The group buyout majority stake in the company, a leading personal computer manufacturer
Sterling Group, a private equity firm acquired iLife Digital Technology, a leading personal computer manufacturer, today, for an undisclosed amount.
Sterling Group will help iLife Digital to accelerate its future growth. From the Group's perspective, it is an exciting deal as it allows them to catapult their presence in a hot sector buoyed by positive developments. The investment will boost iLife Digital's growth plans, increase its market share and help expand to other geographies.
Headquartered in Dubai, UAE iLife Digital Technology has had a pan-India presence for around three years. It plans to enter new channels such as large format retailers, dealers and the enterprise segment, with prime focus on the rapidly growing education market.
iLife plans to introduce plethora of exciting products targeting enterprise segment such as chrome books, commercial desktops, monitors, notebooks and servers.
In the next three years, the company envisages overseas expansion, which includes Central and Eastern Europe, USA and Latin America.
Welcoming the acquisition, Anees Mian, Co-Founder of iLife Digital Technology LLC said, "Coronavirus has created PC sales spike, globally. With accelerated spread of Covid-19 there has been a surge in consumers buying devices in order to work-from-home, hence partnering with Sterling Group was a strategic move." He continues, "We are excited to partner with them as we enter our next phase of market expansion and growth."
Syed Faizan, Managing Partner of Sterling Group noted, "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 Tech. iLife has a history of building disruptive world class technology. We are thrilled to be partnering with iLife Digital's management team to expand the business globally."
Following the transaction closure, iLife Digital will continue to operate as a privately held company. iLife expects to continue to operate under the leadership of the existing management team headed by Senior Vice President META Region, Eric Bhagwat and Senior Vice President, APAC Region, Anshuman Rath.
Sterling Group's Louis Dsouza will join iLife Digital as President and Group Chief Financial Officer along with two executives by November 2020.
About Sterling Group:
http://thesterlinggroup.in/index.html
Sterling Group is an US based private equity firm that partners with management teams to build winning businesses for customers, employees and investors. Founded in 1996, the firm's portfolio inc About Sterling Group ludes energy, healthcare, internet, software, mobile start-ups and real estate. They provide capital for consumer, enterprises, and life science technologies from seed to growth stages. With branches in Delhi and Dubai and investments spanning India, USA and Latin America, the firm believes in identifying potential opportunities and help transform them into fast-growing and strong businesses. Their mission is to fuel and foster middle market companies and game-changer business ideas.
About iLife Digital Technology:
I-Life Digital is one of the leading consumer electronics company in Middle East, CIS, Africa and India. Over the past seven years, I-Life has pioneered the democratisation of technology for masses by offering affordable innovations through their product offerings and removing barriers for large scale adoption of advanced technologies. I-Life is currently one of the largest mobility vendors in Middle East, Africa, CIS and India. The brand's product portfolio embraces more than 60 models today, ranging from Smartphones, Tablet PC's, Virtual Reality, Smart Watch's, 2-in-1 Detachable Tablets, Ultra Slim Notebooks, Convertible Notebooks and Portable All in One PC's.