Eplus inc. (Plus): Canvas Business Model [Jan-2025 Mise à jour]

Dans le paysage dynamique des solutions technologiques, Eplus inc. (Plus) apparaît comme une force transformatrice, orchestrant un modèle commercial sophistiqué qui transcende les paradigmes traditionnels des services informatiques. En tissant stratégiquement ensemble des partenariats technologiques de pointe, des offres de services complètes et une approche centrée sur le client, EPLUS offre une valeur inégalée aux organisations d'entreprise à la recherche d'infrastructures technologiques innovantes et de soutien. Leur toile de modèle commercial méticuleusement conçu révèle une stratégie holistique qui permet aux entreprises de naviguer sur les écosystèmes numériques complexes avec l'agilité, l'efficacité et la précision stratégique.

Eplus inc. (Plus) - Modèle d'entreprise: partenariats clés

Partenaires des fournisseurs technologiques

EPLUS maintient des partenariats critiques avec les principaux fournisseurs de technologies:

Fournisseur	Détails du partenariat	Contribution des revenus
Systèmes Cisco	Partenaire de niveau platine	37,2% des revenus des fournisseurs technologiques
Microsoft	Fournisseur de solutions cloud	22,8% des revenus des fournisseurs technologiques
Dell Technologies	Premier partenaire	18,5% des revenus des fournisseurs technologiques
Vmware	Master Services Partner	12,6% des revenus des fournisseurs technologiques

Revendeurs et distributeurs stratégiques

EPLUS collabore avec plusieurs revendeurs stratégiques et distributeurs à valeur ajoutée:

• Électronique flèche
• Ingram Micro
• Tech Data Corporation
• Scansource

Partenariats des fournisseurs de services cloud

Fournisseur de cloud	Niveau de partenariat	Revenus cloud annuels
Services Web Amazon	Partenaire de conseil avancé	87,3 millions de dollars
Google Cloud	Premier partenaire	42,6 millions de dollars
Microsoft Azure	Compétence de plate-forme Gold Cloud	65,4 millions de dollars

Partenaires de solution de cybersécurité

• Réseaux palo alto
• Cowsterrike
• Fortinet
• Point de preuve

Partenariats des institutions financières

Institution financière	Type de partenariat	Volume de financement
Banque d'Amérique	Services de location	124,5 millions de dollars
Wells Fargo	Financement de l'équipement	96,7 millions de dollars
JPMorgan Chase	Financement technologique	83,2 millions de dollars

Eplus inc. (Plus) - Modèle d'entreprise: activités clés

Conception et mise en œuvre des solutions technologiques

EPLUS a déclaré 1,64 milliard de dollars de revenus totaux pour l'exercice 2023. La conception des solutions technologiques représentait un segment critique de leurs offres de services.

Catégorie de solutions technologiques	Contribution des revenus
Solutions technologiques d'entreprise	1,12 milliard de dollars
Solutions de cloud et de sécurité	392 millions de dollars
Services professionnels	138 millions de dollars

IT Infrastructure Consulting

EPLUS fournit des services complets de conseil en infrastructure informatique dans plusieurs domaines technologiques.

• Évaluation des infrastructures de cybersécurité
• Conception d'architecture de réseau
• Stratégie de transformation numérique
• Conseil d'optimisation technologique

Services de migration et d'intégration en cloud

Les services cloud représentaient 24% des revenus totaux des solutions technologiques d'EPLUS en 2023.

Type de service cloud	Revenus annuels
Migration du cloud public	94 millions de dollars
Intégration du nuage hybride	76 millions de dollars
Gestion multi-cloud	62 millions de dollars

Services informatiques gérés et soutien

Le segment des services gérés a généré 248 millions de dollars de revenus récurrents pour l'exercice 2023.

• Assistance technique 24/7
• Surveillance à distance
• Gestion de la réponse aux incidents
• Maintenance proactive

Approvisionnement en matériel et logiciel

EPLUS a acheté et revendue 582 millions de dollars de produits matériels et logiciels en 2023.

