CIT acquires technology specialist Direct Capital

CIT acquires technology specialist Direct Capital

CIT Bank has signalled its intention to expand its small business and middle market lending and equipment leasing capabilities, with the acquisition of  New Hampshire-based financial technology specialist Direct Capital Corporation which operates  an online lending platform serving this market.

The deal will see Direct Capital offer CIT’s broad range of products and services to its customers. Christopher J. Broom, co-founder and chairman of Direct Capital, and James P. Broom, chief executive officer will continue to lead the business. Terms of the agreement, which is due to close in the third quarter, have not been disclosed.

"Through its customer-centric approach and unique value-added technology platform, Direct Capital has established itself as a leader in providing small and mid-sized businesses fast, flexible and affordable financing," said Nelson J. Chai, president of CIT Group Inc., chairman and CEO of CIT Bank. "Direct Capital's proprietary online lending platform, LendEdge, will complement our existing small business and mid-market customer offerings as we continue to provide financing to these important sectors of the US economy.”

Since its formation in 1993, Direct Capital has provided more than 80,000 small and mid-sized businesses over $2.25 billion in equipment, franchise and vendor financing and lending solutions to grow their businesses. Direct Capital has assets of approximately $500 million and 250 employees.

Clover and MSE Announce Strategic Merger

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CHICAGO, IL – June 26, 2014 – Today, Clover, the global leader in the recovery, refurbishment, remanufacturing and redeployment of business and electronic assets and Micro Solutions Enterprises (MSE), the global leader in patented technologies for high quality remanufactured toner cartridges, announced their strategic merger. The meshing of these two world-class operations creates an impressive alliance that will greatly benefit both companies’ customers. The transaction is expected to close in late summer pending regulatory approval.

For 20 years, MSE has supported the global dealer community with OEM alternative products that are lauded in the industry for their quality, reliability and value. Since its inception in 1996, Clover has evolved from a remanufacturer of ink and toner cartridges to one of the largest global providers of world-class products and services including asset valuation, collections, reverse logistics, repair, remanufacturing, and resale for the imaging, wireless and telecommunications equipment markets.
Yoel Wazana, President and founder of MSE, had this to say about the MSE and Clover merger, “We have always approached this business with a spirit of innovation driven by engineering and a zeal to always strive for improvement. This new partnership will only enhance these core principles by providing more access to resources, engineering, technology, and world-class production facilities. Together with Clover, we will leverage the technology, R&D and QC global teams utilizing MSE’S intelligent re-engineering platform to bring better products and solutions to the marketplace.”
Avi Wazana, MSE’s CEO, echoed Yoel’s statement, saying “Clover’s leadership position in the recovery, remanufacturing and remarketing of technology assets will enable MSE to expand into new markets and products much quicker than we could have on our own. By capitalizing on our complementary strengths and utilizing Clover’s core collection programs, global footprint, logistics, and distribution capabilities to enhance availability and product line diversification, we will deliver unparalleled quality, value and service to our collective customers. This partnership will provide us the opportunity to make the MSE brand stronger than ever.”

CEO of Clover, Jim Cerkleski, concluded by saying, “We are excited about supporting our USA manufacturing base at MSE’s California facility with this merger. Our combined experience, skill sets and capabilities will create never-before-seen value for all of our customers. For a long time, MSE’s brand has been synonymous with quality and innovation. This strategic partnership allows us to work together to leverage MSE’S patented technologies and proprietary processes, as well as their unparalleled product development capabilities for the benefit of all of our global customer base. On a personal note, I am looking forward to working with the MSE executive and management team to maximize the benefit to our combined customers of MSE’s established expertise in quality and product development.”
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About Clover
Clover is the global leader in the recovery, refurbishment, remanufacturing and repurposing of business and electronic assets, including toner and ink cartridges, wireless devices, personal electronic devices and telecommunications equipment. Founded in 1996, Clover is one of the fastest growing, privately held companies in the United States with over 50 locations worldwide. Clover is also the world’s largest collector and recycler of empty ink and toner cartridges in the aftermarket imaging supplies industry and provides comprehensive recycling services for small electronics including wireless devices as well as electronic asset lifecycle management. The complete line of Clover’s quality toner and ink is available through leading office products distributors and resellers and marketed under a variety of private label brands. Additionally, Clover offers a comprehensive portfolio of products and reverse logistics solutions for wireless devices including private label programs. To learn more, visit www.clovertech.com.

About MSE
Founded in 1994 by Yoel Wazana, MSE is the largest toner cartridge remanufacturer with all of its production facilities based in the U.S., and a leading-edge innovator in the marketplace. MSE pioneered the process of Intelligent Re-EngineeringTM, which employs patented technologies, proprietary processes, and stringent testing methodologies that result in the market’s best alternative to high-cost OEM print consumables. MSE has sales and distribution in Canada, Europe (UK, Spain and the Netherlands), United Arab Emirates, South Africa, California, and Pennsylvania.

Sharp Expands A4 Product Line With New Color Desktop Printer

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MAHWAH, N.J., June 11, 2014 /PRNewswire/ – Today, Sharp Imaging and Information Company of America (SIICA), a division of Sharp Electronics Corporation, introduced the MX-C300P color desktop printer, the latest model in its expanding line of compact desktop document systems. The new 30 page-per-minute color printer joins two compact desktop color MFPs announced in December, and offers advanced features that include both wireless and wired networking as well as direct USB printing. The device also offers convenient printing from popular mobile devices with Sharpdesk^® mobile, a free downloadable app. The MX-C300P is built on Sharp’s newest compact color engine and is designed to fit into tight office spaces without compromising performance or reliability.

“The new MX-C300P is a powerful color desktop printer that is big on features and small on size,” said Mike Marusic, Senior Vice President, Marketing and Operations. “Sharp’s space-saving design enables this device to be placed in virtually any size office or workgroup, helping users to work more efficiently.”

The new MX-C300P color desktop printer is available immediately for purchase via authorized Dealers and direct sales.

About Sharp Electronics Corporation

Sharp Electronics Corporation is the U.S. subsidiary of Japan’s Sharp Corporation, a worldwide developer of one-of-a-kind home entertainment products, appliances, networked multifunctional office solutions, solar energy solutions, LED lighting and mobile communication and information tools.