Global Imaging Systems Makes 53rd Acquisition23 Apr, 2002
Global Imaging Systems Makes 53rd Acquisition
Global Imaging Systems, Inc. announced that it has acquired Advanced Business Machines, Inc. of Woburn, MA, bringing to 53 the number of businesses Global has acquired during the seven years since it was founded.
Advanced Business Machines is a dealer in Panasonic copiers and fax products. Global Imaging President and CEO Tom Johnson said, "Advanced Business Machines is a digital copier dealer serving the Middlesex County, Massachusetts market, and will operate as a satellite of our Conway Group, a Global core company based in Nashua, NH." He said Advanced currently has annual revenues of approximately $1,400,000.
Pete Dinan, Conway Group president, stated, "The addition of Advanced Business Machines is part of our strategic plan to continue to expand our copier customer base within our market area. This acquisition not only adds to our market strength, but also provides an opportunity for us to cross-sell our network integration products and services."
Global Imaging Vice President of Acquisitions Todd Johnson said, "This is the first acquisition of several we hope to make this fiscal year. Our goal is to return to more normal external growth, consistent with our long-term strategy, as economic and market conditions permit."
Global Imaging Systems is a leading provider of office technology solutions. Global offers thousands of middle market customers a one-stop shop for a broad line of office technology solutions including the sale and service of automated office equipment, network integration equipment and services and electronic presentation systems. The company is also a disciplined, profitable consolidator in the highly fragmented office technology solutions industry.
This news release contains forward-looking statements that are based on numerous assumptions and are subject to uncertainties and risks. Actual results could differ materially. Factors that might cause Global's results to differ materially include market conditions, Global's ability to keep pace with emerging technology and to provide a high level of customer service, and other factors discussed in more detail under the caption "Risk Factors" in a recent registration statement and in Global's Form 10-K for the year ended March 31, 2001.