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DealerSource, Inc. and Imaging Portals, Inc. Merge

15 Feb, 2001

DealerSource, Inc. and Imaging Portals, Inc. Merge

DealerSource, Inc. and Imaging Portals, Inc. have joined forces to form a new company, it was announced today. The new company will take the name Imaging Portals, Inc. The merger of DealerSource, Inc. and Imaging Portals, Inc. combines Imaging Portals’ proprietary print management software with DealerSource’s integrated network of dealers, manufacturers, and lessors. The new company will be the first to offer an integrated end-to-end product offering in the $251 billion imaging industry.

Imaging Portals is to be headed by Mike Stramaglio, who will serve as CEO of the new enterprise. Mr. Stramaglio, who has over 25 years of experience in the imaging industry, was most recently the President and COO of Hitachi Koki Imaging Solutions Inc. Prior to his tenure at Hitachi, Mr. Stramaglio spent eighteen years at Minolta Corporation and four years at Ricoh Corporation. Mr. Stramaglio is also a two-time winner of the highly coveted Executive of the Year award, presented by Marketing Research Consultants Inc.

In announcing the formation of Imaging Portals, Mr. Stramaglio commented, “Our industry is undergoing dramatic change. The business is rapidly shifting from selling equipment to delivering sophisticated software and print management services to customers. By joining these two companies, I believe we have created a world-class opportunity to enable everyone in our industry to capitalize on these tremendous growth opportunities.” Jim Vitiello, Chairman of DealerSource, added, “…having founded and run my own copier dealership, I am confident that Imaging Portals’ technology will greatly enhance each dealer’s ability to profitably grow his or her business.” Mr. Vitiello will assume the role of Chairman of Imaging Portals.

In conjunction with its merger announcement, Imaging Portals also announced a strategic alliance with Electronics’ For Imaging (EFI). Through this alliance, both companies will begin to co-develop and distribute a menu of new software related products. In announcing this alliance, Mr. Frank Mallozzi, Vice President for World Wide Sales at EFI stated, “EFI has made a very deep and long term commitment to this new partnership and we have great confidence that this is the correct strategy for the marketplace and for our future success.” Imaging Portals has also received commitments from several major equipment manufacturers, leasing companies, and dealers to adopt its integrated product suite.

Background: DealerSource is a secure network provider of integrated transaction capabilities to customers, dealers, manufacturers, and lessors. Its investors include Trident Capital, Apex Investment Partners, and several prominent industry individuals. Imaging Portals is a developer and provider of open architecture print applications to the imaging industry.

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