EPlus In Deal To Sell Financing Business To PEAC For Undisclosed Terms

(RTTNews) - ePlus inc. (PLUS), a transformative technology solutions and services provider, announced Monday that it has a signed a definitive agreement to sell the domestic subsidiaries comprising its U.S. financing business to Marlin Leasing Corp., doing business as PEAC Solutions. The financial terms of the deal were not disclosed.

With the divestiture, ePlus would be a pure-play technology solutions provider.

The sale is expected to close within the next 60 days and is subject to various terms and conditions.

PEAC Solutions is a portfolio company of the Asset Value Funds sponsored and managed by global investment firm HPS Investment Partners, LLC.

The company said it will continue to offer the value-add of financing services to its technology customers and vendors through PEAC.

In the transaction, ePlus was represented by Macquarie Capital (USA) Inc and K&L Gates LLP.

Mark Marron, CEO and president of ePlus, said, "Given the rapidly evolving technology industry, the sale of our financing business gives us incremental capital to focus on growth opportunities and acquisition opportunities in the technology and services space. It also strengthens our ability to continue to invest in high growth areas of AI, cybersecurity, data center modernization, high performance networking and related consulting and managed services, while providing us the flexibility to accelerate plans around expanding our footprint and customer base."

In the pre-market activity on the Nasdaq, ePlus shares were gaining around 0.4 percent to trade at $72.10.