IBS Software Acquires Bangalore-based Moveo Systems
IBS Software Services Ltd, an IT solutions provider catering to travel, transportation and logistics industries, has acquired Bangalore-based start-up Moveo Systems for an undisclosed sum, the company has said in a statement. It is the sixth strategic acquisition by the company, which offers IT solutions for all business segments in the aviation space. The merger will significantly enhance and strengthen the airport operations business of IBS and also drive its enterprise mobility offering by leveraging the IP-based framework developed by Moveo. "Moveo Systems brings considerable proficiency in enterprise mobility, providing perfect synergy to the existing operations of IBS. Ability to deliver information anywhere, any time through mobile applications is of critical importance that helps our customers transform their businesses," V.K. Mathews, executive chairman of the IBS Group, commented on the acquisition. Incorporated in 2006, Moveo specialises in intelligent networks and service delivery platforms to ensure industry-specific workflow. The company offers value-added solutions and services for a number of industry verticals such as infrastructure, manufacturing, banking, retail, FMCG and hospitality. Earlier, the start-up had raised $2.2 million in two rounds of angel funding. Following the acquisition, Moveo chairman and CEO Sankalp Saxena will be the president, aviation operations services, in IBS, heading the airline, airport and cargo operations of the group. "Our airport information portal has set a new global benchmark for digital interactivity in airports and the merger with IBS will enable Moveo to accelerate the reach of such solutions to customers across the globe," said Saxena. Founded in 1997, Trivandrum-based IBS develops software solutions for travel, transportation, hospitality, and logistics industries. The company specialises in application development, re-engineering and maintenance, technology consulting, business intelligence and data warehousing, independent verification and validation, legacy and usability engineering services. Besides India, IBS has offices in the UAE, Hong Kong, Japan, the UK, the Netherlands, the USA (Georgia, Massachusetts and District of Columbia) Canada and Australia.
IBS had acquired two European companies in 2002 and 2003 to build capabilities in airline and airport operations domain. During 2006-2008, it acquired three US companies to cover travel, hospitality and aircraft engineering space.