HERNDON, Va. - IGXGlobal, a subsidiary of ePlus inc. (NASDAQ NGS:PLUS), has announced the expansion of its Storage-as-a-Service (STaaS) offering, powered by Pure Storage (NYSE:PSTG) Evergreen//One™, to the UK and Europe. This move follows the service's success in the U.S. and aims to provide European organizations with flexible storage solutions and technical support.
The company's STaaS model offers subscription-based storage consumption combined with IGX's customer support resources. This expansion will allow European businesses to benefit from expedited issue resolution, first-call technical support, and enhanced insights into storage capacity planning and billing. The service is designed to accommodate on-demand capacity needs, which is increasingly important for organizations utilizing AI applications.
Justin Mescher, vice president of AI, cloud, and data center solutions at IGXGlobal, highlighted the flexible consumption model's ability to minimize the risk associated with purchasing data center infrastructure. George Pashardis, senior vice president of international sales, expressed enthusiasm for bringing the service to the UK and European markets, building on its U.S. achievements.
Wendy Stusrud, vice president of global partner sales at Pure Storage, also commented on the partnership with IGXGlobal and the benefits of the Pure Storage Evergreen//One™ platform in meeting challenging data storage needs.
IGXGlobal UK Limited is a technology systems integrator that designs, builds, and secures automated multi-cloud infrastructures. As part of ePlus Technology, inc., IGXGlobal operates globally, with some limitations in Germany, and is known for its technical and service excellence.
This expansion is based on a press release statement.
In other recent news, ePlus Inc. has been making significant strides in both its service offerings and financial performance. The technology solutions company has launched a new disaster recovery service, Azure Recover, aimed at ensuring the security and performance of critical workloads across diverse environments.
This service, fully managed and powered by Azure Site Recovery, is part of ePlus's commitment to continuous, automated testing and validation for effective disaster recovery.
On the financial front, ePlus reported a successful fiscal fourth quarter, with net sales and gross billings increasing by 12.7% and 13.8% respectively.
The company ended the fiscal year with a cash position exceeding $250 million, facilitating ongoing investments and strategic acquisitions. Revenue growth was observed across various segments, with technology sector product sales, primarily in networking products, rising by 12.2%, service business revenue growing by 14.8%, and the financing segment experiencing a 15.5% revenue boost.
Looking ahead, ePlus forecasts a net sales growth of 3-6% for fiscal 2025 and expects gross margins to normalize. The company's strategic focus will continue on IT solutions, organic and acquisition-driven growth, and expanding product and service offerings.
InvestingPro Insights
As IGXGlobal broadens its Storage-as-a-Service (STaaS) offering to the UK and Europe, investors are closely monitoring the performance of its parent company, ePlus inc. (NASDAQ NGS:PLUS). Here are some key financial metrics and insights from InvestingPro that provide a snapshot of the company's recent performance and valuation:
ePlus inc. holds a market capitalization of $1.96 billion, reflecting its scale in the competitive tech solutions market. The company's P/E ratio, a measure of its current share price relative to its per-share earnings, stands at 16.99. This valuation metric offers investors a view of the market's expectations of the company's future profitability in relation to its current earnings. Additionally, ePlus inc. has demonstrated a revenue growth of 7.62% over the last twelve months as of Q4 2024, indicating its ability to increase sales and potentially expand its market share within the technology sector.
InvestingPro Tips suggest that ePlus inc. is in a solid financial position with cash flows that can sufficiently cover interest payments, providing a layer of security for investors concerned about the company's debt management. Moreover, the company has been profitable over the last twelve months and analysts predict it will continue to be profitable this year. These factors could be particularly reassuring for stakeholders as the company ventures into new markets with its STaaS offering.
For those interested in deeper analysis and additional insights, there are more InvestingPro Tips available, which can be accessed through the company's InvestingPro page: https://www.investing.com/pro/PLUS. To enhance your investment research, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. With these resources, investors can make more informed decisions as ePlus inc. continues to innovate and expand its services globally.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.