HERNDON, VA - January 13, 2012 - ePlus inc. (NASDAQ NGS:
PLUS -
news) announced today that it has successfully completed the Type 2 SSAE 16 (Statement on Standards for Attestation Engagements) examination for its Procure+, Content+, OneSource IT, and Manage+ services. The Type 2 SSAE 16 examination (or SOC 1) supersedes the SAS 70 audit standard and represents that the engagement was performed in accordance with the standards established by the American Institute of Certified Public Accountants (AICPA).
The SSAE 16 examination provides customers and auditors with an understanding that the description of services and solutions provided by ePlus are fairly presented. The Type 2 component of SSAE 16 provides an objective evaluation that ePlus' controls were operating effectively during the specified period of the examination.
"From SAS 70 to the new SSAE 16 standards, ePlus has demonstrated its capability and commitment of establishing and instituting rigorous control and operating procedures to benefit our customers," said Ken Farber, president of ePlus Systems and Content Services. "We are pleased to be able to provide these reports to our customers as evidence of our well-documented and disciplined control activities for our eProcurement, content management, IT procurement, and asset management solutions."
The ePlus SSAE 16 report, conducted by one of the nation's leading service audit firms specializing in SSAE 16 services, found that for the period of January 1, 2011 to September 30, 2011, the description of ePlus products and services as well as operating effectiveness of controls supporting ePlus' Procure+, Content+, OneSource IT, and Manage+ solutions provided "reasonable assurance" that the specified control objectives were achieved. The report includes the service auditor's opinion that:
- The description of product and services provided by ePlus fairly presents the hosted eProcurement, content management, and asset management solutions that were designed and implemented throughout the period of January 1, 2011 to September 30, 2011.
- The controls related to the control objectives stated in the description were suitably designed to provide reasonable assurance that the control objectives would be achieved if the controls operated effectively throughout the period of January 1, 2011 to September 30, 2011, and user entities applied the complementary user entity controls contemplated in the design of ePlus' controls throughout the period of January 1, 2011 to September 30, 2011.
- The controls tested, which together with the complementary user entity controls referred to in the scope paragraph of this report, if operating effectively, were those necessary to provide reasonable assurance that the control objectives stated in the description were achieved, operated effectively throughout the period of January 1, 2011 to September 30, 2011.
ePlus believes that its customers may use the SSAE 16 report to support their compliance with the Sarbanes-Oxley Act of 2002 for those services outsourced to ePlus.
About ePlus Systems, inc.
ePlus Systems, inc., a wholly owned subsidiary of ePlus inc., delivers Enterprise Cost Management solutions and services to help public sector clients and commercial organizations across all industries get the most value from their spend. Its diversified portfolio of solutions includes eProcurement, supplier enablement, catalog content management, spend analytics, document management, and asset management. These solutions help drive cost savings, improve compliance, and enhance productivity throughout the organization. ePlus solutions are offered as hosted Software as a Service (SaaS) and traditional enterprise licenses.
About ePlus inc.
ePlus is a leading provider of technology solutions. ePlus enables organizations to optimize their IT infrastructure and supply chain processes by delivering world-class IT products from top manufacturers, professional services, flexible lease financing, proprietary software, and patented business methods. Founded in 1990, ePlus has more than 750 associates in 20+ locations serving federal, state, municipal, and commercial customers. The Company is headquartered in Herndon, VA. For more information, visit
http://www.eplus.com/, call 888-482-1122, or email
info@eplus.com.
ePlus, Procure+, Content+, OneSource IT, Manage+, and ePlus products referenced herein are either registered trademarks or trademarks of ePlus inc. in the United States and/or other countries. The names of other companies and products mentioned herein may be the trademarks of their respective owners.
Statements in this press release that are not historical facts may be deemed to be "forward-looking statements." Actual and anticipated future results may vary materially due to certain risks and uncertainties, including, without limitation, possible adverse effects resulting from the recent financial crisis in the credit markets and general slowdown of the U.S. economy such as our current and potential customers delaying or reducing technology purchases, increasing credit risk associated with our customers and vendors, reduction of vendor incentive programs, and restrictions on our access to capital necessary to fund our operations; significant adverse changes in, reductions in, or losses of relationships with major customers or vendors; the demand for and acceptance of, our products and services; our ability to adapt our services to meet changes in market developments; the impact of competition in our markets; the possibility of defects in our products or catalog content data; our ability to hire and retain sufficient qualified personnel; our ability to consummate and integrate acquisitions; and other risks or uncertainties detailed in our reports filed with the Securities and Exchange Commission. All information set forth in this press release is current as of the date of this release and ePlus undertakes no duty or obligation to update this information.
