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IBS forays into hospitality sector

THIRUVANANTHAPURAM: Leading IT solutions provider IBS Software has acquired a majority stake in the Atlanta-based Hotel Booking Solutions Incorporated (HBSi) to enter the hospitality sector.

Announcing this at a press conference here on Thursday, chairman and CEO of the IBS Group V.K. Mathews said the acquisition would give the group access to domain expertise and technologies that would help the company gain a firm foothold in the booming global hospitality industry.

Describing it as a major acquisition, Mr. Mathews said the IBS acquired 66 per cent shares of the HBSi on a ‘cash and earn-out deal’. This was the fourth acquisition of the group globally. The option was to acquire cent per cent stake in the next three years. Crosslink Capital was the other major shareholder in the HBSi now.

The deal would enable a much faster and broader growth for the IBS’ travel, cruise and hospitality businesses. Mr. Mathews said the intent of the IBS was to become the preferred supplier of new generation solutions to the global travel and transportation businesses.

The HBSi was credited with introducing demand management to the global travel industry and offered technologies and services that bring order and simplicity to the distribution of hotel products. Well known travel companies and hotel brands used its products.

Mr. Mathews said the HBSi would help hotel companies distribute their products directly to customers. Chief Financial Officer T.S.C. Easwaran was present.

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