IBS Software has acquired Bangalore based Moveo Systems. Financial terms of the deal were not disclosed. Sankalp Saxena - MD, Moveo Systems will now head aviation operations services in IBS which includes airline, airport and cargo operations.
Founded in 2006, Moveo Systems provides multi-rouch screen interactive kiosks, mobile apps and web based applications. It has raised $2.2Mn in two rounds of angel funding.
It's clientele includes CEMA Lighting, Bangalore International Airport, CavinKare, Royal Orchid, CSIA, Peppermint, Forum, Indian Bank and Featherlite among others.
IBS Software develops software for travel, transportation, hospitality, and logistics industries. It offers airline passenger management software products, which include aiRES for passenger reservations, inventory control, fares and ticketing, and departure control functions of the commercial airlines; iLoyal, a CRM and legacy system; iFly for value chains in the staff travel space; and Linx, which manages the services offered by charter airlines.
In 2007, it raised $60Mn from General Atlantic. This is IBS' sixth acquisition. It acquired US-based VISaer Inc. a leader in aviation maintenance and engineering software solutions,US-based HBSI-provider of IT solutions to the hospitality industry, Discovery Travel Systems, L.P.,Avient Solutions from Honeywell and TopAir in it's 14 years of operation.
Alt assets sometimes lives an investor with no alternatives but while looking for these – the good, the bad and the ugly, one does come across happy surprises that shed some of the DealCurrys normal gloom doom skepticism.
UTI Ventures Funds Management Company Private Limited, the private equity investment subsidiary of UTI Asset Management Co Pvt Ltd, has sold its stake in Ascent Capital Pvt Ltd to the management of the firm, which is headed by Raja Kumar.