Business was brisk over the past week-plus with deals that touched various segments of the document imaging world. No less than four deals were consummated: Repeat Business Systems obtained Ed and Ed Business Technology; Hyland added Streamline Health’s ECM Business; Kyocera acquired the outstanding stock of electronics specialist AVX; and ImageNet Consulting scooped up managed IT service provider PC LAN Techs.
RBS-Ed and Ed Business Technology
Repeat Business Systems (RBS), the Capital Region’s leader in copiers, printers, office technology, and IT and managed services, acquired the assets of Ed and Ed Business Technology in Westmoreland, New York. This is the company’s 12th acquisition and fills in the corridor between their current corporate headquarters in Albany, New York and its Syracuse branch.
RBS, owned and founded by Dawn and John Abbuhl in 1987, has been offering office technology solutions including copiers, printers, scanners, document imaging software, and network and IT services. RBS has leading software engineers, expert consultants and the highest level of service in the region. With companies putting more emphasis on workflow and efficient production, Repeat Business System Inc. offers cutting edge solutions often saving customers thousands of dollars. Repeat Business Systems, Inc. was named one of the Top Workplaces in the Capital Region eight straight years and has numerous local and national awards for excellence.
Ed and Ed Business Technology, Inc. has been in business for 43 years and will be adding postage meters and mailing equipment to the products currently offered by RBS, in addition to a broader range of copier and printer brands. These additional products will complement the incredible products currently available and add a broader range of options for all customers.
“What is truly remarkable is the similarity of culture between the two companies. Ed and Ed are committed to service excellence,” said Dawn Abbuhl, president of Repeat Business Systems. “Both organizations are highly philanthropic and support their communities and there is synergy among all of the available products. This will allow both companies to bring more choices and even more resources to our customers which is the most important aspect of this acquisition.”
With this latest acquisition, Repeat Business Systems. Inc. now services over 8,000 customers throughout New York, Vermont and Massachusetts. The projected revenue will be in excess of $20 million. RBS will add 37 amazing staff members to their team following this acquisition.
Hyland-Streamline Health
Hyland, a leading content services provider, has completed the acquisition of Streamline Health’s enterprise content management (ECM) business.
The acquisition bolsters Hyland’s efforts to become the world’s leading content services provider and furthers Hyland Healthcare’s mission of helping health care organizations improve the lives of patients and enhance the experiences of healthcare consumers.
“This is an exciting step for Hyland,” said Bill Priemer, president and CEO of Hyland. “The addition of Streamline Health’s ECM business brings a wealth of talent, broadens the Hyland Healthcare portfolio and will empower even more healthcare organizations to gain a complete view of their patients and deliver exceptional care.”
Hyland Healthcare’s suite of solutions enables health care organizations to harness all unstructured content throughout the enterprise and connect it to core applications. With enterprise access to clinical documents, medical images and other forms of unstructured information, providers gain a comprehensive view of the patient to streamline clinical workflows, improve decision making and support better outcomes.
“We’re thrilled to welcome our new Streamline Health ECM customers and employees to the Hyland Healthcare family,” said Susan deCathelineau, senior vice president of global health care sales and services at Hyland. “We’re confident our new customers will benefit from Hyland’s culture of support, partnership and accountability, as well as our vast experience helping health care organizations across the globe manage patient content.”
Hyland will continue to support customers’ current Streamline Health ECM solutions. Click here for more information about Hyland Healthcare’s content services and enterprise imaging solutions.
Kyocera-AVX
AVX Corporation (NYSE: AVX) announced today that Kyocera Corporation (Kyocera) and AVX have entered into a definitive merger agreement providing for the acquisition by Kyocera of all the outstanding shares of common stock of AVX not owned by Kyocera pursuant to an all-cash tender offer for $21.75 per share, followed by a squeeze-out merger in which all of the outstanding shares of AVX common stock not tendered in the tender offer (other than shares owned by holders who validly seek appraisal or shares already held by Kyocera) will be converted into the right to receive $21.75 per share of common stock, in cash. Kyocera currently owns approximately 72% of the outstanding shares of AVX common stock. Following the completion of the transaction, AVX will become a wholly-owned subsidiary of Kyocera.
The $21.75 offer price represents a 44.6% premium over AVX’s closing price on Nov. 26, 2019 (the last trading day prior to the announcement of Kyocera’s initial proposal to acquire all of the outstanding shares of common stock of AVX not owned by Kyocera) and a 42.1%, 42.4%, and 34.9% premium over AVX’s 1-, 3- and 12- month average closing share price, respectively.
