Inflexionpoint Acquisition Corporation has acquired a controlling stake of New Delhi-headquartered Iris Computers for an undisclosed amount, the company said in a release. This marks raising its holding after acquiring a minority stake last year.
This is the second acquisition by Inflexionpoint in Asia. Earlier it had acquired Singapore-based IT component distributor, Dragon Technology Distribution. With these two acquisitions, the firm has consolidated over $700 million in annual distribution revenues spread over 10 countries in the Asia Pacific.
Founded in 1996 by Sanjiv Krishen, Iris Computers is a Rs 1,600 crore revenue firm which distributes computer systems and peripherals, from leading OEMs like IBM, Lenovo, HP, Dell, Samsung, Acer, HCL, Canon, Western Digital and APC through its network of 34 branches throughout India.
Krishen shall continue to lead Iris Computers as its chairman. Neeraj Chauhan (CEO Inflexionpoint Asia) and Vishal Sopory have been appointed as directors of the new board.
"The Iris acquisition provides us with a robust and scalable platform to grow Inflexionpoint's distribution operations in India and beyond," said John Sculley, managing partner of Inflexionpoint.
Inflexionpoint was founded in 2011 by John Sculley, former CEO of Pepsi and Apple, along with Shane Maine (London based structured finance strategist), Gordon McMillan (Toronto-based financial services entrepreneur) and, Neeraj Chauhan (global distribution entrepreneur). The firm has offices in the UK, Ireland, Singapore, India and Canada.
(Edited by Joby Puthuparampil Johnson)