British equity firm Apex Partners is now acquiring a minority stake in the company in which American investment firm Blackstone had a stake. 3699 crores acquisition of 30 percent shares. The majority shares are held by the founder of the company, VK Mathews. Blackstone invested about Rs 1397 crore in IBS eight years ago. The profit of this company is more than three times through share sale.
How VK Mathews started IBS, a big company in the field of aviation?
25 years ago, VK Mathews left his high-profile job in Dubai to start a business in India. Let’s say he took a little risk and quit a job that had all the benefits.
Born in the village of Kishkanambalam in Kerala, Mathews was the son of one of the founding managers of the Federal Bank. His career graph is also interesting. After schooling and graduation in Kerala, he obtained his PG in Aeronautical Engineering from the Indian Institute of Technology (IIT), Kanpur.
In 1980, he started his career as a computer science teacher at the Military College of the Indian Army. Realized teaching was not for him and joined Air India as a systems analyst. Later in 1983 he moved to Emirates Airline in Dubai. A career spanning over a decade there. Later became the youngest IT head in the company.
Not even 40 years old, Mathews decided to venture into business while enjoying a dream life and career in Dubai. It was a time when major expenses including children’s education were borne by the company. He left everything behind and returned to India to start a business. IBS has now grown beyond what he probably dreamed in 1997 when he set up IBS Software in Technopark, Kerala’s first IT hub. It now provides services to many airlines like Air Canada, British Airways, American Airways, Emirates, Etihad and other global giants.
