Lenovo will stop acquiring hardware companies and turn its focus to software and IT services.
In a blog post Monday, ZDNet Asia's sister site ZDNet China cited Liu Chuanzhi, chairman of Lenovo's parent company Legend Holdings, as saying the PC maker will "definitely not" be buying and will stop acquiring hardware companies in general.
Instead, the company will target businesses in the enterprise software and IT services space, Liu said, who added he hoped to replicate the company's PC success in different industries.
This intent was bore out last week when Lenovo bought overto boost its cloud services. It also to gain a bigger share of the server and networking storage market.
Despite the shift in focus for acquisitions, the chairman believes Lenovo will become theby the second quarter of its fiscal year. This confidence stems from the company's acquisition of Brazilian electronics company earlier this month.