Bengaluru: US-based private equity firm Sterling Group on Monday announced acquisition of iLife Digital Technology, a consumer electronics company with presence in the Middle East, Africa and India for an undisclosed sum. The firm will continue to be privately held even after the M&A deal, a press release said.
The investment will boost iLife Digital’s growth plans, increase its market share and help expand to other geographies, the two firms said in the press release.
Headquartered in Dubai, UAE iLife Digital Technology has had a pan-India presence for about three years. It plans to enter new channels such as large format retailers, dealers and the enterprise segment, with focus on the rapidly growing education market, the release said , and added that in the next three years, the company planned expansion in the US, Latin America and European regions.
iLife founder Anees Mian said Covid has created a spike in computer sales, and the acquisition will help the company enter the next phase of market expansion. Sterling managing partner Syed Faizan said iLife has a history of building disruptive world class technology.