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• ePlus is an IT solutions provider and reseller for businesses, operating in a similar space to CDW or Insight Enterprises.
• Think of ePlus as a comprehensive technology partner for companies, helping them acquire, implement, and manage their IT infrastructure, similar to what CDW provides.

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• Technology Solutions and Products: ePlus resells a wide range of IT hardware, software, and cloud subscriptions from leading technology vendors.
• Professional Services: These services include the design, implementation, integration, and optimization of IT infrastructure, cybersecurity, and cloud environments.
• Managed Services: ePlus provides ongoing operational management, monitoring, and support for client IT systems, applications, and security as a subscription.
• Staffing and Recruiting Services: The company offers skilled IT professionals for contract, contract-to-hire, and permanent placement to address client staffing needs.
• Financing Solutions: ePlus offers flexible financing options for IT investments, including equipment leasing and other consumption-based models.

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ePlus (symbol: PLUS) primarily sells to other companies and organizations, making it a Business-to-Business (B2B) provider. Its core business revolves around providing comprehensive technology solutions, professional services, and managed services.

According to its Annual Report on Form 10-K for the fiscal year ended March 31, 2023, ePlus does not have any single customer that accounted for 10% or more of its net sales during fiscal years 2023, 2022, or 2021. This indicates a diversified customer base rather than a reliance on a few extremely large individual customers, meaning no specific "major customer" companies are individually disclosed.

While specific customer company names are not disclosed, ePlus serves a broad range of organizations across various sectors. Its primary customer categories include:

• Commercial Businesses: This category encompasses a wide array of private sector companies in diverse industries, ranging from mid-market to large enterprises. These customers leverage ePlus for comprehensive IT solutions, infrastructure, security, cloud services, and professional consulting.
• Public Sector Organizations: ePlus serves various governmental entities, including federal, state, and local government agencies. These customers require robust and secure technology infrastructure, networking, and support services to manage their operations and serve constituents.
• Healthcare Institutions: Hospitals, clinics, and other healthcare providers are significant customers, utilizing ePlus for their complex IT needs, including data management, cybersecurity, compliance, and systems that support patient care and administrative functions.
• Financial Services Firms: Banks, investment firms, insurance companies, and other financial institutions are customers that depend on ePlus for secure, high-performance IT environments crucial for their operations, data integrity, and regulatory compliance.
• Educational Institutions: Universities, colleges, and K-12 school districts are customers that utilize ePlus for solutions related to networking, collaboration tools, data centers, and technology to enhance learning environments and administrative efficiency.

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• Cisco Systems, Inc. (CSCO)
• Dell Technologies Inc. (DELL)
• Hewlett Packard Enterprise Company (HPE)
• HP Inc. (HPQ)
• IBM (IBM)
• Microsoft Corporation (MSFT)
• NetApp, Inc. (NTAP)
• Palo Alto Networks, Inc. (PANW)
• Pure Storage, Inc. (PSTG)
• Rubrik, Inc. (RBRK)
• Broadcom Inc. (AVGO)

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Mark P. Marron, President and CEO

Mr. Marron joined ePlus as Senior Vice President of Sales in 2005, was promoted to COO in 2010, and became CEO and President in July 2016. He is a 30-year IT industry veteran, having served as Senior Vice President of Worldwide Sales at NetIQ and General Manager of Worldwide Channel Sales for Computer Associates International, Inc. He possesses extensive sales and operations experience both domestically and internationally. Mr. Marron holds a Bachelor of Science in Computer Science from Montclair State University.

Elaine D. Marion, Chief Financial Officer

Ms. Marion has served as Chief Financial Officer of ePlus inc. since September 1, 2008. Her previous roles at ePlus include Vice President of Accounting and Controller of ePlus Technology Inc. from 1998 to 2004. She is also a College of Business Advisory Board member at the University of Mary Washington and Chair at the George Mason University School of Business. Ms. Marion studied at George Mason University.

Darren Raiguel, Chief Operating Officer and President of ePlus Technology, inc.

Mr. Raiguel was promoted to COO in May 2018, having been with ePlus for 20 years. He previously served as Executive Vice President of Technology Sales, where he was responsible for driving revenue growth across the company's IT products, services, and consultative offerings. He began his career at ePlus in 1997 as an account executive and has held numerous management positions within the organization, with early roles focused on developing the public sector business. Mr. Raiguel holds a Bachelor of Business Administration from Temple University with dual majors in Marketing and Finance.

Erica S. Stoecker, General Counsel and Chief Compliance Officer

Ms. Stoecker has been the Chief Compliance Officer and General Counsel for ePlus since 2013.

Doug King, Chief Information Officer

Mr. King has served as Chief Information Officer of ePlus since 2018. Prior to joining ePlus, he was the Chief Information Officer and Senior Vice President of Administration of Landauer Inc.

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The key risks to ePlus's (NASDAQ: PLUS) business operations are primarily centered around cybersecurity, intense competition within the rapidly evolving technology market, and dependencies on key customers and vendors.

1. Cybersecurity Threats and Data Privacy Regulations

   As an IT solutions provider, ePlus is inherently exposed to the pervasive and evolving risks of cybersecurity threats, including data breaches and cyberattacks. Any failure to protect customer data could result in significant reputational damage, substantial financial losses, and legal liabilities. Furthermore, the company must continuously adapt and ensure compliance with a complex and evolving landscape of data privacy regulations, which can increase operational costs and complexity.

