IBS Software, a leading IT provider for the global travel industry, is planning an IPO in 2021 as part of its vision to become the top enterprise software company for the air transportation industry.
The IPO is likely to be listed on the Nasdaq as the exchange provides better valuation to software product companies, IBS Executive Chairman VK Mathews said. However, he declined to comment on the ticket size, saying that “it should be a high-value IPO.”
Though an IPO was planned in 2016, it was deferred following private equity major Blackstone acquiring a minority stake in IBS by investing $170 million. The focus of the company will be the international market, he said in an interaction. IBS, which completed 20 years, is also in the process of developing a comprehensive travel solution provider software product called iTravel. The product, which will make use of the company’s business relationships with the world’s 10 big airline companies, will be introduced by 2019.
Four different variants of the technology platform will be developed by IBS to suit the unique requirements of tour operators, cruise lines, airlines and hospitality companies worldwide. Its 200 active customers include leading airlines, oil companies and hotel chains. Over the past 20 years, IBS has acquired six overseas companies. IBS offers IT systems across key business domains such as airline passenger services, cargo operations, flight and crew operations, airport operations and aircraft maintenance engineering. He pointed out that over 70 per cent of the air cargo movement in and out of Japan and Australia is powered by IBS’s solution.
“Our vision is to become the No 1 enterprise software company for the air transportation industry in the next 10 years,” he said.