Dubai: The Sterling Group, the private equity firm, has acquired Dubai-based iLife Digital Technology, a PC brand, for an undisclosed amount. The investment will be used to speed up iLife Digital’s growth plans as well as increase its market share. Other geographies too might be added.
“Coronavirus has created PC sales spike - globally," said Anees Mian, co-founder of iLife Digital Technology. "With accelerated spread of Covid-19 there has been a surge in consumers buying devices in order to work-from-home - partnering with Sterling Group was a strategic move.”
Pick up COVID-19 generated growth
For Sterling, it meant an exposure in a "lucrative sector buoyed by positive developments". Headquartered in Dubai, iLife has had a pan-India presence for around three years. It plans to enter new channels such as large format retailers and with dealers, with prime focus on the rapidly growing education market. (Again, a category that has seen growth catapult in COVID-19 times.)
iLife also plans to introduce hardware targeting the enterprise category such as chrome books, commercial desktops, monitors, notebooks and servers. In the next three years, the company projects an overseas expansion.
Syed Faizan, Managing Partner of Sterling Group, said: “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 Digital will continue to operate as a privately held company. Sterling Group’s Louis Dsouza will join iLife Digital as President and Group Chief Financial Officer along with two executives by November.