prnewswire | May 17, 2023
Funds advised by Apax Partners LLP ("Apax") announced today that they have reached a definitive agreement to invest approximately $450m to acquire a significant minority stake in IBS Software, a leading provider of modern Software-as-a-Service (SaaS) solutions to the global travel and logistics industry, from Blackstone. Following the transaction, Apax will partner closely with IBS Software's Founder and Executive Chairman, V K Mathews, who will remain the majority shareholder.
Founded in 1997 with a vision of redefining the future of travel through technology innovation, IBS Software provides next-generation SaaS solutions that power the most mission-critical operations at the world's leading aviation, tour and cruise, hospitality and logistics companies. With a comprehensive portfolio of modular, cloud-based solutions purpose-built for the travel industry, IBS Software helps travel companies accelerate innovation and drive efficiency across a broad set of core business processes, including cargo and logistics, flight operations, passenger services, loyalty programs, cruise operations, energy & resource logistics and hospitality distribution platforms. Backed by a team of 4000 professionals across the world with more than 25 years of deep domain expertise, IBS Software's scalable, cloud-native platform and demonstrated market leadership, position it to define the future of mission-critical technology for the travel industry.
V K Mathews, Founder and Executive Chairman of IBS Software said: "We're excited to partner with Apax as we enter a new phase in our mission to transform how travel companies operate in a digital world. This investment is an endorsement of our strategy and our commitment and contribution to the industry, and we have a shared vision with Apax for the future of the business. We thank our customers and employees who have been instrumental in our success so far. We're grateful to the Blackstone team for their invaluable support over the years and we look forward to an exciting and fulfilling journey ahead with Apax."
Anand Krishnan, CEO, IBS Software, added: "As the travel industry rapidly embraces digitalisation, we have a vital role to play in helping our customers accelerate revenues, drive efficiency and create differentiated customer experiences. Apax has deep experience in partnering with leading SaaS providers and will be a strategic partner for IBS Software as we embark on a new phase of growth. We thank Blackstone for helping us create real value and a true partnership."
Jason Wright, Partner, Apax, commented: "We are thrilled to partner with VK and the management team at IBS Software. Having closely monitored the travel software sector over the last several years, IBS Software stood out to us as uniquely positioned in the industry, offering a next-gen software suite that we believe is truly unrivalled. Over the last two decades, IBS Software has invested in products, innovation, and culture, while continuing to scale the business. We believe there is tremendous growth potential ahead and look forward to leveraging our software experience to help IBS Software become a world leader in travel and logistics software."
Amit Dixit, Head of Asia Private Equity, Blackstone, said: "We are happy to have played an important role in IBS Software's transformation to a SaaS company with global leadership in Travel and Logistics. IBS is already one of the largest enterprise SaaS companies out of India. We thank VK for his strategic vision and for being a terrific partner, and Anand and the management team for their impeccable execution. Value creation at IBS Software demonstrates our business-building approach to investing and reinforces our conviction in Technology as a sectoral theme."
The transaction is subject to customary closing conditions and is expected to close end of Q2 2023. Financial terms were not disclosed.
J.P. Morgan is acting as financial advisor to IBS Software and Blackstone, Drew & Napier LLC is acting as legal counsel to IBS Software and Simpson Thacher & Bartlett LLP is acting as legal counsel to Blackstone.
Kirkland & Ellis LLP is acting as legal counsel and Jefferies LLC is acting as financial advisor to Apax.
About IBS Software
IBS Software is a leader in providing SaaS solutions for the travel industry based in Singapore. It manages mission-critical operations for clients in the aviation, tour & cruise, and hospitality industries. The aviation industry solutions provided by the company include fleet & crew operations, passenger services, staff travel, loyalty programs, aircraft maintenance, and air cargo management. It also operates a B2B and B2C distribution platform that provides hotel room inventory, rates, and availability to a network of hospitality companies and channels. Additionally, it offers a comprehensive, customer-centric digital platform for the tour and cruise industry that includes onshore, online, and on-board solutions. IBS Software is a Blackstone portfolio company with 15 offices worldwide.
prnewswire | April 04, 2023
Target Hospitality Corp. one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services, today announced two strategic hires focused on accelerating Target's growth and diversification strategy. Judson Greif and Hope Hunter, two distinguished government affairs professionals with extensive experience in Washington, D.C., have joined the Company as Vice President of Government Affairs and Strategic Growth and Vice President of Federal Affairs and Strategic Partnerships, respectively.
