IBS acquires US-based firm

By OUR CORRESPONDENT

Chennai, May 21: IBS Software has acquired the business of the US-based VISaer Inc for an undisclosed amount.

With the acquisition of the US company, which is in the aviation maintenance and engineering (M&E) software space, IBS will enter into the technological needs of the airline Maintenance, Repair and Overhaul (MRO) business in India.

Terming this acquisition as "strategic," IBS chairman and CEO Mr V K Mathews said, "Through this acquisition, we intend to create a global market leadership in the airlines MRO space."

IBS has software products in the crew management, airline fleet management and integrated flight operations and cater to over 50 airlines across the world, VISaer, he said, "will complete our product portfolio."

VISaer provides a single, integrated business environment to control the core activities of fleet maintenance, repair airframes and engines.

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Gold price shoots up by Rs 300

Mumbai, May 21: Safe-haven buying against the spiralling inflation following sustained rise in oil prices helped gold and silver to notch handsome gains and ended nearly fresh two-month highs.

Falling dollar, a record high global crude oil prices and hesitancy in equity markets mainly compelled stockists and investors to go for these metals, dealers said.

Standard gold (99.5 purity) shot up by Rs 300 per ten grams to Rs 12,800, the level not seen since March 19, 2007 when it was ended at Rs 12,980.

Silver ready (.999 fineness) zoomed by Rs 735 per kilo to Rs 24,710. (PTI)