ePlus inc. (PLUS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de las soluciones tecnológicas, Eplus Inc. (Plus) emerge como una fuerza transformadora, orquestando un modelo de negocio sofisticado que trasciende los paradigmas tradicionales de servicios de TI. Al tejer estratégicamente las asociaciones tecnológicas de vanguardia, las ofertas de servicios integrales y un enfoque centrado en el cliente, EPLUS ofrece un valor incomparable a las organizaciones empresariales que buscan infraestructura y soporte tecnológicos innovadores. Su lienzo de modelo de negocio meticulosamente elaborado revela una estrategia holística que permite a las empresas navegar por ecosistemas digitales complejos con agilidad, eficiencia y precisión estratégica.

EPLUS INC. (Plus) - Modelo de negocio: asociaciones clave

Asociaciones de proveedores de tecnología

EPLUS mantiene asociaciones críticas con proveedores de tecnología líderes:

Proveedor	Detalles de la asociación	Contribución de ingresos
Sistemas de Cisco	Socio de nivel de platino	37.2% de los ingresos del proveedor de tecnología
Microsoft	Proveedor de soluciones en la nube	22.8% de los ingresos por el proveedor de tecnología
Dell Technologies	Socio de primer nivel	18.5% de los ingresos por el proveedor de tecnología
VMware	Socio de servicios maestros	12.6% de los ingresos del proveedor de tecnología

Revendedores y distribuidores estratégicos

EPLUS colabora con múltiples revendedores estratégicos y distribuidores de valor agregado:

• Electrónica de flecha
• Ingram micro
• Corporación de datos tecnológicos
• Escaneta

Asociaciones de proveedores de servicios en la nube

Proveedor de nubes	Nivel de asociación	Ingresos anuales en la nube
Servicios web de Amazon	Socio de consultoría avanzada	$ 87.3 millones
Google Cloud	Socio de primer nivel	$ 42.6 millones
Microsoft Azure	Competencia de la plataforma de nube de oro	$ 65.4 millones

Socios de solución de ciberseguridad

• Palo Alto Networks
• Crowdstrike
• Fortinet
• Punto de prueba

Asociaciones de instituciones financieras

Institución financiera	Tipo de asociación	Volumen de financiamiento
Banco de América	Servicios de arrendamiento	$ 124.5 millones
Wells Fargo	Financiación de equipos	$ 96.7 millones
JPMorgan Chase	Financiación tecnológica	$ 83.2 millones

EPLUS INC. (Plus) - Modelo de negocio: actividades clave

Diseño e implementación de soluciones tecnológicas

EPLUS reportó $ 1.64 mil millones en ingresos totales para el año fiscal 2023. El diseño de soluciones tecnológicas representaba un segmento crítico de sus ofertas de servicios.

Categoría de solución tecnológica	Contribución de ingresos
Soluciones de tecnología empresarial	$ 1.12 mil millones
Soluciones de seguridad en la nube y de seguridad	$ 392 millones
Servicios profesionales	$ 138 millones

Consultoría de infraestructura de TI

EPLUS proporciona servicios integrales de consultoría de infraestructura de TI en múltiples dominios de tecnología.

• Evaluación de infraestructura de ciberseguridad
• Diseño de arquitectura de red
• Estrategia de transformación digital
• Consultoría de optimización de tecnología

Servicios de migración e integración en la nube

Los servicios en la nube representaron el 24% de los ingresos de soluciones tecnológicas totales de EPLUS en 2023.

Tipo de servicio en la nube	Ingresos anuales
Migración de la nube pública	$ 94 millones
Integración de nubes híbridas	$ 76 millones
Gestión múltiple	$ 62 millones

Servicios de TI administrados y soporte

El segmento de servicios administrados generó $ 248 millones en ingresos recurrentes para el año fiscal 2023.

• Soporte técnico 24/7
• Monitoreo remoto
• Gestión de respuesta a incidentes
• Mantenimiento proactivo

Adquisición de hardware y software

EPLUS adquirió y revendió $ 582 millones en productos de hardware y software en 2023.

