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Thiruvananthapuram | IBS Group on Thursday announced the launch of artificial intelligence company Naviq Technology that will focus on the global travel industry and will make an investment of USD 500 million in the firm in the next five years.

Naviq Technology will look to partner with global airlines, airports, cruise lines, vacation providers, and hospitality groups to lead large business transformations, modernise operations as well as adopt AI at scale to create new revenue streams.

Making the announcement at a briefing in the city, IBS Group Founder and Executive Chairman V K Mathews said an investment of USD 500 million would be made in the company in the next five years.

At current exchange rate, USD 500 million translates to nearly Rs 4,800 crore.

By tapping the travel industry expertise of IBS Software, the new company will provide AI-first innovations to help customers transform their business by improving operational efficiency, personalising end-user experiences, and unlocking new revenue opportunities, a release said.

IBS Software, the flagship company of IBS Group, is a leading SaaS (Software as a Service) player in the global travel industry spanning aviation, hospitality, tour and cruise, and logistics segments.

Many airlines, including Air India, Emirates and Air New Zealand, are clients of IBS Software, which has a significant chunk of manpower in Kerala.

"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," a release said.

According to Mathews, Naviq Technology, a new vertical AI company purpose-built for the global travel industry, would be initially hiring 2,000 people.

Kerala Chief Minister V D Satheesan will inaugurate the new campus of Naviq Technology in Kochi on July 23.

IBS Group is headquartered in Singapore.

At the briefing, IT industry body Nasscom's President Rajesh Nambiar said AI is creating both uncertainty and extraordinary opportunity at the same time.

He also mentioned that in some sense, AI is a weapon in many ways for geopolitical superiority or influence.