Mr. Greif joins the Company from Leidos where he was most recently Vice President, Business Development and Government Affairs. A veteran government relations, business development, and policy professional, Judson brings over 20 years of experience partnering with the United States Departments of Defense, Energy, Homeland Security and Veterans Affairs.
Ms. Hunter brings nearly two decades of experience inside the United States federal government, most recently with the U.S. Department of Homeland Security, where she worked successfully with Republican and Democratic appointees and Congressional staff, advancing policy initiatives as a liaison representing U.S. Immigration and Customs Enforcement and U.S. Customs and Border Protection.
"Target Hospitality has become a trusted partner, providing comprehensive turnkey facilities and wrap around services to the United States government. We see continued growth opportunities across numerous government agencies especially in support of national security and defense," said Brad Archer, President and Chief Executive Officer. "Hope and Judson bring deep knowledge of government services that will enable us to capitalize on these opportunities, and drive growth across multiple government agencies," concluded Mr. Archer.
About Target Hospitality
Target Hospitality is one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services in the United States. Target builds, owns and operates a customized and growing network of communities for a range of end users through a full suite of value-added solutions including premium food service management, concierge, laundry, logistics, security and recreational facilities services.
accesswire | April 10, 2023
WrkSpot, an innovator in hotel operations and panic solutions, has announced a robust two-way integration with HotelKey, a next-generation hospitality management system platform.
The strategic partnership between the companies supports the integration of WrkSpot's hotel productivity, labor management and compliance application with HotelKey's hospitality management system. The integration allows seamless data transmission, reduces paperwork and eliminates information gaps between two critical aspects of the hospitality business.
"HotelKey is a fantastic HMS, and we're proud to be entering this relationship," said Raja Epsilon, CEO of WrkSpot. "Our integration will increase automation and streamline the total hotel experience. Together we will help hoteliers optimize operations and maximize revenue. We are excited for a successful integration and partnership."
The companies say their partnership essentially reinvents hotel operations by seamlessly combining operations with labor management and compliance at the property level or across multiple properties. With a single SaaS solution, hoteliers will be able to get work done more effectively and efficiently.
"HotelKey and WrkSpot's integration showcases the common goals between our companies, streamlining management and operations, while improving guest experience," said HotelKey Sr. Director of Sales & Marketing Katrina Stephenson. "We look forward to combining our technology with the capabilities of WrkSpot."
WrkSpot is a SaaS software solution for managers paired with an app for line employees. It provides managers with live data on scheduling, clock-in/clock-out status, room status and employee locations, allowing remote monitoring of staffing, tasks, and performance. WrkSpot's intuitive dashboards and reports provide actionable data for its robust budgeting and forecasting tools. And its comprehensive panic solutions secure properties and safeguard staff.
HotelKey is a fully integrated suite of hospitality products that power both property and central reservation management for everything from individual hotels to large hotel chains. It distributes inventory globally, accepts reservations through call centers, property systems, booking engines, native websites, and OTAs and GDS channels. It also assists companies in accepting card payments, running captive retail and food and beverage outlets, and more. More than 12,000 contracted hotels, including four hotel chains and more than 500 independent properties, are HotelKey clients.
HotelKey was founded in 2015 and today counts four large enterprise chains among its clients, including G6 Hospitality, Extended Stay America & Red Roof Inn. HotelKey's client portfolio includes roughly 400,000 rooms live and over 12,000 hotels under contract, including 500 independent hotels, mainly in the U.S. In addition to its industry-leading PMS solution, HotelKey also offers an enterprise-grade central reservations system and point-of-sale system, along with a host of other products and services specifically designed for the hospitality industry.