Categoría de adquisición	Ingresos anuales
Adquisición de hardware	$ 342 millones
Licencia de software	$ 240 millones

EPLUS INC. (Plus) - Modelo de negocio: recursos clave

Experiencia tecnológica extensa y fuerza laboral técnica

A partir del cuarto trimestre de 2023, Eplus inc. Emplea 1,247 profesionales de tecnología a tiempo completo con una experiencia técnica promedio de 12.5 años.

Categoría de empleado	Número de empleados	Porcentaje
Ingenieros técnicos	678	54.4%
Arquitectos de soluciones	289	23.2%
Especialistas en apoyo	280	22.4%

Capacidades de infraestructura y diagnóstico avanzadas de TI

EPLUS mantiene $ 42.3 millones en infraestructura tecnológica y equipos de diagnóstico a partir del año fiscal 2023.

• Herramientas de diagnóstico del centro de datos valoradas en $ 17.6 millones
• Equipo de evaluación de la red: $ 12.9 millones
• Plataformas de diagnóstico de ciberseguridad: $ 11.8 millones

Red de relación de proveedor fuerte

Categoría de proveedor	Número de asociaciones estratégicas	Volumen de transacción anual
Fabricantes de tecnología	87	$ 328.5 millones
Proveedores de servicios en la nube	42	$ 156.7 millones
Desarrolladores de software	63	$ 94.2 millones

Herramientas de evaluación e implementación de tecnología patentada

EPLUS ha invertido $ 8.7 millones en plataformas de evaluación tecnológica patentada y software de implementación.

• Herramientas de mapeo de tecnología empresarial
• Marcos de integración personalizados
• Sistemas de análisis de rendimiento predictivo

Plataformas integrales de servicio y soporte

Inversión total en Infraestructura de Servicio y Apoyo: $ 22.4 millones en el año fiscal 2023.

Plataforma de soporte	Inversión anual	Alcance de cobertura
Soporte técnico 24/7	$ 9.6 millones	Clientes empresariales globales
Sistemas de monitoreo remoto	$ 7.2 millones	Gestión de infraestructura continua
Plataformas de éxito del cliente	$ 5.6 millones	Participación proactiva del cliente

EPLUS INC. (Plus) - Modelo de negocio: propuestas de valor

Soluciones tecnológicas de extremo a extremo para clientes empresariales

EPLUS generó $ 1.76 mil millones en ingresos totales para el año fiscal 2023. La compañía proporciona soluciones tecnológicas integrales con un enfoque en los clientes de nivel empresarial en múltiples industrias.

Categoría de soluciones	Contribución anual de ingresos
Soluciones de centro de datos	$ 612 millones
Servicios de infraestructura en la nube	$ 435 millones
Soluciones de redes	$ 287 millones

Optimización de infraestructura de TI personalizada

EPLUS ofrece soluciones de infraestructura a medida con capacidades de servicio específicas:

• Diseño e implementación de hardware
• Integración de software
• Estrategias de optimización de rendimiento

Estrategias de adquisición de tecnología rentable

EPLUS logró $ 48.3 millones en ingresos netos para el año fiscal 2023, lo que demuestra estrategias efectivas de gestión de costos y adquisiciones.

Métrica de eficiencia de adquisición	Valor
Ahorro de costos promedio del cliente	17.5%
Tasa de éxito de la negociación del proveedor	92%

Servicios avanzados de ciberseguridad y migración en la nube

EPLUS invirtió $ 42 millones en el desarrollo del servicio de ciberseguridad durante 2023.

• Servicios de seguridad administrados
• Evaluaciones de seguridad en la nube
• Soluciones de detección de amenazas

Gestión de ciclo de vida de tecnología integral

EPLUS administra los activos tecnológicos con un Enfoque de ciclo de vida de 360 ​​grados, cubriendo la adquisición, despliegue, mantenimiento y eliminación.

Servicio de gestión del ciclo de vida	Volumen de servicio anual
Adquisición de activos	$ 876 millones
Contratos de mantenimiento	$ 214 millones
Eliminación/reciclaje de activos	$ 67 millones

EPLUS INC. (Plus) - Modelo de negocio: relaciones con los clientes

Equipos de gestión de cuentas dedicados

EPLUS mantiene 327 profesionales de administración de cuentas de nivel empresarial a partir del cuarto trimestre de 2023. El tamaño promedio de la cartera de cuentas por administrador es de 12-15 clientes de tecnología estratégica.

