VAN NUYS, Calif., March 19, 2004 — Electro Rent Corp. has announced its entry into the business continuity/disaster recovery market with its acquisition from a unit of CIT of the contracts that comprise the unit’s quick-ship services business. Terms of the transaction were not disclosed.
“QuickShip Disaster Recovery provides organizations that depend on computers with immediate delivery of replacement equipment in the event of a disaster. Our acquisition of this business gives Electro Rent a toe-hold in this market, which we see as a natural way for us to leverage the distribution and logistical capabilities we have developed over thirty years in the computer rental and leasing business throughout the United States and Canada,” said Chief Executive Officer Daniel Greenberg.
“With attention increasingly focused on security, we expect the market for business continuity services to grow. While this transaction will not have a material impact on our financial results this year, our entry into the market is a positive, energetic step that will allow us to explore an attractive growth opportunity in the data processing portion of our business that has the potential to complement the improving conditions we see in our test and measurement business,” Greenberg added.
About Electro Rent
Electro Rent Corporation (www.ElectroRent.com) is a nationwide organization devoted to the short-term rental and leasing of personal computers, servers and general purpose electronic test equipment.
CIT Group Inc., a commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has nearly $50 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries.
CIT, a Fortune 500 company, holds leading positions in vendor financing, U.S. factoring, equipment and transportation financing, Small Business Administration loans, and asset-based and credit-secured lending. CIT, with its principal offices in Livingston, New Jersey and New York City, has approximately 6,000 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim. For more information, visit www.cit.com.