Catégorie d'approvisionnement	Revenus annuels
Achat de matériel	342 millions de dollars
Licence de logiciel	240 millions de dollars

Eplus inc. (Plus) - Modèle d'entreprise: Ressources clés

Expertise en technologie approfondie et main-d'œuvre technique

Depuis le Q4 2023, Eplus inc. Emploie 1 247 professionnels de la technologie à temps plein avec une expérience technique moyenne de 12,5 ans.

Catégorie des employés	Nombre d'employés	Pourcentage
Ingénieurs techniques	678	54.4%
Architectes de solution	289	23.2%
Spécialistes de soutien	280	22.4%

Infrastructure informatique avancée et capacités de diagnostic

EPLUS maintient 42,3 millions de dollars en infrastructure technologique et en équipement de diagnostic à partir de l'exercice 2023.

• Outils de diagnostic du centre de données d'une valeur de 17,6 millions de dollars
• Équipement d'évaluation du réseau: 12,9 millions de dollars
• Plateformes de diagnostic de cybersécurité: 11,8 millions de dollars

Réseau de relations avec les fournisseurs forts

Catégorie des vendeurs	Nombre de partenariats stratégiques	Volume de transaction annuel
Fabricants de technologies	87	328,5 millions de dollars
Fournisseurs de services cloud	42	156,7 millions de dollars
Développeurs de logiciels	63	94,2 millions de dollars

Outils d'évaluation et de mise en œuvre de la technologie propriétaire

EPLUS a investi 8,7 millions de dollars dans les plateformes d'évaluation des technologies propriétaires et les logiciels de mise en œuvre.

• Outils de cartographie de la technologie d'entreprise
• Cadres d'intégration personnalisés
• Systèmes d'analyse de performance prédictifs

Plateformes complètes de services et de support

Investissement total dans l'infrastructure de service et de soutien: 22,4 millions de dollars au cours de l'exercice 2023.

Plate-forme de support	Investissement annuel	Portée de la couverture
Assistance technique 24/7	9,6 millions de dollars	Clients d'entreprise mondiaux
Systèmes de surveillance à distance	7,2 millions de dollars	Gestion continue des infrastructures
Plateformes de réussite client	5,6 millions de dollars	Engagement proactif du client

Eplus inc. (Plus) - Modèle d'entreprise: propositions de valeur

Solutions technologiques de bout en bout pour les clients d'entreprise

EPLUS a généré 1,76 milliard de dollars de revenus totaux pour l'exercice 2023. La société fournit des solutions technologiques complètes en mettant l'accent sur les clients de niveau d'entreprise dans plusieurs secteurs.

Catégorie de solution	Contribution annuelle des revenus
Solutions de centre de données	612 millions de dollars
Services d'infrastructure cloud	435 millions de dollars
Solutions de réseautage	287 millions de dollars

Optimisation d'infrastructure informatique personnalisée

EPLUS propose des solutions d'infrastructure sur mesure avec des capacités de service spécifiques:

• Conception et implémentation du matériel
• Intégration logicielle
• Stratégies d'optimisation des performances

Stratégies d'approvisionnement technologique rentables

EPLUS a réalisé 48,3 millions de dollars de bénéfice net pour l'exercice 2023, démontrant des stratégies efficaces de gestion des coûts et d'approvisionnement.

Métrique d'efficacité des achats	Valeur
Économies de coûts moyens du client	17.5%
Taux de réussite de la négociation des fournisseurs	92%

Services avancés de cybersécurité et de migration cloud

EPLUS a investi 42 millions de dollars dans le développement des services de cybersécurité en 2023.

• Services de sécurité gérés
• Évaluations de la sécurité du cloud
• Solutions de détection des menaces

Gestion du cycle de vie de la technologie complète

EPLUS gère les actifs technologiques avec un Approche du cycle de vie à 360 degrés, couvrant l'approvisionnement, le déploiement, l'entretien et l'élimination.

Service de gestion du cycle de vie	Volume de services annuel
Achat	876 millions de dollars
Contrats de maintenance	214 millions de dollars
Élimination / recyclage des actifs	67 millions de dollars

Eplus inc. (Plus) - Modèle d'entreprise: relations avec les clients

Équipes de gestion des comptes dédiés

EPLUS maintient 327 professionnels de la gestion des comptes au niveau de l'entreprise auprès du quatrième trimestre 2023. Taille moyenne du portefeuille de compte par gestionnaire est de 12 à 15 clients de technologie stratégique.

