ePlus + One More

ProcureNet acquired by Virginia company

Herndon, VA  May 11, 2001   ePlus inc. announced yesterday that it has executed a definitive agreement to purchase the commercial technology business assets of ProcureNet, a company formed in 1999 by the consolidation of several operating companies.

With the acquisition, the company hopes to enhance ePlusSuite, an integration of hosted e-procurement and asset-management applications. ePlusSuite provides an interface to resolve customers' challenges, reduce costs and increase ROI.

"This acquisition significantly broadens our suite of end-to-end solutions and enhances our competitive position in the market," commented Phillip G. Norton, chairman, president and CEO of ePlus. "We are gaining a mature and leading-edge technology solution, a blue chip customer base and experienced individuals with extensive domain expertise."

"This acquisition is a logical extension of the ePlus offering and will enhance the value available to both ePlus and ProcureNet customers," said Lisa Williams, program manager for B2B Commerce and Applications at the Yankee Group. "Leveraging and extending the expertise embodied in ProcureNet's OneSource application and eContent factory in conjunction with ePlus's current business line creates a compelling advantage for businesses."

The transaction, structured as an asset purchase agreement, has been approved by the boards of both companies and is expected to close May 15, 2001.