The IBS Software Services, a leading provider of new-generation IT solutions to the global Travel, Transportation and Logistics (TTL) industry, celebrated its tenth anniversary yesterday. In a short span of ten years, the company has scripted a remarkable story of growth. Starting from humble beginnings at the Technopark campus here, IBS has grown to a multinational today, doing business from 11 global centers around the world.
Most significantly the company offers a range of as many as 15 software products and other customized solutions that manage the mission-critical operations of airlines, airports, cruise lines, oil & gas companies, leisure resorts and seaports across the globe. IBS’ customer list of over 70 active customers includes the world’s best airlines, the busiest international airports, the best cruise lines and the top oil & gas companies.
Steady and sustained growth based on a clear vision have ensured that IBS has posted a CAGR of 47.5% in the last ten years, resulting in a 700 fold increase on capital invested in 1997, as against a 30 fold increase in staff strength over the same period. Three strategic acquisitions have helped IBS become a veritable one-stop shop for new-generation solutions that address the complete requirements of all types of airlines and cruise lines.
Recently, General Atlantic invested $60 million (Rupees 242 Crores) in the company. Being a global growth investor in the technology sector, General Atlantic will provide the strategic assistance to propel IBS to the next phase of its aggressive growth strategy.
Focus on the niche TTL industry segments and commitment to developing new-generation technology solutions have been the underlying factors in IBS’ growth. IBS has successfully developed a passenger services system (aiRES) and a cargo management system (iCargo), both built from the ground-up on new-generation technologies that help airlines migrate from decades old legacy systems and redefine their business.
IBS has a comprehensive logistics management solution for the oil & gas industry (iLogistics) which addresses aviation, marine and surface transportation needs of upstream exploration and production operations. iLogistics is currently implemented for a number of oil majors. The company offers solutions in airline passenger services, airline cargo and logistics, airline and airport operations, oil and gas logistics, and travel and cruise management.
IBS has also been rated as one of the top eight IT start-ups in India by Red Herring and one of the top ten products companies by Business Today. V K Mathews, Chairman and Managing Director, IBS Group, said, “Taking stock a decade since inception, it gives me great pride that we have made significant progress and are on track with the company’s vision, both in terms of growth and direction. At this juncture, I would like to thank all my colleagues and our customers for trusting and growing with IBS.
“IBS will continue to stay focused on the Travel, Transportation and Logistics sector and remain committed to providing innovative next-generation products and services that will help these industry verticals through aggressive growth phases and fierce competition.
“IBS is well equipped to seize the opportunities that the future will undoubtedly bring, in the dynamically expanding TTL domain, leading the company to the next level of growth, evolution and innovation. We expect to shortly set up two new development centers in India, outside Kerala, and grow into a Rupees 1000 Crores company by 2010,” added V K Mathews.
IBS staff and their families at all its offices across the globe will celebrate the tenth anniversary occasion. The India offices will come together for the annual family day today, at the well-known Kanakakunnu Palace premises in the heart of the city.
As part of the tenth anniversary initiatives, IBS plans to spearhead a vigorous road safety campaign, to emanate from its own staff to other companies within Technopark, Trivandrum and Infopark, Cochin, and eventually to the cities themselves.