Consortium acquires majority stake in Octagon
Capital injection to fund Octagon’s acquisitions and expansion plans
Octagon International, a UAE-based IT distributor recently announced the sale of a majority share to a consortium of private equity investors in a multi-million dollar transaction.
According to Octagon, the deal represents one of the largest private equity investments in the UAE's IT distribution industry over the past several years and signals a return of confidence to a sector battling to revert to profitability following a period of sustained market turbulence.
Sukant Mishra, chief executive officer, Octagon International, said: "This transaction has provided a great boost to Octagon and demonstrates a solid endorsement of our business model, leadership and financial strength. Octagon will continue to provide superior value to our customers and partners, through our world-class sourcing and logistics capabilities. We look forward to continuing to provide the highest levels of service our partners are accustomed to, by significantly expanding our product range and market reach in the coming year."
Mishra said the injection of additional capital into the company will allow Octagon to further expand during such challenging times for the IT industry. "We are exploring possibilities of acquiring additional distribution rights as well as investing into service capabilities," he said.
Mishra added: "Octagon International is well-placed to capitalise on the opportunities presented in the region and now with the added financial strength, the company is set to become among the strongest players in this market."