Segmento de clientes	Gerentes dedicados	Valor de cuenta anual promedio
Empresa	187	$ 2.4 millones
Mercado medio	140	$750,000

Enfoque de asociación tecnológica a largo plazo

EPLUS mantiene un 92.7% Tasa de retención de clientes en todos los contratos de servicio tecnológico a partir de 2024.

• Duración promedio de participación del cliente: 6.3 años
• Repita la tasa comercial: 87.4%
• Tasa de éxito de venta cruzada: 43.2%

Consulta de tecnología continua

Los servicios de consulta de tecnología generan $ 128.6 millones en ingresos recurrentes anuales para EPLU en 2024.

Tipo de consulta	Ingresos anuales	Tarifa promedio por hora
Planificación estratégica	$ 47.3 millones	$ 425/hora
Arquitectura técnica	$ 81.3 millones	$ 375/hora

Servicios de soporte e implementación personalizados

EPLUS proporciona soporte técnico 24/7 en 3 centros de servicios globales con 612 profesionales de soporte dedicados.

• Tiempo de respuesta promedio: 17 minutos
• Tasa de resolución de primera llamada: 83.6%
• Ingresos del servicio de implementación anual: $ 214.7 millones

Revisiones de rendimiento de tecnología regular

La cobertura de revisión de rendimiento trimestral incluye el 98.5% de los contratos de servicio de tecnología empresarial.

Frecuencia de revisión	Clientes cubiertos	Duración de revisión promedio
Trimestral	98.5%	2.3 horas
Semestral	1.5%	4.1 horas

EPLUS INC. (Plus) - Modelo de negocio: canales

Fuerza de ventas directa

EPLUS mantiene una fuerza de ventas directa dedicada de 454 representantes de ventas a partir del año fiscal 2023. El equipo de ventas generó $ 1.68 mil millones en ingresos totales, con un tamaño promedio de ofertas de $ 3.2 millones por contrato de tecnología empresarial.

Métricas del equipo de ventas	2023 datos
Representantes de ventas totales	454
Ingresos totales generados	$ 1.68 mil millones
Valor de contrato empresarial promedio	$ 3.2 millones

Plataforma de adquisición en línea

EPLUS opera una plataforma integral de adquisición digital con las siguientes características:

• La plataforma maneja el 37% del volumen total de transacciones
• Más de 12,000 clientes empresariales registrados
• $ 620 millones en valor anual de transacción digital

Conferencias tecnológicas y eventos de la industria

EPLUS participa en 42 conferencias tecnológicas anualmente, con un enfoque en:

• Cisco Live
• AWS Re: Invent
• Microsoft Ignite

Métricas de participación de eventos	2023 datos
Conferencias totales a las que asistió	42
Generación de leads por evento	87 clientes potenciales
Tasa de conversión	22%

Marketing digital y compromiso basado en la web

Los canales de marketing digital generan el 28% de la adquisición total de plomo con las siguientes métricas:

• Tráfico del sitio web: 1.2 millones de visitantes únicos anualmente
• Seguidores de LinkedIn: 45,000
• Presupuesto de marketing digital: $ 4.3 millones

Redes de referencia de socios

EPLUS mantiene asociaciones estratégicas con:

• Sistemas de Cisco
• Microsoft
• Servicios web de Amazon
• VMware

Métricas de red de socios	2023 datos
Socios estratégicos totales	47
Ingresos de referencias de socios	$ 412 millones
Tasa de comisión asociada	7-12%

EPLUS INC. (Plus) - Modelo de negocio: segmentos de clientes

Organizaciones empresariales de mediana a grande

EPLUS atiende a más de 2,000 clientes empresariales a partir de 2023, con un valor de contrato promedio de $ 750,000. Los ingresos del segmento alcanzaron $ 412.3 millones en el año fiscal 2023.