2. Intense Competition and Rapidly Changing Technology Market

   ePlus operates in a highly competitive market for IT solutions, facing constant pressure from both established players and new entrants. The ongoing shift from traditional IT consumption models to cloud-based and "as-a-service" offerings requires continuous innovation and adaptation to new business models and customer demands. Failure to keep pace with rapid technological changes and market shifts could erode ePlus's competitive position and market share.

3. Customer Concentration and Supply Chain Risks

   A significant portion of ePlus's revenue is derived from a limited number of key customers. For example, Verizon Communications Inc. alone accounted for 17% of accounts receivable as of March 31, 2025. A reduction in purchases from such major customers could materially and adversely affect ePlus's financial results. Additionally, ePlus's reliance on a small number of key vendors, such as Cisco Systems, introduces supply chain risks. Disruptions in supply or changes in vendor policies could impact the company's ability to fulfill customer orders and deliver services.

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ePlus (PLUS) operates within several substantial addressable markets for its technology solutions and professional and managed services.

Technology Solutions

• Cloud Solutions: The global cloud computing market is estimated at approximately $912.77 billion in 2025 and is projected to reach around $5,150.92 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 21.20%. The U.S. cloud computing market is valued at approximately $523.29 billion in 2025 and is expected to grow to about $2,992.81 billion by 2034, with a CAGR of 21.36%.
• Data Center Solutions: The global data center market is estimated at around $386.71 billion in 2025 and is predicted to increase to approximately $1,008.65 billion by 2034, expanding at a CAGR of 11.24%. The U.S. data center market is projected to be valued at approximately $386.71 billion in 2025.
• Networking: The global enterprise networking market is estimated at $229.26 billion in 2025 and is expected to grow to $298.31 billion by 2030, at a CAGR of 5.4%. The U.S. enterprise networking market generated a revenue of $47.07 billion in 2024 and is expected to reach $60.02 billion by 2030, growing at a CAGR of 4%.
• Cybersecurity: The global cybersecurity market size is estimated at $1,126.36 billion in 2025 and is predicted to increase to approximately $7,473.05 billion by 2034, expanding at a CAGR of 15.50%. In the U.S., the cybersecurity market is estimated at $92.73 billion in 2025 and is expected to reach $136.82 billion by 2030, at a CAGR of 8.09%.
• Artificial Intelligence (AI): The global AI market is predicted to increase from $542.50 billion in 2025 to approximately $10,173.05 billion by 2034, expanding at a CAGR of 38.50%. The U.S. Artificial Intelligence market is valued at approximately $41.53 billion in 2025, with projections to reach $112.19 billion by 2034, exhibiting a CAGR of 11.67%.

Professional and Managed Services

• Managed Services: The global IT managed services market size is anticipated to be $316.04 billion in 2025 and is projected to expand to $711.64 billion by 2034, demonstrating a robust CAGR of 9.44%. North America held a significant share of the global managed services market in 2024.
• IT Consulting Services: The IT Consulting market size in the U.S. is $759.6 billion in 2025.

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Here are 3-5 expected drivers of future revenue growth for ePlus (PLUS) over the next 2-3 years:

1. Strong Demand for AI, Security, and Cloud Solutions: ePlus anticipates accelerated adoption of AI and cloud technologies, driving continued high customer demand for infrastructure modernization and advanced security solutions. The company is actively investing in and aligning resources with these high-growth areas. Security products and services, in particular, experienced a 52% year-over-year increase in gross billings and now represent 24% of trailing 12-month gross billings.
2. Expansion of Professional and Managed Services: ePlus is strategically investing in expanding its professional and managed services offerings. This focus aims to strengthen recurring revenue streams through both organic hiring and selective acquisitions, adding capabilities in key areas like enhanced maintenance support and cloud offerings.
3. Growth in Customer Base and Increased Sales to Existing Customers: The company's strategy involves delivering value-added products and solutions in high-growth technology areas such as AI, security, and cloud, which is expected to both expand its customer base and increase sales to existing clients.
4. Strategic Acquisitions: ePlus maintains a strong balance sheet with over $400 million in cash, providing flexibility for both organic and inorganic growth. The company has demonstrated this strategy with recent acquisitions like Bailiwick (which contributed to professional services growth) and RealWave (a cloud-based AI software company), which are expected to enhance capabilities and contribute to future revenue.

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Share Repurchases

• ePlus' board of directors authorized the repurchase of up to 1,500,000 shares of outstanding common stock over a 12-month period commencing August 11, 2025.
• During the fiscal year ended March 31, 2025, ePlus repurchased more than 557,000 shares of common stock.
• For the fiscal year ended March 31, 2024, the company used $9.9 million to repurchase outstanding shares of its common stock.

Share Issuance

• In the fiscal year ended March 31, 2024, ePlus recorded $3.6 million in proceeds from the issuance of common stock to employees under an employee stock purchase plan.

Outbound Investments

• ePlus completed the acquisition of certain assets of Realwave in the second quarter of fiscal year 2026 (ended September 30, 2025) to enhance AI and services capabilities.
• During the fiscal year ended March 31, 2025, ePlus acquired Bailiwick Services, LLC, expanding its IT services for distributed enterprises.
• In the fiscal year ended March 31, 2023, ePlus acquired Future Com Ltd. for $13.3 million, focusing on IT sales and services with an emphasis on security solutions.

Capital Expenditures

• ePlus reported capital expenditures of $6.51 million over the last 12 months (as of the latest available data).