HERNDON, Va. - ePlus inc. (NASDAQ NGS: PLUS), a provider of technology solutions, has expanded its Storage-as-a-Service (STaaS) portfolio with the introduction of ePlus STaaS powered by NetApp (NASDAQ:NTAP) Keystone. This service integrates flexible subscription-based storage consumption with ePlus' technical support and customer success resources.
The ePlus STaaS model is designed to offer organizations a cloud-like experience for managing their on-premises data center infrastructure. It includes features like accelerated issue resolution, enhanced capacity planning, a pay-as-you-grow model, and on-demand scalability to support changing business demands.
Justin Mescher, vice president of AI, Cloud and Data Center Solutions at ePlus, emphasized the company's aim to provide customers with top-tier technologies and a scalable, worry-free storage solution. Mescher highlighted the service's ability to address capacity planning challenges in the dynamic IT landscape.
David Sznewajs, vice president of the U.S. Partner Organization at NetApp, noted that NetApp Keystone offers a hybrid cloud experience through a single subscription, which simplifies data storage management for IT teams and supports business growth.
ePlus, with over 30 years of experience, delivers a comprehensive portfolio of solutions and a range of consultative and managed services. The company is headquartered in Virginia and operates globally, serving various industry segments with a focus on creating transformative business outcomes through technology.
The information in this article is based on a press release.
In other recent news, ePlus Inc. has seen robust growth in its fiscal fourth quarter, with net sales and gross billings rising by 12.7% and 13.8% respectively. The technology solutions company ended the fiscal year with a substantial 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, increasing by 12.2%, service business revenue growing by 14.8%, and the financing segment experiencing a 15.5% boost. In terms of future developments, ePlus forecasts a net sales growth of 3-6% for fiscal 2025 and anticipates gross margins to normalize.
Furthermore, ePlus has expanded its offerings by launching Azure Recover, a new disaster recovery service 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.
Simultaneously, IGXGlobal, a subsidiary of ePlus, announced the expansion of its Storage-as-a-Service (STaaS) offering to the UK and European markets. The company's STaaS model offers subscription-based storage consumption combined with IGX's customer support resources, designed to accommodate on-demand capacity needs. This expansion aims to provide European organizations with flexible storage solutions and technical support.
These are recent developments shaping the course of ePlus Inc. in the coming fiscal year.
InvestingPro Insights
ePlus inc. (NASDAQ NGS: PLUS) is enhancing its Storage-as-a-Service offerings at a time when its financial metrics demonstrate a strong foundation. An InvestingPro Tip highlights that ePlus holds more cash than debt on its balance sheet, which could provide the financial flexibility needed to invest in innovative solutions like the ePlus STaaS powered by NetApp Keystone. Additionally, the company's valuation suggests a strong free cash flow yield, indicating that it may generate sufficient cash to fund operations and growth initiatives.
From a data standpoint, ePlus boasts a market capitalization of $2.01 billion and a healthy P/E ratio of 17.29. The company's revenue over the last twelve months as of Q4 2024 stands at $2.23 billion, with a solid growth rate of 7.62%, reflecting its ability to expand its business in a competitive technology landscape. Moreover, its gross profit margin at 24% shows that ePlus maintains a robust profitability from its core operations.
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