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ePlus Inc. (NASDAQ: PLUS) is a leading provider of transformative technology solutions aimed at helping visionary organizations achieve their IT goals. ePlus engineers sustainable IT roadmaps through their expert team of architects, engineers, and consultants, delivering strategies to fulfillment and managed services, allowing clients to optimize their IT environments and supply chain processes.
Headquartered in Virginia, ePlus operates through its subsidiaries to offer a broad array of technology solutions that cater to medium and large enterprises across various sectors in the United States and select international markets including the UK, EU, India, Singapore, and Israel. The company’s robust portfolio includes consulting, professional and managed services, and complete lifecycle management services, complemented by flexible financing solutions.
ePlus maintains deep partnerships with top manufacturers, leveraging these relationships to stay at the forefront of the IT ecosystem. The company's diverse network of over 1,500 vendor partnerships ensures that they can offer cutting-edge solutions tailored to the dynamic needs of their clients.
Recent achievements highlight ePlus's strong financial performance. For the fiscal year ending March 31, 2024, ePlus reported consolidated net sales of $2.23 billion to $2.33 billion, reflecting a significant increase driven by growth in key verticals and managed services. The company's adjusted EBITDA ranged between $200 million to $215 million. ePlus continued to expand capabilities through strategic acquisitions, such as the Network Solutions Group (NSG) and PEAK Resources, Inc., enhancing their engineering, sales, and service delivery capabilities.
ePlus's ongoing projects include the 2024 GRIT: Girls Re-Imagining Tomorrow® program, aimed at inspiring young women to pursue careers in technology. Additionally, ePlus has made significant strides in managed services, with substantial growth in Enhanced Maintenance Support, Service Desk, and Security Operations Center services.
In summary, ePlus Inc. is a trusted advisor in the IT industry, known for its relentless commitment to innovation, client service, and the ability to navigate through rapidly changing environments. With a strong balance sheet, a strategic focus on AI and cybersecurity, and a dedicated workforce, ePlus is well-positioned to continue delivering exceptional solutions and driving long-term shareholder value.
ePlus has announced an expansion of its Storage-as-a-Service (STaaS) portfolio by launching ePlus STaaS with NetApp Keystone, providing a flexible and dynamic storage consumption model.
This offering includes benefits such as accelerated issue resolution, enhanced capacity planning, and a pay-as-you-grow pricing model, allowing organizations to align storage costs with actual usage and scale on demand. The service is backed by ePlus's technical support and customer success resources, ensuring minimal downtime and maximum productivity.
NetApp Keystone offers a hybrid cloud experience via a single subscription, reducing the burden of data storage management and enabling IT teams to focus on business outcomes.
IGXGlobal, a subsidiary of ePlus, announced the expansion of its Storage-as-a-Service (STaaS) offering, powered by Pure Storage Evergreen//One, to the UK and Europe. This follows its success in the U.S. The STaaS offering includes flexible subscription models for storage consumption, enhanced technical support, and customer success resources. European organizations can now benefit from expedited issue resolution, first-call technical support, improved storage capacity planning, and a consumption-based utility model. The expansion is driven by rising demand for on-demand burst and growth capacity in AI applications.
IGXGlobal aims to provide a cost-effective and flexible data storage solution, leveraging Pure Storage's technology and its technical support expertise. The move is seen as a natural progression following the success of the service in the U.S.
ePlus has been named Juniper Networks' 2023 Partner of the Year for Cloud Ready Data Center in both Worldwide and Americas categories. This recognition highlights ePlus' expertise in creating modernized data centers and automated cloud-based network solutions using Juniper's AI-Native technologies. The award is part of the Juniper Partner Advantage Program, which honors partners for their innovative solutions and exceptional customer experiences. Juniper's GVP, Gordon Mackintosh, praised ePlus for their dedication to advancing network solutions, while ePlus' president, Ken Farber, emphasized the importance of their partnership with Juniper in driving cloud infrastructure innovation.
ePlus has launched Azure Recover, a fully-managed Disaster Recovery-as-a-Service (DRaaS) solution powered by Azure Site Recovery. Announced on June 26, 2024, this service aims to protect critical workloads across on-premises, Azure, and other cloud environments. Key features of Azure Recover include fully-automated monthly testing, failover event support, and continuous recovery validation. According to Justin Mescher, VP of AI, cloud, and data center solutions at ePlus, this new service will help organizations reduce recovery time objectives, maintain compliance, and ensure business continuity during unforeseen events. For more information, visit their official webpage.
On June 11, 2024, ePlus announced it received the Lenovo U.S. Infrastructure Solutions Group (ISG) Partner of the Year Award at Lenovo's Accelerate Express '24 event. This award recognizes partners for their year-on-year growth, engagement, certifications, and contributions to community and culture. ePlus was honored for its ability to help customers innovate data centers using Lenovo's servers, storage, and networking solutions. Lenovo senior director Stacey Goodman highlighted ePlus's role as a trusted advisor and its expertise in Lenovo technology. ePlus COO Darren Raiguel emphasized the importance of strong industry partnerships in the AI-driven technology landscape.
ePlus has been ranked number 26 on CRN's 2024 Solution Provider 500 list, climbing two spots from the previous year. This annual list identifies North America's largest solution providers by revenue, with this year's companies representing a combined revenue of over $501.2 billion. ePlus, known for its expertise in AI, Data Center, Cloud, Security, Networking, and Collaboration, partners with leading technology vendors to offer comprehensive technology solutions. CEO Mark Marron attributes this achievement to the company's extensive technical capabilities and over 30 years of industry experience. CRN's list highlights companies demonstrating business agility and innovation amid rapid IT channel changes.
ePlus reported financial results for Q4 and fiscal year 2024, noting a 12.7% increase in net sales to $554.5 million and a 12.6% rise in technology business sales. However, the company saw a 33.1% drop in net earnings to $22 million and a 24.4% decrease in adjusted EBITDA to $36.8 million.
Annual net sales grew 7.6% to $2.225 billion, with a 6.4% rise in consolidated gross profit to $550.8 million. Despite revenue growth, net earnings fell 3% to $115.8 million, and adjusted EBITDA slightly decreased. The company announced a new share repurchase plan to buy back up to 1.25 million shares.
ePlus highlighted a strong cash position of $253 million and outlined guidance for 2025, projecting 3-6% revenue growth and $200-$215 million in adjusted EBITDA.
ePlus (NASDAQ: PLUS) announced that it will release its earnings report for Q4 and the fiscal year ending March 31, 2024, on May 22, 2024, after the market closes.
The company will host a conference call and audio webcast at 4:30 p.m. ET on the same day to discuss the financial results. The live call is accessible via domestic and international numbers, with a replay available until May 29, 2024.
ePlus Inc. has been recognized as Growth Partner of the Year by Varonis for its expertise in leveraging Varonis technology to enhance data security and combat cyber threats. ePlus' Compromise Nothing initiative, in collaboration with Varonis, helps organizations improve data governance in modern IT environments.
ePlus Inc. announced Binary Defense as a new Tier 2 Managed Detection and Response partner, offering customized security solutions with accelerated detection, investigation, and response capabilities. Binary Defense's industry recognition and expertise aim to enhance customers' security posture through the collaboration.
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