Simpson Thacher is representing Blackstone in connection with its sale of a minority stake in IBS Software to funds advised by Apax Partners LLP (Apax) for $450 million. Following the transaction, Apax will partner closely with IBS Software's Founder and Executive Chairman, V K Mathews, who will remain the majority shareholder.
IBS Software is a leading SaaS solutions provider to the travel industry globally, managing mission-critical operations for customers in the aviation, tour & cruise, hospitality, and energy resources industries. IBS Software's solutions for the aviation industry cover fleet & crew operations, aircraft maintenance, passenger services, loyalty programs, staff travel and air-cargo management.
The transaction is subject to customary closing conditions and is expected to close end of Q2 2023.
The Simpson Thacher team includes Ian Ho, Jonathan Stradling, Valerie Fung, Nelson Tai, Shirley Foo and Chan Ho Park (M&A); Jonathan Goldstein, Sophie Staples and Lina Pan (Tax); Jamin Koslowe, Pasco Struhs and Ryan Kenny (Executive Compensation and Employee Benefits); Joongwon Park and Chanik Park (Capital Markets); Étienne Renaudeau and Sarah Chaudhuri (Antitrust); and Steven DeLott (Insurance).