Mumbai, 25 July, 2007: IBS Software Services (IBS), a leading provider of IT solutions to the Travel, Transportation and Logistics industries announced today that General Atlantic LLC (GA) will invest $60 million (Rs. 242 Crores) in the company for a minority stake. General Atlantic is a leading global growth investor and is rated as one of the top 20 Private Equity investment companies in the world. Edelweiss is the exclusive financial advisor to IBS in this transaction.Founded in 1997, IBS is a leading provider of new-generation software products and services for the Travel, Transportation and Logistics industry sectors serving 70+ customers world-wide. They include the world’s top airlines, busiest airports, top cruise lines and top oil & gas companies, which use IBS solutions for their mission-critical operations. IBS employs about 1,700 employees globally with two development centers in India.

On the occasion VK Mathews, Chairman & Managing Director, IBS Group said, “We are very excited about this partnership which will enable us to leverage the strengths of our respective organizations. Being a global growth investor in the technology sector, General Atlantic will be able to provide IBS with strategic assistance to propel IBS to the next phase of its aggressive growth strategy.”

“IBS is perhaps the only IT Company in the world to have invested over 2,000 man-years developing new generation products for the Travel, Transportation and Logistics sector. GA’s investment will be used to further accelerate the organization’s growth through global mergers & acquisitions, and ramping up our sales, business consulting capability and infrastructure,” he added.

Abhay Havaldar, Managing Director of General Atlantic, will join the IBS’ board of directors and will assist the company in evaluating growth opportunities globally. Commenting on General Atlantic’s commitment to IBS, Mr. Havaldar said, “IBS is one of the leading software product companies in India and with its deep technical expertise, high quality client base and IBS Corporate Communications

strong management team, IBS is extremely well-positioned for continued growth and expansion. We look forward to working closely with the IBS management team as an active long-term investor and strategic partner, with the goal of building IBS into a global market leader.”