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Xerox Intends to Buy Global Imaging Systems
Apr 4, 2007
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Xerox Corporation and Global Imaging Systems, Inc. announced a definitive agreement for Xerox to acquire Global Imaging for U.S. $29 per share in cash. The total purchase price is expected to be about $1.5 billion.

Global Imaging Systems focuses on small and mid-size businesses (SMB) through 21 regional core companies in the U.S. that sell and service document management systems such as printers, copiers and multifunction devices; network integration services; and electronic presentation systems. As an office technology dealer, Global sells products from various suppliers, none of which today include Xerox. In addition to its existing offerings, Global will start selling Xerox document management products following the close of the acquisition.

Global Imaging, headquartered in Tampa, Fla., serves nearly 200,000 customers across the U.S. that generate for the company more than $1 billion in annual sales. Through the acquisition, Xerox will benefit not only from increased equipment sales but also from the strong annuity stream that comes from the service and supplies to support these products.

According to IDC, a leading industry research firm, installs of laser printers and multifunction products in small and mid-size businesses have been increasing at a compound annual growth rate of 15 percent over the last five years.

Global will over time add the full range of Xerox office and production products and supplies, including all Phaser™ and WorkCentre™ printers and multifunction systems that print, copy, fax and scan, as well as Xerox Nuvera™ and DocuColor™ digital presses.

Once the transaction is complete, Global Imaging will operate as a wholly owned subsidiary of Xerox. Tom Johnson and Michael Shea, president and chief operating officer of Global, will continue to lead the company, reporting directly to Jim Firestone, president, Xerox North America. They will work in tandem with Xerox's North American Partners Group to align with Xerox's other SMB distribution channels. The acquisition of Global builds on Xerox's announcement earlier this year to increase its investments in sales channels by providing a broader array of offerings and revenue growth opportunities to value-added resellers and independent agents. Global Imaging will keep its headquarters in Tampa, Fla. Its 4,500 employees will continue to operate as part of Global in the company's 21 regional core companies.

Expected to close in May, this acquisition is Xerox's third in the past year. In July 2006, Xerox closed on the $175 million cash acquisition of Amici LLC, a provider of electronic-discovery services that support litigation and regulatory compliance. Xerox acquired XMPie for $54 million in November of last year. XMPie is the leading provider of software for personalized, multimedia marketing campaigns.


 

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