Deal with Ireland's largest digital imaging and printing solutions company increases Xerox's European distribution

Norwalk, Conn. - Xerox Corporation today announced the acquisition of Irish Business Systems (IBS), for approximately $31 million, expanding its reach into the small and mid-sized business (SMB) market in Ireland. IBS, with eight offices located throughout Ireland, is a managed print services provider and the largest independent supplier of digital imaging and printing solutions in Ireland.

By acquiring Irish Business Systems, Xerox will increase its sales force and gain access to more than 11,000 new customers in Ireland. Over the last two years, Xerox has expanded its distribution to the SMB market and managed print services delivery capability through acquisitions and broadened relationships with resellers and concessionaires in Europe.

IBS will sell the full range of Xerox office and light production products and supplies, including all Phaser, WorkCentre and the ColorQube 9200 Series of multifunction printers that print, copy, fax and scan.

"With this acquisition, Xerox will increase its presence in all parts of Ireland," said Douraid Zaghouani, senior vice president, European Channels Group, Xerox Europe. "IBS is a strong office technology and managed print services provider in Ireland. Their extensive distribution and customer support complement the benefits of Xerox's technology and solutions."

IBS will operate as a wholly owned subsidiary of Xerox, will maintain its name and keep its headquarters in Cork, Republic of Ireland. Its management team and employees will continue to operate as part of IBS. The acquisition, Xerox's 8th in the past two years, is an all-cash transaction.

Xerox currently employs over 700 people in the Republic of Ireland and Northern Ireland, in Dublin, Belfast and Dundalk, who are engaged in manufacturing, technical support, finance and treasury and sales and marketing activities.