it is also considering establishing a smartphone joint venture with NEC
Lenovo Group is planning to explore growth opportunities in servers, storage, and smartphone industry over 2014, as part of its attempt to develop its enterprise tech portfolio.
The company is planning to expand its market share in the server business from current 2.6% to between 5%-10% in the fourth quarter.
Lenovo CEO Yang Yuanqing was cited by the Wall Street Journal as saying that the company is seeking deals in servers and computer storage.
"Servers and storage is the business we want to expand and develop," Yuanqing said.
"If there is an acquisition opportunity, we will take it."
In addition, the Chinese PC maker plans to expand its reach in the smartphone market with an aim to go outside China into other emerging markets, followed by entering into developed markets, including the US.
"We will be in developed markets in a year," Yuanqing added.
Lenovo is also considering establishing a smartphone joint venture with NEC, with talks ongoing since early 2013 on a potential sale or tie-up involving its mobile unit.
During the fourth quarter ended 31 March 2013,Lenovo reported a 4% rise in revenues to $7.8bn and a 15% year-on-year (YoY) increase in full year sales to $34bn.