New Delhi, December 18, 2013
Inflexionpoint Acquisition Corporation (Inflexionpoint) and Iris Computers Ltd announced today that they have completed the Share Purchase Transaction where Inflexionpoint has acquired controlling stake in New Delhi based Iris Computers Ltd. This is the second significant acquisition by Inflexionpoint in Asia. Earlier this year it had completed acquisition of Singapore based IT Component Distributor, Dragon Technology Distribution. With Iris and Dragon acquisitions, Inflexionpoint has consolidated over 700 MN USD in annual distribution revenues spread over 9 countries in Asia Pacific.
Founded in 1996 by Mr Sanjiv Krishen and his two partners, 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, Western Digital, and APC through its network of 34 branches throughout India.
“Iris acquisition provides us with a robust and scalable platform to grow Inflexionpoint distribution operations in India and beyond.” said John Sculley, Managing Partner 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 with customer and vendor partners to the group.” added Mr Sculley.
“We are delighted to be chosen by Inflexionpoint for their investment in India. Iris has been a Distributor of choice and integral part of India strategy for leading OEMs. Company and its associates shall benefit from international relationships, financial resources and management capabilities available at Inflexionpoint.” Said Mr Sanjiv Krishen, Founder and Chairman of Iris Computers.
Founded by John Sculley (Ex CEO or Pepsi and Apple) along with his partners Inflexionpoint is aggregating IT and Telecom Supply chain companies in Asia. Inflexionpoint leadership team believes that it can significantly build upon its platform acquisitions by adding international best practices in market expansion, channel financing and risk management.
As per company, Mr Sanjiv Krishen shall continue to lead Iris Computers as its Chairman. In the newly reconstituted board Mr Neeraj Chauhan (CEO Inflexionpoint Asia) and Vishal Sopory has been appointed as Directors.
About Inflexionpoint Acquisition Corporation
Founded in 2011, Inflexionpoint Acquisition Corporation (“Inflexionpoint”) is a global-focused IT supply chain company. The founders of Inflexionpoint are also the founders of Pivot Technology Solutions, 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. (www.inflexionpointac.com)
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, Gordon McMillan and, Neeraj Chauhan, the Former Managing Director of Global Infonet Distribution, India.
Inflexionpoint has offices in the United Kingdom, Jersey, Ireland, Singapore, India and Canada.
About Iris Computers Limited
Established in 1996, Iris Computers is a 16 Billion INR revenue, broad line Indian IT distribution company. Iris acts as an Authorized Distributor for leading OEMs and services over 3000 VAR/SI, Re-seller and Sub Distribution customers across the country. The company also has project management capabilities. (www.iriscomputers.net)
Headquartered in New Delhi, Iris distributes its products through its countrywide branch network of 34 locations. Iris ranks among the Top 5 National IT Distribution companies in India.
Iris has shown a consistent business growth over the past fifteen years with last year growth being an impressive 46 % compared to the previous year.