Mumbai: General Atlantic, a private equity player, today announced an investment of $60 million (Rs 242 crore) in Kerala-based IBS Software Services -- which provides IT solutions for the transport and logistic industries -- to pick up a minority stake. IBS is also building two campuses in India with an estimated cost of Rs 200 crore -- one in Thiruvananthapuram and another in Kochi with a capacity to accommodate 8,000 people. The campuses will be used for product development and support services for the travel, transport and logistics verticals. The first phase of the centre in Thiruvananthapuram will be operational in a few months time. "Currently, consulting as a part of product sales and implementation contributes 20 per cent to our revenues. But we feel it needs to be augmented further," said V K Mathews, chairman and managing director, IBS group. The company will add over 100 people to its consulting and sales business. IBS also plans to increase its global business centres and software development centres. Currently it has 10 global business centres and 4 software development centres. The company plans to add two global business centres and a software development centre. Meanwhile, IBS is looking at acquiring a US-based aircraft maintenance and repair solution company, and planning to foray into the shipping and ports vertical by designing customised solutions. As part of the shipping vertical, IBS Software has already formed a core group of intelligence (CGI) by including representatives from various international ports and shipping companies. Mathews confirmed: "We are in discussion with all major ports of the country for implementing this solution. We are also talking to leading shipping companies also in this regard." This solution would help ports to manage their berths effectively, while the shipping companies will benefit from the optimum use of their fleet, he said. "With shipping and ports, we will be covering all sectors of transport and travel," he added. IBS is also in talks with a couple of companies in the US and Europe and plans to acquire two from each of these geographies. The company will close the deals in the next 3-6 months time. "We will be acquiring an IT company providing solutions for aircraft maintenance, repair and overhaul (MRO) while the other will focus on ticket distribution," Mathews said.
