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General Atlantic invests in IBS Software Services

Chetan Kapoor - Mumbai

General Atlantic LLC (GA), a Greenwich based investment company recently announced investment worth USD 60 million in Trivandrum-based IBS Software Services (IBS). IBS is known for providing IT solutions to the travel, transportation and logistics industries and is amongst the top ten Indian IT solution providers in the country. The investment will help IBS in company acquisitions, increasing sales and infrastructure.

In an exclusive with Express TravelWorld, V K Mathews, chairman and managing director, IBS group says, "Technology is dynamic, hence organisations will be under pressure because of the competitors. Our company will help them in redefining themselves by making new generation products in anticipation of customer demands." The group has amongst the world's leading airlines, airports and cruises using its solutions for reservations, operations and management.

He further adds, "The Indian market is maturing and its potential is known worldwide. We are in talks with almost all airlines and airports to use our solutions and cut costs, and are in a significant position to stay ahead of the competition."

Mathews is of the strong belief that providing solutions for the airline passenger business will pick up only after the cargo business. The solutions, he states, would be the only connecting link between the organisation and the customers, which would in the long run diminish the function of GDS. He says, "While the legacy software solutions like Galileo and Abacus are widely accepted, our new-generation tailor-made solutions will control reservation and inventories and be a direct platform between the airlines and customers. This will diminish the role of GDS. No doubt acceptability of our solutions in India will take time, but eventually to stay ahead, companies need to evolve and we will help in delivering such solutions."

Abhay Havaldar, managing director, GA, further added, "We will continue to invest in sectors which are growing like healthcare and the travel industries, and will make announcements related to further investments in the near future."