IBM Global Financing to Fund En Pointe Solutions for IBM's Services Business
Posted on: Tuesday, 22 July 2008, 15:00 CDT
IBM Global Financing, the lending and leasing business segment of IBM (NYSE: IBM) and the largest IT financier in the world today, announced that it will provide inventory financing for Los Angeles-based technology reseller En Pointe Technologies(R) (NASDAQ: ENPT), a provider of solutions for IBM's Global Technology Services business. This move increases IBM's capacity to respond to clients' needs quickly and with greater flexibility now that the balance sheet of one of its suppliers is made stronger by faster payment turnaround.
"This partnership brings benefits for both En Pointe Technologies and IBM," said Mario Bernardis, vice president of IBM Global Financing. "IBM Global Financing's inventory financing solution with En Pointe will help IBM Global Technology Services reduce risks in its supply chain and help ensure timely and dependable implementation of solutions for its customers."
The inventory financing agreement also has significant benefits to En Pointe, largely because of the extended payment schedules provided by IBM Global Financing. En Pointe can expect a more predictable cash flow that will help the company further optimize its balance sheet.
"We are quite pleased with our new funding arrangement with IBM Global Financing that will enhance our ability to provide technology solutions for IBM's services business," said Javed Latif, Chief Financial Officer and Sr. Vice President, Operations, En Pointe Technologies. "IBM Global Financing provided us with a creative commercial lending solution that was very economically attractive and met our business needs. We believe all parties involved will benefit and it should stand as a model to the industry."
About IBM Global Financing
IBM Global Financing (IGF), the financing business segment of IBM and the world's premier single-source provider for multi-vendor IT financing solutions, serves commercial clients ranging from small businesses to the majority of the Fortune 100. With assets of $34 billion worldwide, IGF provides project financing, commercial financing and asset-recovery services to 125,000 clients in more than 50 countries. Additional information can be found at www.ibm.com/financing
About En Pointe Technologies, Inc.
En Pointe Technologies, Inc. provides the information technology marketplace, including mid-market and enterprise accounts, government agencies, and educational institutions nationwide, with computer hardware, software, and information security. En Pointe has the flexibility to customize information technology services to fulfill the unique needs of each of its customers.
CONTACT: Fred Clarke (IBM) 914-715-5986 (cell) 914-765-6700 (office) or fredc@us.ibm.com
SOURCE: IBM
Source: MARKET WIRE
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