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.

HP Reports Fiscal 2014 Second Quarter Results

• Second quarter non-GAAP diluted net earnings per share of $0.88, up 1% from the prior-year period, versus the previously provided outlook of $0.85 to $0.89 per share
• Second quarter GAAP diluted net earnings per share of $0.66, up 20% from the prior-year period, versus the previously provided outlook of $0.62 to $0.66 per share
• Second quarter net revenue of $27.3 billion, down 1% from the prior-year period and flat on a constant currency basis
• Second quarter cash flow from operations of $3.0 billion
• Returned $1.1 billion to shareholders in the form of dividends and share repurchases in the second quarter
• Improved operating company net cash by $1.0 billion, the ninth consecutive quarterly improvement of approximately $1 billion or more

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PALO ALTO, Calif. — HP today announced financial results for its fiscal 2014 second quarter ended April 30, 2014.
Second quarter GAAP diluted net earnings per share (EPS) was $0.66, up from $0.55 in the prior-year period and within its previously provided outlook of $0.62 to $0.66. Second quarter non-GAAP diluted net EPS was $0.88, up from $0.87 in the prior-year period and within its previously provided outlook of $0.85 to $0.89. Second quarter non-GAAP net earnings and non-GAAP diluted net EPS exclude after-tax costs of $418 million and $0.22 per diluted share, respectively, related to the amortization of intangible assets, restructuring charges and acquisition-related charges.
Second quarter net revenue of $27.3 billion was down 1% from the prior-year period and flat on a constant currency basis.
The complete news release is available at: http://h30261.www3.hp.com/phoenix.zhtml?c=71087&p=irol-newsArticle&ID=1933777&highlight=

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KYOCERA Earns BTAs Top 2014 Channels Choice Award - Business Technology Association

KYOCERA Earns BTAs Top 2014 Channels Choice Award - Business Technology Association

Canon signs global partnership with Volkswagen for managed print services

 

May 14, 2014
Canon Inc.
TOKYO, May 14, 2014-Canon Inc. announced today that the Company has signed a global service agreement with German automobile manufacturer Volkswagen AG for the provision of multifunction office systems and solutions. Over the next few years, Canon will serve as a global partner to Volkswagen, providing managed print services through Canon multifunction office systems and solutions to Volkswagen group operating bases worldwide.

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Through the comprehensive agreement, Canon will deliver Canon multifunction office systems and laser printers to global Volkswagen group offices and factories and provide assorted solutions and services. About the partnership, Mr. Andreas Wiedemann, Head of Printing Service Governance, Volkswagen AG, said, "VW are very pleased to be working with Canon for the supply and management of our printing requirements across our sites globally."
Enabling Canon to win this major account was its advanced technological capabilities and highly reliable equipment, which make possible the same solutions in any region around the world, as well as the new development of applications tailored to meet unique customer needs. Another factor contributing to Canon's win was the Company's proactive initiatives aimed at protecting the environment, including efforts to develop products that deliver high environmental performance.

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In recent years, as business machine suppliers have had to satisfy the increasing office equipment demands of global corporate customers, the ability of these suppliers to provide unified services and information security that meet international standards, along with centralized purchasing, have gained in importance as selection criteria. Additionally, social contribution activities and other corporate social responsibilities have also been attracting increased attention, with companies choosing their suppliers based not only on product performance, but also the corporate bearing and initiatives of the supplying company.

In 2004, Canon launched the Global Account Management project as a dedicated organization within the Company tasked with responding to the business machine needs of customers with global business operations. In January this year, Canon renamed the organization the Canon Global Services Division and has focused on enhancing the Division's service offerings, including the launching of a dedicated website. The website, accessible in some 23 countries worldwide, highlights the benefits of Canon Global Services and will be updated with the latest pertinent information.
Canon will continue its efforts to provide customers with multifunction office systems and solutions tailored to meet the ever-evolving needs of the modern workplace.
 Japan

No Marketing Strategy? You're Throwing Money Away.... Got Some to Waste?

Business owners should step back from a reactionary marketing approach and strategically examine their business to ensure the best use of resources.

 

I've been spending a lot of time meeting with executives from small- to mid-market businesses to discuss their current marketing approaches and needs. Many times they already have a defined idea of what types of services they need (i.e. ad development, PR coverage, website redesign, social media platforms, etc), although when I inquire about why they need, for example, a Twitter account, they have no reason other than "everyone is doing it."

That may be the case... or it may not. Small businesses in particular need to be strategic in their marketing approach to ensure every last valuable dollar is spent in the most effective way possible. However, this is impossible to do without spending a bit up front to research the market - in other words, determine where you currently stand, and where you want to go.

According to the Small Business Administration (SBA), conducting a market analysis, "is the process of analyzing data to help you understand which products and services are in demand, and how to be competitive. Market research can also provide valuable insight to help you:
* Reduce business risks
* Spot current and upcoming problems in your industry
* Identify sales opportunities

The SBA continues on to outline the components of an effective analysis:
Industry Description and Outlook – Describe your industry, including its current size and historic growth rate as well as other trends and characteristics (e.g., life cycle stage, projected growth rate). Next, list the major customer groups within your industry.
Information About Your Target Market – Narrow your target market to a manageable size. Many businesses make the mistake of trying to appeal to too many target markets. Research and include the following information about your market:
Distinguishing characteristics – What are the critical needs of your potential customers? Are those needs being met?  What are the demographics of the group and where are they located? Are there any seasonal or cyclical purchasing trends that may impact your business?
Size of the primary target market – In addition to the size of your market, what data can you include about the annual purchases your market makes in your industry? What is the forecasted market growth for this group?
How much market share can you gain? – What is the market share percentage and number of customers you expect to obtain in a defined geographic area? Explain the logic behind your calculation.
Pricing and gross margin targets – Define your pricing structure, gross margin levels, and any discount that you plan to use.
Competitive Analysis – Your competitive analysis should identify your competition by product line or service and market segment.

I would add that you should also define what types of marketing activities your top competitors are doing, and doing well. Once you've gathered this information, you can then develop a plan for reaching new customers. And it may involve a Twitter account, or it may not, but without looking at the data, you'll never know for sure. As a responsible business owner, why would you ever spend money on a guesstimate?
And strategic planning isn't just for start-ups, it's also for those businesses who have never undertaken the planning process or who have, but it's been more than three years and the market may have changed. Just because you've been successful to date doesn't mean you won't benefit from strategic planning - and my bet is that you'll find ways to better spend your marketing dollars that you may have never even considered.
BusinessKnowHow.com provides the following colorful analogy, "business without market research is like stepping out onto a tightrope without bothering to check the tightness of the knots that are holding the rope in place. You’re halfway across when the knots loosen, the rope wobbles; you lose your balance, and fall to the ground with a splat."

Don't let that puddle be you.