Dubai-based PC brand iLife Digital Technology has been acquired by private equity firm Sterling Group for an unspecified amount.
The investment will be used to accelerate iLife digital’s growth plans and increase market share.
Anees Mian, co-founder of iLife Digital Technology said, “Coronavirus has created PC sales spike – globally. With the accelerated spread of COVID-19, there has been a surge in consumers buying devices to work-from-home – partnering with Sterling Group was a strategic move.”
For Sterling Group, this takeover means an exposure to the “lucrative sector inspired by positive developments.” Dubai-based iLife has had a pan-India presence for about three years. It aims to enter new channels such as large format stores and with distributors, with prime emphasis on the increasingly growing education market.
iLife also plans to launch hardware such as chrome books, commercial desktops, monitors, notebooks and servers targeting the business segment. The company is proposing an overseas expansion in the next three years.
Syed Faizan, the 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.”
As a privately owned corporation, iLife Digital will continue to work. By November, Louis Dsouza of Sterling Group will join iLife Digital as President and Group Chief Financial Officer, along with two executives.
The Sterling Group Founded in 1982, targets controlling interests in basic manufacturing, distribution and industrial services companies. Sterling has sponsored the acquisition of 56 platform companies and several add-on acquisitions worth over $ 17 billion.
iLife Technologies Incorporation is a hardware, software and service company committed to researching, developing, marketing, distributing and encouraging creative goods that improve the lives of people. Their products include all types of electronic gadgets and also they are developing cloud solutions to bring together the Internet of Things (IoT).