Printing and copying giant Xerox has announced its intention to run off 1.5 billion crisp dollar bills to buy document management firm Global Imaging Systems (GIS).
The deal is expected to close in mid-May and values GIS at $29 per share.
Xerox is aiming to use GIS' 4,500-strong workforce to double its small business distribution channel. CEO Anne Mulcahy said: "Joining forces with Global Imaging Systems gives Xerox access to their extensive customer base and adds more than 1,400 'feet on the street' selling Xerox systems."
GIS' sales last year were more than $1bn, and the Tampa, Florida-based outfit has booked more than 200,000 customers in the US since being founded in 1994. Once the deal goes through it'll act as a wholly-owned Xerox subsidiary.
Xerox's press release is here. ®