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Global Imaging Systems Completes Acquisition of ITG

18 May, 2004

Global Imaging Systems Completes Acquisition of ITG

Global Imaging Systems, Inc. has completed its previously announced acquisition of Imagine Technology Group, Inc. (ITG), the company’s largest acquisition to date. The ITG companies, with annual revenues of approximately $117 million during 2003, provide office technology solutions to middle-market customers from 22 locations, including nine offices in California, seven in Texas, two in Arizona, one in Oregon, and three in Washington. The companies sell and service Sharp, Ricoh/Savin, Toshiba and Konica/Minolta copiers. Global and the ITG companies sell and service similar office technology to a similar base of middle-market customers. Both also utilize the same operating system software, facilitating the integration process, which is expected to be completed within 90 days. Global Imaging Chairman and CEO Tom Johnson said, “This transaction puts Global ahead of schedule to meet our three-year acquisition growth target, and we believe the acquisition will be nicely accretive to our earnings.”

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