ePlus Acquires IGX to Expand Security Offerings
HERNDON, VA - December 7, 2015 - ePlus inc. (NASDAQ NGS: PLUS - news) today announced that its subsidiary, ePlus Technology, inc., acquired the businesses of IGX Acquisition Global, LLC, IGX Global UK Limited, and IGX Support, LLC (collectively, "IGX"), which provide advanced security solutions, secured networking products, and related professional services to a diverse set of domestic and international customers including commercial, enterprise, and state, local, and education (SLED) organizations. IGX is headquartered near Hartford, CT, with offices in metro New York, metro Boston, and London to serve its UK and global customers.
"IGX will enhance our engineering delivery of advanced technology solutions in security and secured networking, expand our geographic footprint in Connecticut, and broaden our customer base in Boston and New York. IGX's existing customers, which include notable SLED, commercial, enterprise, and global organizations, will gain access to ePlus' full range of managed and professional services and integrated solutions across the data center, collaboration, networking, and the cloud as well as products from top manufacturers - such as Cisco, EMC, HP, NetApp, and VMware," said Phillip G. Norton, chairman, CEO, and president of ePlus. "The acquisition of the UK-based subsidiary, IGX Global, will also advance our strategy to better support our US-based global customers internationally. IGX Global's cross-border relationships have enabled it to meet its customers' international needs in more than 15 countries."
"We are excited about becoming part of the talented ePlus team and having the opportunity to expand our current market offerings. The acquisition provides us with the ability to service our clients with a broader portfolio of leading technologies, managed services, and enterprise class secure data center solutions," said Thomas Duffy, IGX CEO. "The combination of ePlus' advanced technology solutions and IGX's long-standing client relationships in the US and the European Union will enhance our combined customer base with more innovative services and solutions."
The acquisition of certain assets and the assumption of certain liabilities of IGX Acquisition Global, LLC and IGX Support, LLC, and the acquisition of the stock of IGX Global UK Limited, closed on December 4, 2015. Terms were not disclosed. IGX had net sales in excess of $51 million for the trailing 12 months ending August 31, 2015. CHILDS Advisory Partners served as the exclusive financial advisor to IGX in this transaction.
Headquartered in central Connecticut, IGX focuses decades of experience to help organizations maintain stable, secure technology infrastructures, delivering peace of mind for their clients. By employing a wide range of available technology partners and certified in-house experts, IGX delivers solutions that are an exact fit for its customers' needs. With a global presence, IGX can guide organizations through some of the most complex technology challenges including security and secured networking. For more information, see www.igxglobal.com.
About ePlus inc.
ePlus is an engineering-centric technology solutions provider that helps organizations imagine, implement, and achieve more from their technology. With the highest certifications from top technology partners and expertise in key technologies from data center to security, cloud, and collaboration, ePlus transforms IT from a cost center to a business enabler. Founded in 1990, ePlus has more than 1,000 associates serving commercial, state, municipal, and education customers nationally. The Company is headquartered at 13595 Dulles Technology Drive, Herndon, VA, 20171. 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. ePlus. Where Technology Means More.
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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.