Tamaño de la empresa	Conteo de clientes	Ingresos anuales
Mercado medio	1,200	$ 247.5 millones
Grandes empresas	800	$ 164.8 millones

Instituciones gubernamentales y del sector público

EPLUS admite más de 350 clientes gubernamentales y del sector público, generando $ 185.6 millones en ingresos durante 2023.

• Contratos del gobierno federal: $ 112.4 millones
• Contratos del gobierno estatal y local: $ 73.2 millones

Sectores de atención médica y educación

Los ingresos combinados de la atención médica y la educación alcanzaron los $ 156.9 millones en 2023.

Sector	Conteo de clientes	Ingresos anuales
Cuidado de la salud	275	$ 98.7 millones
Educación	225	$ 58.2 millones

Empresas de servicios financieros

El segmento de servicios financieros contribuyó con $ 92.4 millones en ingresos para el año fiscal 2023.

• Instituciones bancarias: 120 clientes
• Compañías de seguros: 85 clientes
• Empresas de inversión: 65 clientes

Industrias de fabricación y tecnología

Los clientes de fabricación y tecnología generaron $ 214.5 millones en ingresos durante 2023.

Subsector de la industria	Conteo de clientes	Ingresos anuales
Fabricación	250	$ 129.7 millones
Tecnología	180	$ 84.8 millones

EPLUS INC. (Plus) - Modelo de negocio: Estructura de costos

Personal y gastos técnicos de la fuerza laboral

Para el año fiscal 2023, Eplus Inc. informó los gastos totales de personal de $ 283.4 millones.

Categoría de empleado	Costo anual
Personal de ventas	$ 127.6 millones
Personal técnico	$ 98.2 millones
Personal administrativo	$ 57.6 millones

Costos de adquisición de proveedores de tecnología

Los gastos de adquisición de tecnología para 2023 totalizaron $ 412.7 millones.

• Adquisición de hardware: $ 187.3 millones
• Licencias de software: $ 135.4 millones
• Servicios en la nube: $ 90 millones

Inversiones de investigación y desarrollo

Los gastos de I + D para el año fiscal 2023 fueron de $ 45.2 millones, lo que representa el 3.8% de los ingresos totales.

Gastos de marketing y ventas

Los costos totales de marketing y ventas alcanzaron $ 156.8 millones en 2023.

Canal de marketing	Gasto
Marketing digital	$ 62.3 millones
Ferias y eventos comerciales	$ 37.5 millones
Comisiones de ventas	$ 57 millones

Infraestructura y sobrecarga operativa

Los costos generales operativos para 2023 ascendieron a $ 89.6 millones.

• Mantenimiento de la instalación: $ 24.3 millones
• Infraestructura: $ 38.7 millones
• Servicios y servicios: $ 26.6 millones

EPLUS INC. (Plus) - Modelo de negocio: flujos de ingresos

Venta de productos tecnológicos

En el año fiscal 2023, EPLUS reportó ingresos totales de $ 1.87 mil millones. Las ventas de productos tecnológicos constituyeron una parte significativa de este ingreso.

Categoría de productos	Ingresos ($ M)	Porcentaje de ingresos totales
Ventas de hardware	742.5	39.7%
Productos de software	385.3	20.6%

Servicios de TI profesionales y consultoría

Los servicios profesionales generaron $ 278.6 millones en ingresos para el año fiscal 2023.

• Servicios de consultoría de ciberseguridad
• Estrategias de migración en la nube
• Optimización de infraestructura de TI

Servicios administrados Ingresos recurrentes

Los servicios administrados representaron $ 215.4 millones en ingresos anuales recurrentes para el año fiscal 2023.

Tipo de servicio administrado	Ingresos recurrentes anuales ($ M)
Gestión de la nube	87.2
Gestión de redes	64.5
Servicios de seguridad	63.7

Reventa de hardware y software

Las actividades de reventa contribuyeron con $ 512.7 millones a los ingresos totales en el año fiscal 2023.

• Revendedor autorizado para los principales proveedores de tecnología
• Cartera de productos multivendores
• Servicios de reventa de valor agregado

Servicios de arrendamiento y financiación de tecnología

Los servicios de financiación generaron $ 124.5 millones en ingresos para el año fiscal 2023.

