HOSPITALITY TRENDS
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.
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TRAVEL TECHNOLOGY
Canada Jetlines | March 08, 2023
Canada Jetlines, an airline and aviation company, has recently confirmed that travel agents in Canada can access its seat inventory for booking and viewing through the Sabre Global Distribution System, increasing its geographic reach and targeting new leisure traveler segments.
Sabre Corporation is a worldwide software and technology solutions provider dedicated to the travel industry. It could sell Canada Jetlines' seat inventory for its subscribers. With Sabre's global marketplace, Canada Jetlines would increase its geographic reach and target new leisure traveler segments. In addition, it will provide travel agents with more options for optimal client experiences. It has announced new markets in Melbourne/Orlando, Florida, Las Vegas and Cancun, Mexico. These markets would begin operations in February and March 2023, respectively. Flights booking are available on jetlines.com or contact the travel agency. It will operate this network with a fleet of Airbus A320 aircraft.
Canada Jetlines' Chief Commercial Officer, Duncan Bureau said, "We are excited to be able to distribute our seats through Sabre's extensive global marketplace." He added, "Canada Jetlines has built strong relationships with the Travel Agency community who will benefit from the ease of booking flights and vacations within the Sabre environment. The airline is looking forward to adding more markets and partners across North America, Mexico, and the Caribbean."
(Source – Business Wire)
VP and Regional General Manager - North America, Sabre Travel Solutions, John Bailey said, "Sabre is pleased Canada Jetlines has chosen to distribute its content through the Sabre global marketplace." He added, "We look forward to supporting Canada Jetlines' ambitious growth objectives and making the airline's content available to the hundreds of thousands of travel agents using Sabre around the world."
(Source – Business Wire)
About Canada Jetlines
Headquartered in Mississauga, Ontario, Canada Jetlines, an airline with a value-focused leisure carrier, utilizes a growing fleet of Airbus A320 aircraft for more travel options to preferred locations within the U.S., Caribbean, and Mexico. It has been connecting with travel agencies for transformation and convenience in the air travel industry since 2021. With an experienced team and efficient aircraft design, it provides cost-effective and competitive flight options to the Canadian market and beyond. With a state-of-the-art web booking platform, it makes turnkey solutions available to travel agents, tour operators, and consumers. In addition, it generates revenue from reservations and ancillary sales.
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BUSINESS TRAVEL
phocuswire | April 18, 2023
Host travel agency InteleTravel has acquired Hickory Global Partners, a corporate travel alliance, to cater to demand for blended travel. The purchase price was not disclosed.
“With the new blending of leisure and business travel, the idea of separate consortia for these markets is now outdated,” InteleTravel president James Ferrara said. “This merger creates a single source of advantages and support for all travelers and the professionals who serve them – the consortium of the future.”
Hickory will continue operating as its own brand “newly powered as a wholly owned unit of InteleTravel.” InteleTravel expects to create more than 100 jobs during the development of new programs.
Established in 1991, InteleTravel has a network of more than 90,000 independent, home-based advisors across the United States, United Kingdom, Caribbean, Mexico and Republic of Ireland, and is approaching $1 billion in sales. The Florida-based company said it has developed its own booking technology for all verticals and packaging tools including cruises, discount leisure hotel rates, short-term rentals, low-cost air carriers and activities and entertainment.
Hickory, whose members are corporate travel agencies, corporate travel departments and corporations, said it negotiates with hotels, airlines, ground transportation companies and ancillary partners “to provide our members with the best rates, incentives and opportunities available.”
Ferrara and Hickory president Chris Dane will work together to lead the focus on emerging market opportunities and initiatives for systemwide advancement, including a new Hickory business travel education and certification program for InteleTravel advisors. Hickory also said it will expand InteleTravel advisors’ earning opportunities with “business travel-focused education, negotiated travel products and services through Hickory’s air portfolio, preferred hotel and amenities programs, expense management tools and ancillary supplier partnerships.”
“We have a vision for a consortium that leads into the next decades with a modern view of business and leisure travelers, and advantages, technology and supply for our members to satisfy those needs,” Dane said. “InteleTravel’s resources and reach will help us do that.”
AboutInteleTravel
Turn a passion for travel into a flexible source of income and reward. When you become an InteleTravel agent, you can sell travel to anyone, including yourself. Book cruises, vacations, hotels, all-inclusive resorts, tours, airline tickets, car rentals and more. You’ll earn a commission based on the travel you sell. InteleTravel gives you the opportunity to benefit from your love of travel. Become an independent travel agent with InteleTravel and you’ll make a profit – guaranteed!
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