Travel software provider IBS Group has launched a newco that will make use of AI tools in order to combine the functions of the company’s existing software suite with AI capabilities. The aim is to improve operations and create new revenue streams.

Known as Naviq Technology, the standalone business will work with airlines, airports, cruise operators, hospitality groups and travel agents. The company has ambitious growth plans, targeting a workforce with a global headcount of ‘over 5,000’ over the next five years.

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“Travel is at a turning point,” said V.K. Mathews, Founder and Executive Chairman of IBS Group. “Naviq gives the market something it has not had before: a technology and consulting company that understands the complexities of global travel and offers transformative solutions at scale using specialised AI tools.”

Naviq will focus on large-scale AI adoption and data-driven operations, positioning itself as a preferred implementation and ‘transformation partner’ for IBS Software customers.

Formed in 1997, a major development at IBS Group occurred in 2023, when funds advised by private equity firm Apax Partners invested approximately $450 million for a stake in the business. Founder V.K. Mathews remained the majority shareholder and executive chairman.

While not IBS Group’s first foray in to AI-powered systems, the Naviq formation represents a significant investment by IBS Group as it seeks to strengthen its position in the travel technology market.