Servicio de financiación	Ingresos ($ M)
Arrendamiento de equipos	82.3
Financiación tecnológica	42.2

ePlus inc. (PLUS) - Canvas Business Model: Value Propositions

You're looking at how ePlus inc. (PLUS) delivers distinct value to its customers as of late 2025. It's a shift from just selling boxes to driving outcomes through services.

Services-led approach to drive positive business outcomes, not just product sales

ePlus inc. (PLUS) is clearly prioritizing recurring and service-based revenue streams. This strategy is showing up in the numbers, which is what matters for long-term value. For the fiscal year ended March 31, 2025, service revenues increased by a significant 37.1%, reaching $400.4 million. This focus on services is what drives stickier customer relationships. For instance, in the third quarter of calendar year 2025, services revenue was up 52% year-over-year, hitting $113.6 million. Furthermore, subscription orders, which feed this ratable revenue model, represented 46% of open orders as of the Q3 2025 earnings call.

The value proposition is built on this service momentum, which you can see in the table below:

Metric	Value (FY Ended 3/31/2025)	Value (Q3 CY2025)
Service Revenues	$400.4 million	$113.6 million
Service Revenue YoY Growth	37.1%	52%
Subscription Orders as % of Open Orders	46%	N/A

This shift is key; it means the value is in the ongoing management and optimization, not just the initial transaction.

Expertise in complex, multi-vendor solutions across cloud, security, and AI

ePlus inc. (PLUS) positions itself as the trusted advisor for modernizing technology stacks. This expertise is validated by partner awards and specific growth areas. In Q3 CY2025, security gross billings, a core area of expertise, rose 56% year-over-year, showing strong customer adoption in that domain. To back up the AI component of their offering, ePlus inc. (PLUS) earned NVIDIA DGX SuperPOD Specialization Partner Status in April 2025. You're paying for the ability to navigate these complex, multi-vendor environments.

Financial flexibility via leasing and financing for cost predictability

Historically, financing was a core part of the business, offering customers ways to smooth out capital expenditures. While the company has strategically moved away from this segment to become a pure-play technology provider, the recent financial activity shows the scale of that segment. In the fourth quarter of fiscal year 2025, the Financing business segment net sales were $59.6 million, up 20.7% year-over-year. However, the strategic pivot is clear: ePlus inc. (PLUS) closed the sale of the majority of its domestic financing business on June 30, 2025, generating initial cash proceeds of $180 million. This action reallocates focus to the technology solutions side.

Consultative guidance to navigate complex technology shifts (e.g., VMware licensing)

The consultative value is demonstrated by recognition in areas tied to complex licensing and subscription models. For example, ePlus inc. (PLUS) was named the 2024 VMware Fastest Growth Partner (Americas) by Broadcom, which specifically recognized outstanding year-over-year growth in subscription bookings. This shows they are helping customers manage the shift to subscription-based software consumption, which is a major consultative effort right now. The company's headcount increased by 299 employees year-over-year as of the end of Q4 FY2025, with 272 of those being customer-facing employees, supporting this service and guidance model.

The value proposition is heavily weighted toward expertise and recurring revenue, evidenced by the 37.1% growth in service revenues for the full fiscal year 2025. Finance: draft 13-week cash view by Friday.

ePlus inc. (PLUS) - Canvas Business Model: Customer Relationships

You're looking at how ePlus inc. (PLUS) locks in its clients, and honestly, it's all about embedding themselves in the customer's long-term tech strategy. The core idea here is moving beyond a transactional vendor to become a trusted advisor. This relationship focus is what drives their high-margin services growth, which is key to their current valuation story.

Dedicated account management and long-term technology partnership model

The company explicitly states it is a customer-first, services-led, and results-driven entity. This isn't just marketing fluff; the numbers show a clear pivot toward sticky revenue streams that require ongoing partnership. For example, in the fiscal year ended March 31, 2025, revenue from services grew by 37% for the full year. This growth is the direct result of deepening those customer relationships. The success of this model is evident in the continued expansion of recurring revenue offerings.

