Singapore- and Kerala-based technology company IBS Group has launched Naviq Technology, an artificial intelligence company aimed at the travel industry. The company will receive an investment of $500 million over the next five years.
Naviq Technology intends to partner with airlines, airports, cruise lines, vacation providers, and hospitality groups. The company will work on business transformation, operational modernisation, and the use of AI to build revenue streams for these partners.
IBS Group Founder and Executive Chairman V K Mathews said Naviq Technology would initially hire 2,000 people, with plans to expand the workforce to over 5,000 within five years across its 16 centres worldwide.
"Naviq Technology's business plan envisages rapid growth from its 16 centres worldwide, headcount growing to over 5,000 high-tech professionals in the next five years,” the company said in a statement.
The company draws on the travel industry experience of IBS Software as a provider of AI-first innovations to help clients improve operational efficiency, personalise end-user experiences, and unlock revenue opportunities.
IBS Software operates as a SaaS provider across aviation, hospitality, tour, cruise and logistics segments, and employs staff in Kerala.
Kerala Chief Minister V D Satheesan is scheduled to inaugurate the Naviq Technology campus in Kochi on July 23.
"Naviq reflects a clear structural shift in how travel technology services are delivered, pairing deep industry expertise with an AI-first model built for speed and commercial impact," said Jason Wright, Partner at Apax Partners, an investor in the venture.
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