Octagon International, one of the fastest-growing IT distributors in the UAE, said it has sold a majority share to a consortium of private equity investors in a multi-million dollar transaction.

Dubai-based Octagon deals in leading brands such as HP, Dell,  Xerox and Samsung and has a large channel base of over 300 distribution partners spread across 30 countries in the Middle East and Africa, said a top official.

"This 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, CEO of Octagon.

"This transaction has provided a great boost to Octagon and demonstrates a solid endorsement of our business model, industry leadership and financial strength," he stated.

“The injection of additional capital into the company will allow us to further expand during such challenging times for the IT industry," Mishra noted.

"Looking forward, we are exploring possibilities of acquiring additional distribution rights as well as investing into service capabilities," he added.-TradeArabia News Service