Here's a snapshot of the services growth that underpins these long-term ties:

Metric	Period Ending June 30, 2025 (Q1 FY2026)	Fiscal Year Ended March 31, 2025 (FY2025)
Managed Service Revenues	$44.6 million (up 9.0% YoY)	$171.3 million (up 24.6% YoY)
Professional Service Revenues	N/A (Included in Total Services)	Rose 48% Annually
Total Services Revenues	$116.3 million (up 48.8% YoY)	Increased 37% for the year

High-touch, consultative selling for complex enterprise IT projects

When you're selling complex solutions like AI, cybersecurity, and cloud migration, you can't just send a catalog. The sales process has to be consultative. ePlus inc. helps organizations modernize their technology stacks through these specific, high-value areas. The growth in professional services revenue, which jumped 48.4% to $60.4 million in the fourth quarter of fiscal year 2025, clearly shows the success of these high-touch engagements, partly fueled by the Bailiwick acquisition. You see this consultative approach in their focus on discovery services, which are key to locking in future business.

• Focus areas driving consultative sales include: AI, cybersecurity, and cloud/data center solutions.
• Security represented 22% of gross billings in fiscal year 2025.
• Professional service revenues hit $60.4 million in Q4 FY2025.

Managed services contracts for recurring, ongoing operational support

The push for ratable and subscription revenue models is a deliberate strategy to build long-term visibility and profitability. Managed services are the backbone of this recurring revenue effort. These contracts provide ongoing operational support, which naturally deepens the relationship over time. For the full fiscal year 2025, managed service revenues grew to $171.3 million. This focus is a hallmark of successful tech services firms. The gross margin for managed services in Q1 FY2026 was 30.4%, showing these contracts are profitable, even with a slight dip from the prior year's 31.4%.

Customer-first, results-driven engagement across the technology lifecycle

The entire engagement philosophy is centered on delivering the best customer outcomes. This means they are involved from initial strategy through to ongoing operations. The results-driven nature is reflected in the overall margin expansion; consolidated gross margin improved to 27.5% for fiscal year 2025, up from 24.8% the prior year. This margin improvement signals that the mix of business is shifting toward higher-value, presumably stickier, services rather than just product sales. The company even started paying a dividend, a $0.25 per share quarterly payment, which suggests confidence in the stability derived from these long-term customer commitments. If onboarding takes 14+ days, churn risk rises, so speed defintely matters here.

ePlus inc. (PLUS) - Canvas Business Model: Channels

You're thinking about how ePlus inc. gets its solutions and services into the hands of its customers. It's a mix of direct engagement and specialized remote delivery, which makes sense given their focus on complex technology solutions.

Direct sales force and consultative professionals represent a significant portion of their human capital. As of late August 2025, ePlus inc. employed about $\mathbf{1,380}$ people total. The Sales and Support team, which drives this direct channel, is the largest department, accounting for $\mathbf{532}$ employees, or roughly $\mathbf{39\%}$ of the entire workforce. This concentration shows you where the primary revenue-generating effort is focused, supporting a services-led approach that saw service revenues hit $\mathbf{\$400.4}$ million in the fiscal year ended March 31, 2025, up $\mathbf{37.1\%}$ year-over-year.

The physical footprint supports this direct engagement globally. ePlus inc. maintains a presence across the Americas, with its headquarters in Herndon, Virginia. For international reach, they operate offices in the United Kingdom (London, serving EMEA HQ) and in India (Bangalore). Overall, the company states it has more than $\mathbf{30}$ locations serving customers around the world, which helps them implement technology solutions both globally and locally.

For remote delivery of support and ongoing management, the Managed Services Centers for remote delivery of support are key. ePlus has at least $\mathbf{3}$ Managed Services Centers in the United States. The largest of these is the facility in the Raleigh, NC area, which spans $\mathbf{12,000}$ square feet. These centers deliver $\mathbf{24x7x365}$ support using an ITIL-based framework.

To showcase architecture design and customer demonstrations, ePlus leverages specialized facilities. The company launched an ePlus AI Experience Center in partnership with Digital Realty. This center is hosted within Digital Realty's Innovation Lab located in Ashburn, Virginia. This facility is designed to demonstrate deployment, management, and optimization of technologies like NVIDIA AI Enterprise, allowing customers to explore AI-specific infrastructure requirements.

