thiruvananthapuram, India.
Is IBS Software Services publicly listed?No, IBS Software Services is a private, VC-backed company.
What is IBS Software Services' valuation?IBS Software Services was last valued at $1.4B in its secondary sale in May 2023.
How much funding has IBS Software Services raised?IBS Software Services has raised $170M across 1 funding round.
What was IBS Software Services' last funding round?IBS Software Services' last funding round was a $170M undisclosed-stage round in December 2015, led by Blackstone.
Who are IBS Software Services' investors?IBS Software Services' investors include Blackstone and Apax Partners.
What is IBS Software Services' revenue?IBS Software Services' latest recorded revenue is $270M (May 2023).
What is IBS Software Services' revenue multiple?IBS Software Services' latest valuation implies a 5.4x revenue multiple ($1.4B valuation on $270M of revenue).
Which companies are comparable to IBS Software Services?Companies comparable to IBS Software Services include TravelSky, ServiceTitan, ElasticRun, Fleetio, Deliverect and Xpressbees.
How many companies has IBS Software Services acquired?IBS Software Services has acquired 3 companies, including Above Property, Accenture Freight and Logistics Software and Ad Opt.
What was the largest acquisition by IBS Software Services?The $90M acquisition of Above Property in January 2024 is the largest acquisition IBS Software Services has made to date.
How many companies has IBS Software Services invested in?IBS Software Services has invested in 1 company, including Shopconnect.
What was IBS Software Services' last investment?In December 2021, IBS Software Services invested in Shopconnect's $2M seed round.

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