FOR IMMEDIATE RELEASE SYMBOL: GISX
Thursday, September 29, 2005 TRADED: Nasdaq
GLOBAL IMAGING SYSTEMS ACQUIRES IMAGE TECHNOLOGY SPECIALISTS, INC.
Boston-Based ImageTech Becomes Global’s 19th Core Company
TAMPA, Fla., Sept. 29—Global Imaging Systems, Inc. announced today that it has acquired Image Technology Specialists, Inc., d/b/a ImageTech, headquartered in Boston, MA. The new addition sells and services Ricoh copiers and facsimile machines throughout the greater Boston area including northern Rhode Island from four strategically located offices. ImageTech, with annual revenues of approximately $9.5 million, becomes Global’s 19th core dealership.
Global Imaging Chairman and CEO Tom Johnson said, “This is a particularly good fit with Global. Co-owners Tom Walsh, 44, and Rich Marchioni, 41, embody the strong industry experience and entrepreneurial energy that typifies the leadership in our core companies. Their customer focus has earned them an outstanding service reputation in their market. This combined with a passion for their employees, has allowed ImageTech to be one of the fastest growing and well respected office technology providers in the Boston market.”
Mr. Walsh, President of ImageTech, said, “Rich and I, and our employees and management team, are extremely excited about joining Global. The Global companies represent the finest in this industry. We look forward to learning from each of them and adding our energy to the group. The marriage of ImageTech’s spirit and Global’s resources will be a winning combination.”
Michael Shea, Global president and chief operating officer, added, “This is a particularly good acquisition for us. It is a strategically located core dealership that is part of our disciplined, ongoing effort to fill out our dealer network in the top 250 markets in North America. More specifically, ImageTech will help Global put greater focus on the vast Boston marketplace. In addition to our operations in the West, Midwest, Southwest and Southeast, we are now serving middle-market customers in a contiguous territory along the Atlantic seaboard from the Carolinas through Maine. We are also holding to our previously announced expectation of acquiring, on average, $60 to $100 million in annualized revenues each year for the three-year period ending March 2006.”
Global Imaging Systems offers thousands of middle-market customers a one-stop shop for office technology solutions in 30 states and the District of Columbia. The company provides a broad line of office technology solutions including the sale and service of automated office equipment, network integration 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 and statements based on forward-looking information, including statements relating to Global’s anticipated future acquisitions. These statements are based on numerous assumptions and are subject to uncertainties and risks, which could cause Global’s results to differ materially. Most of these risks are discussed in more detail under the caption “Risk Factors” in Global’s annual report on Form 10-K for the year ended March 31, 2005.
FOR FURTHER INFO: Tom Johnson, Chairman and CEO, or
Michael Shea, President and COO
Global Imaging Systems, Inc.
Investor Relations Consultants, Inc. 727/781-5577