Thiruvananthapuram, Aug 25 (IANS): IBS Software, headquartered at Technopark Thiruvananthapuram, on Thursday launched a unified selling and production technology platform named iTravel.

The technology platform is expected to go live in 2017 and IBS -- a travel, transportation and logistics IT solutions specialist -- has already signed contracts worth over $40 million (Rs 250 crore) with some of the leading players in the travel industry.

Speaking to reporters here, IBS Group Executive Chairman V.K. Mathews said this product is well positioned to redefine the future of the travel industry.

"There are four variants, each tailor-made for the airlines, hospitality firms, cruise liners and tour operators. This path-breaking next generation platform is set to revolutionise the way travel business is operated to digitally source products and services from all their travel partners, package it, and directly offer to travellers through a digital device of choice, be it a laptop, smart phone or smart watch," Mathews said.

The platform enables users to bypass non-value adding 3rd party agencies, thus helping them to increase profitability. 

The platform will also facilitate cross-selling and up-selling opportunities and enhancing ancillary sales, thereby driving incremental revenues.

"This new digital platform will be sitting above our existing products and by now itself 20 out of the leading 40 airlines and giant hospitality and tour operators have already signed up with us. It took us over 400 dedicated R&D professionals across IBS' 10 global offices who worked for over three years to develop this platform," added Mathews.

The addressable market for the platform is estimated to be in excess of $4 billion and till date this is the only one of its kind.

This product would be showcased at the upcoming Aviation Core Group of Influence Summit to be held in London next month and at the Hospitality Summit to be held in the US in October.

IBS today has 3,000 employees on its rolls and was one of the first companies to be part of the Technopark campus since the time it was opened two decades ago.