Apax Global Alpha Limited (LSE:APAX) and Apax Partners LLP through Apax XI fund entered into a definitive agreement to acquire an unknown minority stake in IBS Software Private Limited from Blackstone Inc. for $450 million on May 15, 2023. Post acquisition, Apax is planning to partner closely with IBS founder V K Mathews, who will remain the majority shareholder. The transaction is subject to customary closing conditions and is expected to close end of Q2 2023.

J.P. Morgan served as financial advisor to IBS Software and Blackstone, Drew & Napier LLC served as legal advisor to IBS Software and Ian Ho, Jonathan Stradling, Jonathan Goldstein, Sophie Staples, Jamin Koslowe, Joongwon Park and Étienne Renaudeau of Simpson Thacher & Bartlett LLP served as legal counsel to Blackstone. Adarsh Varghese, Leo M. Greenberg, Sara B. Zablotney and Ross M. Leff, of Kirkland & Ellis LLP served as legal advisor and Jefferies LLC served as financial advisor to Apax.