IBM Global Financing to Fund En Pointe Solutions for IBM’s Services Business
ARMONK, NY - Jul 2008: 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.”
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