Here's a quick look at the scale of the channel structure and its financial output as of the latest available data:

Channel Metric	Data Point	Context/Date
Total Employees	1,380	August 2025
Sales & Support Headcount	532	August 2025
Sales & Support % of Total Staff	39%	August 2025
Total US Managed Services Centers	3	Historical/Operational
Largest MSC Size	12,000 square-foot	Raleigh, NC Facility
Total Global Locations	More than 30	Global Footprint
FY2025 Service Revenues	$400.4 million	Fiscal Year Ended March 31, 2025
Service Revenue YoY Growth	37.1%	FY2025 vs. FY2024

The structure relies on a few key delivery mechanisms:

• Direct engagement via the $\mathbf{532}$-person Sales and Support team.
• Global reach supported by offices in the UK and India, plus over $\mathbf{30}$ total locations.
• Remote, proactive support delivered through $\mathbf{3}$ US-based Managed Services Centers.
• Specialized customer validation via the AI Experience Center in Ashburn, VA.

The growth in service revenue, $\mathbf{37.1\%}$ for FY2025, suggests these channels are effectively driving the higher-margin, ratable business that management is focusing on. If onboarding takes 14+ days, churn risk rises.

ePlus inc. (PLUS) - Canvas Business Model: Customer Segments

You're looking at the customer base for ePlus inc. (PLUS) as of late 2025, and the picture is one of a shift toward services within a large, established client roster. As of March 31, 2025, ePlus inc. (PLUS) served approximately 4,600 customers.

The core is definitely the large and mid-market enterprise organizations across North America. This group forms the bulk of their business, though the company also sells to select international markets like the United Kingdom, the European Union, India, and Singapore. To give you a sense of the scale, for the fiscal year ended March 31, 2025, the technology business segments accounted for 97% of net sales.

When we look at the commercial sectors requiring complex IT infrastructure and services, the data from fiscal year 2025 net sales breakdown shows clear concentrations. Honestly, customer concentration is something you need to watch; for instance, sales to Verizon Communications Inc. made up 16% of net sales for the year ended March 31, 2025. Here's a quick look at how the technology business revenue was split by end market for that same fiscal year:

Customer End Market	Percentage of Technology Business Revenue (FY2025)
Telecommunications, Media and Entertainment	23%
SLED (State and Local Education/Government)	17%
Technology	15%
Healthcare	14%
Financial Services	9%

The public sector clients including government, education, and healthcare are a significant part of that commercial mix. The SLED segment accounted for 17% of revenue, and Healthcare was 14% of revenue for the fiscal year ended March 31, 2025. These are clients that need reliable, multi-vendor IT solutions across the spectrum.

Finally, you see the clear direction in customers seeking to invest in AI, cloud migration, and advanced cybersecurity. This is where ePlus inc. (PLUS) is actively investing its resources. Security is a top priority for these customers; it represented 22% of gross billings in fiscal year 2025. The company is positioning its services portfolio, which saw revenue grow 37% in fiscal year 2025, to meet these modern demands. The total net sales for the entire company in fiscal year 2025 were $2,068.8 million.

Finance: draft 13-week cash view by Friday.

ePlus inc. (PLUS) - Canvas Business Model: Cost Structure

You're looking at the cost side of ePlus inc. (PLUS) as of late 2025. The structure is heavily weighted toward the people delivering the services and the cost of the products they sell.

Personnel costs (salaries and benefits) are the primary operating expense driver. This is clearly visible in the year-over-year comparisons. For the first quarter of fiscal year 2026 (ended June 30, 2025), operating expenses hit $112.0 million, which was up 17.4% from $95.4 million in the prior year period. The primary reason cited for this increase was salaries and benefits from additional headcount.

Operating expenses totaled $427.7 million for fiscal year 2025, which ended March 31, 2025. That represented a 9.0% increase compared to the $392.5 million reported in the prior fiscal year. The increase was attributed mainly to higher salaries and benefits and general and administrative costs, both stemming from increased personnel.