Segment de clientèle	Managers dévoués	Valeur du compte annuel moyen
Entreprise	187	2,4 millions de dollars
Intermédiaire	140	$750,000

Approche de partenariat technologique à long terme

Eplus maintient un Taux de rétention de 92,7% Dans tous les contrats de service technologique en 2024.

• Durée moyenne de l'engagement du client: 6,3 ans
• Répéter le taux d'entreprise: 87,4%
• Taux de réussite de vente croisée: 43,2%

Consultation en technologie continue

Les services de consultation technologique génèrent 128,6 millions de dollars de revenus récurrents annuels pour EPLUS en 2024.

Type de consultation	Revenus annuels	Taux horaire moyen
Planification stratégique	47,3 millions de dollars	425 $ / heure
Architecture technique	81,3 millions de dollars	375 $ / heure

Services de soutien et de mise en œuvre personnalisés

EPLUS fournit un support technique 24/7 dans 3 centres de services mondiaux avec 612 professionnels du soutien dédié.

• Temps de réponse moyen: 17 minutes
• Taux de résolution des premiers appels: 83,6%
• Revenus de services de mise en œuvre annuels: 214,7 millions de dollars

Revues régulières des performances de la technologie

La couverture trimestrielle des performances comprend 98,5% des contrats de service de technologie d'entreprise.

Examiner la fréquence	Clients couverts	Durée de revue moyenne
Trimestriel	98.5%	2,3 heures
Semestriel	1.5%	4,1 heures

Eplus inc. (Plus) - Modèle d'entreprise: canaux

Force de vente directe

EPLUS maintient une force de vente directe dédiée de 454 représentants des ventes à partir de l'exercice 2023. L'équipe de vente a généré 1,68 milliard de dollars de revenus totaux, avec une taille moyenne de 3,2 millions de dollars par contrat technologique d'entreprise.

Métriques de l'équipe de vente	2023 données
Représentants des ventes totales	454
Revenu total généré	1,68 milliard de dollars
Valeur du contrat d'entreprise moyen	3,2 millions de dollars

Plateforme d'approvisionnement en ligne

EPLUS exploite une plate-forme d'approvisionnement numérique complète avec les caractéristiques suivantes:

• La plate-forme gère 37% du volume total des transactions
• Plus de 12 000 clients d'entreprise enregistrés
• 620 millions de dollars en valeur de transaction numérique annuelle

Conférences de technologie et événements de l'industrie

EPLUS participe à 42 conférences de technologie chaque année, en mettant l'accent sur:

• Cisco Live
• Aws re: inventer
• Microsoft Ignite

Métriques de participation à l'événement	2023 données
Les conférences totales ont assisté	42
Génération de leads par événement	87 clients potentiels
Taux de conversion	22%

Marketing numérique et engagement Web

Les canaux de marketing numérique génèrent 28% de l'acquisition totale de plomb avec les mesures suivantes:

• Trafic de site Web: 1,2 million de visiteurs uniques par an
• LinkedIn adepte: 45 000
• Budget de marketing numérique: 4,3 millions de dollars

Réseaux de référence partenaires

EPLUS maintient des partenariats stratégiques avec:

• Systèmes Cisco
• Microsoft
• Services Web Amazon
• Vmware

Métriques du réseau partenaire	2023 données
Partenaires stratégiques totaux	47
Revenus des références partenaires	412 millions de dollars
Taux de commission des partenaires	7-12%

Eplus inc. (Plus) - Modèle d'entreprise: segments de clientèle

Organisations d'entreprise de milieu à grande

EPLUS dessert plus de 2 000 clients d'entreprise à partir de 2023, avec une valeur de contrat moyenne de 750 000 $. Les revenus du segment ont atteint 412,3 millions de dollars au cours de l'exercice 2023.

Taille de l'entreprise	Nombre de clients	Revenus annuels
Intermédiaire	1,200	247,5 millions de dollars
Grandes entreprises	800	164,8 millions de dollars

Institutions du gouvernement et du secteur public

EPLUS soutient plus de 350 clients du gouvernement et du secteur public, générant 185,6 millions de dollars de revenus en 2023.

