IBS Software acquires Canadian aviation software provider AD OPT
IBS Software, the travel technology specialist, has announced its acquisition of Montreal, Canada based aviation software provider AD OPT.
The company was acquired from Kronos Incorporated in the US for an undisclosed, multi-million dollar figure. AD OPS are currently the providers of crew planning and optimization software to airlines such as Air Canada, EasyJet, Emirates, FedEx, Garuda, Lion Air, and Qantas.
Bob Hughes, Chief Customer and Strategy Officer, Kronos, said: "IBS represents a well-established and logical acquirer of AD OPT – a game-changing combination which will bring meaningful expertise and complementary benefits to employees and customers of both organizations. AD OPT employees will be joining a thriving company dedicated to the travel industry. Customers will also benefit from IBS' and AD OPT's shared commitment and passion for innovation.”
IBS said the acquisition would result in the addition of more than 20 airline customers to IBS’ books, widening their footprint in North America. IBS said that by merging the assets, expertise and capabilities of the two companies they would be able to offer a more holistic software package, encompassing crew planning, pairing, rostering, optimizing, tracking and managing operations for large, complex network carriers.
"Acquisition of world-class travel technology companies has been a deliberate strategy of IBS to fulfill its commitment to the aviation industry,” said VK Mathews, Executive Chairman, IBS Group. “AD OPT offers a sophisticated suite of airline crew planning and optimization products, a sizeable customer base and a highly experienced team of professionals. The coming together of IBS and AD OPT is, therefore, extremely relevant for the industry as it enables us to create the most advanced digital platform, delivering a holistic solution for flight operations and crew management. We will continue to pursue our inorganic growth strategy to expand our solutions landscape and deliver outstanding value to our customers.”
IBS used their press release to suggest the development was an integral part of its efforts to become the leading provider of technology to the international airline industry.
CB Insights: US Insurtechs Compete In A Now Global Market
In the first half of the year, insurtech companies around the world have raised US$7.4bn, nearly doubling their funding in Q2. According to Digital Insurance, insurtechs have raised US$4.8bn in Q2—an 89% increase in funding from Q1. But US firms are no longer the sole beneficiaries.
What Are the Stats?
Out of the 15 Q2 mega-rounds—those that top US$100mn—only eight included American firms. Pretty good, you might say. That’s over half! But US companies only made up 38% of the deals, which marks a 10% drop from Q1 and a 12% drop from 2020. Technically, therefore, US insurtechs are less influential than they’ve been in the past. But who says this is a bad development?
Despite my American citizenship, I’d argue that a more globally diverse insurance market is only for the best. Many of the world’s citizens who could most benefit from improved insurance services live outside of the States—and deserve local, tech-savvy services.
Why Does This Matter?
You’re always going to see the typical insurtech contenders from Western countries. For instance:
- German-based wefox: US$650mn Series C
- UK-based Bought By Many: US$350mn Series D
- US-based Collective Health: US$280mn Series F
But it’s critical that we address risk across the world. American insurtechs might be some of the most technologically skilled firms in the industry, but it’s not their first goal to address floods in Southeast Asia, crop destruction in China, and COVID complications in South Africa. That’s why we should celebrate that the recent Q2 round included insurtechs from 35 different countries.
According to CB Insights’ Q2 2021 Quarterly InsurTech Briefing, this was the first time that they’d observed insurtech activity in Botswana, Mali, Romania, Saudi Arabia, and Turkey. And ‘from a product, service, distribution, and underlying risk perspective, we—as a society and as an industry—are moving at an unprecedented speed’, says Dr. Andrew Johnston, Global Head of Willis Re InsurTech.
Just ask CB Insights. InsurTech value propositions have resonated with the world.