Thiruvananthapuram, Dec 16 (IANS): Global travel and logistics technology major IBS Software on Wednesday announced that it will receive $170 million private equity investment from funds managed by Blackstone in exchange for a minority shareholding.

Blackstone is the world's largest alternate asset management firm with assets under management in excess of $334 billion.

Blackstone is buying out General Atlantic, a leading growth equity firm that has invested in IBS.

"We see a huge synergy from Blackstone's portfolio of companies and their extensive experience in the travel and hospitality space," said V.K. Mathews, founder and executive chairman of IBS Group.

This is the second time IBS has received capital investment from a global PE (private equity) firm.

"We are impressed by the company's management team and its track record of delivering mission critical solutions to marquee global customers," said Amit Dixit, senior MD and co-head of Private Equity in India at Blackstone.

IBS has a global presence with nearly 3,000 professionals across nine international offices and provides a range of new-generation software products to some of the world's best airlines, busiest airports, leading cruise lines, major travel distributors and top oil and gas companies.