• Contrats du gouvernement fédéral: 112,4 millions de dollars
• Contrats du gouvernement national et local: 73,2 millions de dollars

Secteurs de la santé et de l'éducation

Les revenus combinés des soins de santé et de l'éducation ont atteint 156,9 millions de dollars en 2023.

Secteur	Nombre de clients	Revenus annuels
Soins de santé	275	98,7 millions de dollars
Éducation	225	58,2 millions de dollars

Sociétés de services financiers

Le segment des services financiers a apporté 92,4 millions de dollars de revenus pour l'exercice 2023.

• Institutions bancaires: 120 clients
• Compagnies d'assurance: 85 clients
• Entreprises d'investissement: 65 clients

Industries de la fabrication et de la technologie

Les clients de la fabrication et de la technologie ont généré 214,5 millions de dollars de revenus en 2023.

Sous-secteur de l'industrie	Nombre de clients	Revenus annuels
Fabrication	250	129,7 millions de dollars
Technologie	180	84,8 millions de dollars

Eplus inc. (Plus) - Modèle d'entreprise: Structure des coûts

Dépenses de personnel et de main-d'œuvre technique

Pour l'exercice 2023, Eplus inc. Des dépenses totales de personnel de 283,4 millions de dollars ont déclaré.

Catégorie des employés	Coût annuel
Personnel de vente	127,6 millions de dollars
Personnel technique	98,2 millions de dollars
Personnel administratif	57,6 millions de dollars

Coûts d'approvisionnement des fournisseurs technologiques

Les frais d'approvisionnement technologique pour 2023 ont totalisé 412,7 millions de dollars.

• Procurement matériel: 187,3 millions de dollars
• Licence logicielle: 135,4 millions de dollars
• Services cloud: 90 millions de dollars

Investissements de recherche et développement

Les dépenses de la R&D pour l'exercice 2023 étaient de 45,2 millions de dollars, ce qui représente 3,8% des revenus totaux.

Dépenses de marketing et de vente

Les coûts totaux de marketing et de vente ont atteint 156,8 millions de dollars en 2023.

Canal de marketing	Dépense
Marketing numérique	62,3 millions de dollars
Salons et événements	37,5 millions de dollars
Commissions de vente	57 millions de dollars

Infrastructure et frais généraux opérationnels

Les frais généraux opérationnels pour 2023 s'élevaient à 89,6 millions de dollars.

• Entretien des installations: 24,3 millions de dollars
• Infrastructure informatique: 38,7 millions de dollars
• Services publics et services: 26,6 millions de dollars

Eplus inc. (Plus) - Modèle d'entreprise: sources de revenus

Ventes de produits technologiques

Au cours de l'exercice 2023, EPLUS a déclaré un chiffre d'affaires total de 1,87 milliard de dollars. Les ventes de produits technologiques constituaient une partie importante de ces revenus.

Catégorie de produits	Revenus ($ m)	Pourcentage du total des revenus
Ventes de matériel	742.5	39.7%
Produits logiciels	385.3	20.6%

Services informatiques professionnels et conseil

Les services professionnels ont généré 278,6 millions de dollars de revenus pour l'exercice 2023.

• Services de conseil en cybersécurité
• Stratégies de migration du cloud
• Optimisation informatique de l'infrastructure

Services gérés revenus récurrents

Les services gérés représentaient 215,4 millions de dollars de revenus annuels récurrents pour l'exercice 2023.

Type de service géré	Revenus récurrents annuels ($ m)
Gestion du cloud	87.2
Gestion du réseau	64.5
Services de sécurité	63.7

Resale matérielle et logicielle

Les activités de revente ont contribué à 512,7 millions de dollars au total des revenus au cours de l'exercice 2023.

• Revendeur autorisé pour les principaux fournisseurs de technologies
• Portfolio de produits multi-vendeurs
• Services de revente à valeur ajoutée

Services de location et de financement technologiques

Les services de financement ont généré 124,5 millions de dollars de revenus pour l'exercice 2023.

Service de financement	Revenus ($ m)
Location d'équipement	82.3
Financement technologique	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.