|By PR Newswire||
|October 8, 2012 06:18 AM EDT||
NEW DELHI, October 8, 2012 /PRNewswire/ --
InflexionPoint Technologies ("InflexionPoint") and Iris Computers Ltd. ("Iris") announced today that they have entered into a Share Purchase Agreement where InflexionPoint has acquired a stake in Iris. This is the first investment by InflexionPoint which is in the process of aggregating IT Distribution companies in Asia. It recently announced a Share Purchase Agreement to acquire a majority share in a Singapore based IT Component Distributor, Dragon Technology Group.
Founded in 1996, Iris Computers is a Tier 1 National IT Distributor with headquarters in New Delhi. The company distributes computer systems and peripherals, from leading OEMs like IBM, Lenovo, HP, Dell, Samsung, Acer, HCL, Canon and APC through its network of 34 branches throughout India.
"Our investment in Iris will provide us with a robust IT Distribution platform in the Indian market, which will be an important part of our Asian operations," said John Sculley, Chairman of InflexionPoint. "We are impressed with the Iris team's market knowledge, execution capabilities and customer orientation. Mr. Sanjiv Krishen, Chairman of Iris, brings vast experience and relationships in IT Distribution to the group. We are happy to report that Mr. Krishen has agreed to continue leading the company after the completion of the transaction as well," added Mr. Sculley.
"We are delighted to be associated with InflexionPoint for their investment in India. Iris has been a National Distributor of choice in India for leading IT brands. We are confident that InflexionPoint will further accelerate our growth and cement our position as a leading IT distributor," said Mr. Sanjiv Krishen, Chairman and Managing Director of Iris Computers.
About InflexionPoint Technologies:
Founded in 2011, InflexionPoint Technologies ("InflexionPoint") is a global-focused IT supply chain company. The founders of InflexionPoint are also the founders of Pivot Acquisition Corp., a Toronto, Canada, based holding company created for the purposes of acquiring North American IT VARs and timed to take advantage of the consolidation opportunities of value-added IT resellers. Since its creation, Pivot has experienced 66% revenue growth in less than two years, making it one of North America's largest VAR with over $1.5 Billion in revenues.
The InflexionPoint team has deep IT industry expertise as well as an experienced Board of Directors with IT Product and Services expertise. The Board of Directors and management team include: former Apple and Pepsi CEO John Sculley; technology and financial entrepreneurs Shane Maine and Gord McMillan; and, Neeraj Chauhan, the former Managing Director of Global Infonet Distribution, India.
InflexionPoint has offices in the United Kingdom, Jersey, Ireland, India and Canada. For more information, visit http://www.inflexionpointac.com.
About Iris Computers Limited:
Established in 1996, Iris is a Tier 1 IT distribution company and ranks among the Top 10 companies in this space in India. Iris acts as an Authorised Distributor for leading OEMs and services over 2000 VAR/SI, Reseller and Sub Distribution customers across the country. The company also has project management capabilities.Headquartered in New Delhi, Iris distributes its products through its countrywide branch network of 34 locations.Iris has shown a consistent business growth over the past fifteen years with last year growth being an impressive 34% compared to the previous year. For more information, visit http://www.iriscomputers.net.
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