U.S.-based private equity firm Sterling Group has announced the acquisition of iLife Digital Technology, a personal computer manufacturer, for an undisclosed sum.
Sterling Group said the move would help iLife Digital accelerate growth.
Based in Dubai, iLife Digital plans to enter new channels such as large format retailers, dealers and the enterprise segment with prime focus on the growing education sector.
iLife plans to introduce products targeting enterprise segment such as chrome books, commercial desktops, monitors, notebooks and servers.
In the next three years, the company plans overseas expansion to Central and Eastern Europe, U.S. and Latin America.
“Coronavirus has led to spike in PC sales globally,” said Anees Mian, co-founder, iLife Digital Technology LLC. With a rapid spread of COVID-19, there has been a surge in consumers buying devices to work-from-home. Hence, partnering Sterling was a strategic move,” said Anees Mian, co-founder, iLife Digital Technology LLC.
“We have followed the impressive iLife Digital journey for many years. We are proud to acquire such an innovative company with a strong record of growth and success in consumer technology,” said Syed Faizan, managing partner, Sterling Group.
Following the closure of the transaction, iLife Digital will continue to operate as a privately held company and its existing management team headed by Eric Bhagwat, senior vice-president META region, and Anshuman Rath, senior vice-president, APAC region will lead the operations.
Sterling Group’s Louis Dsouza will join iLife Digital as president and group chief financial officer along with two executives by November.
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