US based IT supply chain company, Inflexionpoint Acquisition Corporation (Inflexionpoint) has completed the share purchase transaction of India based domestic IT distributor, Iris Computers. This is the second major acquisition for Inflexionpoint after it completed the acquisition of Singapore-based electronic component distributor and seller, Dragon Technology Distribution.
Financial details of the deal were not disclosed. John Sculley (Ex CEO of Pepsi and Apple) founded Inflexionpoint, will have controlling stake in the New Delhi based Iris Computers. Meanwhile, the latter’s founder, Sanjiv Krishen will continue to lead Iris Computers as its Chairman. Iris has 34 branches in India and is a INR 16 billion (US$260 million approximately) company.
In the newly reconstituted board, Neeraj Chauhan, CEO Inflexionpoint Asia and Vishal Sopory have been appointed as Directors.
Expressing his “delight” over the acquisition Krishen said, “The company and its associates shall benefit from the international relationships, financial resources and management capabilities available at Inflexionpoint.”
John Sculley, Managing Partner, Inflexionpoint, added, “We have studied India for a long time. The market is poised for growth. The Iris acquisition provides us with a robust and scalable platform to grow Inflexionpoint’s distribution operations in India and beyond.”
He was “impressed” with “the Iris team’s market knowledge, execution capabilities and customer orientation.”
“Sanjiv Krishen, Chairman of Iris, brings vast experience and relationships with customer and vendor partners to the group.” added Sculley.
With the Iris and Dragon acquisitions, Inflexionpoint claims to have consolidated over US$ 700 million in annual distribution revenues spread over 10 countries in Asia Pacific. It has offices in the United Kingdom, Jersey, Ireland, Singapore, India and Canada.