Cost of product sales (Cost of Goods Sold) remains a significant component, reflecting the volume of hardware and software moved through the business. For the fourth quarter of fiscal year 2025, product sales specifically were $382.4 million. For the trailing twelve months ending September 2025, the Cost of Sales was reported at $453.51 million.

The growth in personnel costs is directly tied to strategic expansion. Investment in strategic acquisitions and integration expenses (e.g., Bailiwick) is a clear factor. The acquisition of Bailiwick Services, LLC closed on August 19, 2024. At the end of fiscal year 2025 (March 31, 2025), the total headcount was 2,199, an increase of 299 employees year-over-year, largely due to the Bailiwick acquisition. Similarly, for the first quarter of fiscal year 2026, the headcount was 2,182, up 275 from the prior year, again primarily due to Bailiwick. Operating expenses in the second quarter of fiscal year 2025 specifically included increases in acquisition-related amortization and expenses related to both Bailiwick Services LLC and Peak Resources.

Costs related to maintaining high-level vendor certifications and training are embedded within the personnel and operating expenses, supporting the high-margin services growth. The company's focus on services, with service revenues increasing 33.0% to $104.9 million in Q4 FY2025, necessitates continuous investment in specialized talent and credentials.

Here's a look at the scale of key cost and revenue drivers based on the latest available figures:

Metric	Amount (FY2025 or Latest Period)	Period End Date
Consolidated Operating Expenses	$427.7 million	Fiscal Year 2025 (March 31, 2025)
Technology Business Product Sales	$382.4 million	Q4 Fiscal Year 2025 (March 31, 2025)
Cost of Sales (Trailing Twelve Months)	$453.51 million	September 2025
Total Headcount	2,199	March 31, 2025
Headcount Increase from Acquisition	299	Year-over-year as of March 31, 2025
Operating Expenses (Most Recent Quarter)	$112.0 million	Q1 Fiscal Year 2026 (June 30, 2025)

The cost structure reflects a business model that is scaling its service delivery capability, which means higher fixed costs related to personnel, even as product sales fluctuate.

• Personnel costs are the main driver of the 9.0% increase in FY2025 operating expenses.
• Acquisition integration costs, like those from Bailiwick, directly inflate operating expenses through amortization and related expenses.
• The shift to services implies higher relative investment in employee skill sets over pure product inventory costs.

Finance: draft 13-week cash view by Friday.

ePlus inc. (PLUS) - Canvas Business Model: Revenue Streams

The revenue streams for ePlus inc. (PLUS) in fiscal year 2025 were heavily influenced by a strategic pivot towards services, which showed significant growth despite an overall decrease in total net sales.

Service Revenues saw substantial growth, increasing by 37.1% to reach $400.4 million for the full fiscal year 2025. This growth in services revenue is a key indicator of the shift in the business model away from pure product resale.

The components making up the revenue streams for ePlus inc. (PLUS) in FY2025 are detailed below:

Revenue Stream Component	FY2025 Financial Data	Growth Rate (YoY)
Total Consolidated Net Sales	$2,068.8 million	Decreased 7.0%
Technology Business Net Sales	$2,009.1 million	Decreased 7.7%
Total Service Revenues	$400.4 million	Increased 37.1%
Managed Services Revenue	$171.3 million	Increased 24.6%
Financing Business Segment Net Sales	$59.6 million	Increased 20.7%

The Technology Product Sales component, represented by the Technology business net sales, still forms the bulk of the top line, though it contracted in FY2025. The focus on services revenue is clearly evident in the growth figures.

Within the services category, the breakdown shows strong performance in specialized offerings:

• Professional Services revenue growth was reported at 48.2% for the fourth quarter, driven partly by acquisitions.
• Managed Services revenue increased by 24.6% to $171.3 million for the full year, reflecting growth in offerings like Enhanced Maintenance Support and Cloud services.

The Financing business segment also contributed, with its net sales increasing by 20.7% to $59.6 million in fiscal year 2025, attributed to higher transactional gains and portfolio earnings.

The overall financial performance for FY2025 shows that while consolidated gross margin improved to 27.5% from 24.8% in fiscal year 2024, reflecting the higher margin mix from services, net earnings decreased by 6.7% to $108.0 million. Adjusted EBITDA decreased 6.4% to $178.2 million.