As previously announced, following receipt of a proposal from Kyocera to acquire all of the outstanding shares of AVX common stock that Kyocera does not own for a price of $19.50 in cash, the AVX board of directors appointed a special committee consisting of three independent directors of AVX (the special committee) for purposes of evaluating and negotiating a potential transaction with Kyocera. Following the formation of the special committee, Kyocera and the special committee have been in discussions and negotiations regarding Kyocera’s proposal to acquire all of the outstanding shares of common stock of AVX not owned by Kyocera.
The board of directors of AVX, acting on the recommendation of the special committee, has approved the transaction and determined to recommend that the AVX stockholders tender their shares in the tender offer.
The transaction is subject to customary closing conditions and is not subject to any financing condition. Kyocera has announced that it currently expects the transaction to close in the fourth quarter of Kyocera’s fiscal year ending March 2020. The tender offer will be subject to customary conditions and will not be subject to any minimum condition.
Centerview Partners LLC is acting as the financial advisor to the special committee and provided the special committee with an opinion regarding the fairness of the consideration to be paid by Kyocera to AVX stockholders and Wachtell, Lipton, Rosen & Katz is acting as the Special Committee’s legal counsel. Alston & Bird is acting as legal counsel to AVX.
ImageNet Consulting-PC LAN Techs
Mike Dudek and Rich Wisniewski of Zygoquest Group served as the advisor to PC LAN Techs, Inc., an IT managed services provider (MSP) and its owner, Johannes Csonka, on the sale of assets to ImageNet Consulting LLC. Terms of the transaction are confidential.
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About PC LAN Techs
PC LAN Techs, located in West Palm Beach, Florida, was an IT Managed Services Provider (MSP) founded in 2001, and owned and operated by Johannes Csonka. PC LAN Techs provides customers throughout the greater West Palm Beach metropolitan area and surrounding markets with a menu of IT services and products including: IT Managed Services; IT Consulting & Technology Assessments; Business Continuity Planning; Network Security and BDR Services; Cloud & Hosted Solutions; VOIP; Wireless Networks; & IT Infrastructure Projects.
About ImageNet Consulting
ImageNet Consulting, a 60-year-old family-owned business whose President is Pat Russell, is one of the largest office technology providers in the United States with operating locations in six states including its Oklahoma City headquarters, Texas, New Mexico, Colorado, Missouri and Florida. ImageNet Consulting is a leader in document and managed print services and solutions, electronic content management, and IT Managed Services and other IT services solutions that enable customers to effectively and efficiently manage their IT networks and documents. ImageNet Consulting, a “one-stop-shop” for all office technology, is one of the nation’s largest authorized Canon and HP office equipment dealers.
About Zygoquest Group and Mike Dudek
Mike Dudek, an attorney and CPA, is the owner of Zygoquest Group “seeking to unite” which provides customized merger & acquisition services to buyers & sellers of companies. Zygoquest is the #1 M&A authority in the office products industry. Mike Dudek & Rich Wisniewski are authors of over 500 consummated M&A transactions including many technology services acquisitions during their careers. Prior to founding Zygoquest, Mike Dudek was vice president of acquisitions for IKON Office Solutions, a $5.5 billion NYSE company acquired by Ricoh Corporation. Mike Dudek has evaluated transactions ranging from the smallest transactions to the largest deals in the office products industry – from million-dollar deals to billion-dollar deals. The Zygoquest website contains deals you will recognize.
About Law Office of Mike Dudek
Mike Dudek also owns the Law Office of Mike Dudek which provides owners and executives with customized and affordable legal services on mergers and acquisitions and other complex business transactions.
About Hyland
Hyland is a leading content services provider that enables thousands of organizations to deliver better experiences to the people they serve.
About Hyland Healthcare
Hyland Healthcare provides connected healthcare solutions that harness unstructured content at all corners of the enterprise and link it to core clinical and business applications such as electronic medical records (EMR) and enterprise resource planning (ERP) systems. Hyland Healthcare offers a full suite of content services and enterprise imaging tools, bringing documents, medical images and other clinically rich data to the healthcare stakeholders that need it most. This comprehensive view of patient information accelerates business processes, streamlines clinical workflows and improves clinical decision making.
About AVX Corporation
AVX is a leading worldwide manufacturer, supplier, and reseller of a broad line of electronic components, interconnect, sensing and control devices, and related products. Electronic components and connector, sensing and control products manufactured or resold by AVX are used in many types of end-use products, including those in telecommunications, automotive, transportation, energy harvesting, consumer electronics, military/aerospace, medical, computer, and industrial markets. AVX, headquartered in Fountain Inn, South Carolina.
