Comdisco To Sell Computer Mainframe Portfolio to IBM Credit Corporation; Sale
Supports Corporate Strategy to Focus on High-Growth, High-Margin Technology
Services Businesses
Business Editors
ROSEMONT, Ill.--(BUSINESS WIRE)--May 3, 1999--Comdisco, Inc.
(NYSE:CDO), a leading technology services company, announced today it
is has reached an agreement in principle to sell its mainframe
computer leasing portfolio to IBM Credit Corporation. Comdisco expects
the transaction to conclude in its third fiscal quarter (ending June
30, 1999), pending the execution of definitive agreements and receipt
of regulatory approval. Terms of the transaction were not disclosed.
The move by Comdisco represents one of several key steps the
company has taken recently to focus its expertise and resources on
higher-margin, higher-growth technology services businesses. Comdisco
provides a complete suite of technology services including continuity,
managed network services, and desktop management services. Its
fast-growing technology services business currently has a backlog of
more than $1 billion in contracts.
"We announced our corporate strategy shift earlier this year, and
we are pleased to report that we are on schedule with our plan," said
Nicholas K. Pontikes, Comdisco president and chief executive officer.
"This transaction is a critical element of the strategy, and I'm
delighted that our mainframe customers will now receive leasing
support from IBM Credit Corporation, a leader in information
technology financing," he said.
Comdisco announced in March that it would exit the mainframe
residual leasing business and sell its vendor lease portfolio. "We
will continue to provide our mainframe customers with the consultative
services that they have long valued from us - including our unique,
independent perspectives on pricing, market timing, technology
upgrades and vendor selection," Pontikes said.
Comdisco continues to provide a complete suite of services in the
leasing category to assist customers in the acquisition, assessment
and management of IT technology, including PCs and servers, and of
diversified technology, including electronics, communications, lab and
scientific, and medical equipment.
About Comdisco
Comdisco provides global technology infrastructure solutions that
drive business advantage for its customers. The company offers a
complete suite of information technology services including business
continuity, managed network services and desktop management services.
Through its subsidiary Prism Communication Services, Inc., Comdisco is
developing a high-speed, always-on digital network, which will provide
customers with leading-edge connectivity. Introduced in Manhattan, the
service will be rolled-out nationally and eventually integrate voice,
data and business continuity services. Comdisco also offers equipment
leasing through its electronics, communications, medical, lab &
scientific businesses, and through its ventures group. For more
information, call 800-272-9792 or visit Comdisco's Web site at
www.comdisco.com.
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CONTACT: Comdisco, Inc.
Mary Moster
847/518-5147
mcmoster@comdisco.com
KEYWORD: ILLINOIS
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED
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