ePlus Expands Presence in California with Acquisition of Evolve Technology Group
HERNDON, VA - August 18, 2014 - ePlus inc. (NASDAQ NGS: PLUS - news) today announced that its subsidiary, ePlus Technology, inc., acquired the operating assets and assumed certain liabilities of Granite Business Solutions, Inc. dba Evolve Technology Group ("Evolve"), a leading provider of IT solutions in California, expanding ePlus' presence in the western United States.
Located in Sacramento, CA, Evolve provides information security, collaboration, virtualization and data center solutions to an established customer base of state, local and educational institutions (SLED), as well as commercial enterprises. Evolve's 2013 revenue was approximately $27 million. Terms of the transaction were not disclosed.
"The acquisition of Evolve advances our strategy to grow as a nationwide provider of complex IT solutions. Evolve will expand our geographic footprint in California and the Western United States, and enhance our engineering delivery of advanced technology solutions including data center, security, and networking," said Phillip G. Norton, chairman, CEO and president of ePlus. "Evolve's existing customers will continue to benefit from an objective IT consulting and strategic services approach, and will now have access to ePlus' full range of integrated solutions from top manufacturers-such as Cisco, EMC, HP, NetApp, and VMware."
"We are excited about becoming part of the talented ePlus team and providing our customers with a broader portfolio of leading technologies, managed services, and enhanced data center solutions," said Paul Dhanota, co-founder of Evolve.
"We are pleased to join ePlus. The combination of ePlus' nationwide scale in the state, local government and educational markets and Evolve's long-standing client relationships in California will provide our staff and customers with new opportunities," added Robert Johnson, co-founder of Evolve.
About ePlus inc.
ePlus is a leading integrator of technology solutions. ePlus enables organizations to optimize their IT infrastructure and supply chain processes by delivering complex information technology solutions, which may include managed and professional services and products from top manufacturers, flexible financing, and proprietary software. Founded in 1990, ePlus has more than 900 associates serving commercial, state, municipal, and education customers nationally. The Company is headquartered in Herndon, VA. For more information, visit www.eplus.com, call 888-482-1122, or email email@example.com. Connect with ePlus on Facebook at www.facebook.com/ePlusinc and on Twitter at www.twitter.com/ePlus.
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Statements in this press release that are not historical facts may be deemed to be "forward-looking statements." Actual and anticipated future results may vary materially due to certain risks and uncertainties, including, without limitation, possible adverse effects resulting from financial market disruption and general slowdown of the U.S. economy such as our current and potential customers delaying or reducing technology purchases, increasing credit risk associated with our customers and vendors, reduction of vendor incentive programs, and restrictions on our access to capital necessary to fund our operations; our ability to consummate and integrate acquisitions; the possibility of goodwill impairment charges in the future; significant adverse changes in, reductions in, or losses of relationships with major customers or vendors; the demand for and acceptance of, our products and services; our ability to adapt our services to meet changes in market developments; our ability to implement comprehensive plans for the integration of sales forces, cost containment, asset rationalization, systems integration and other key strategies; our ability to reserve adequately for credit losses; our ability to secure our electronic and other confidential information; future growth rates in our core businesses; our ability to protect our intellectual property; the impact of competition in our markets; the possibility of defects in our products or catalog content data; our ability to adapt to changes in the IT industry and/or rapid change in product standards; our ability to realize our investment in leased equipment; our ability to hire and retain sufficient qualified personnel; and other risks or uncertainties detailed in our reports filed with the Securities and Exchange Commission. All information set forth in this press release is current as of the date of this release and ePlus undertakes no duty or obligation to update this information.