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IBM Acquires Sequent Financial Services Lease Portfolio


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ARMONK, N.Y - 14 Apr 2000: -- IBM today announced that is has acquired the Sequent Financial Services leasing portfolio, which primarily covers NUMA-Q 2000 processors, formerly named Sequent Computer Systems. IBM Global Financing's purchase of the portfolio, consisting of U.S.-based customer lease contracts, extends IBM's support for its acquisition of Sequent Computer Systems last year.

The portfolio acquisition will directly benefit customers since IBM will be able to easily arrange their lease upgrades and extensions for installed NUMA-Q processors. In addition, many of these customers have relationships with IBM Global Financing and consolidating the number of vendors they deal with to obtain financing will improve procurement efficiency. "We have been a customer of IBM Global Financing for many years," said David Laube, vice president and chief information officer, U.S.WEST. "To have our Sequent lease portfolio acquired by them ensures a smooth transition for us, and an opportunity to build on the innovative ways we have worked with Global Financing and further our relationships with them."

As the world's leading provider of IT and IT-related financing, IBM Global Financing was in a unique position to acquire the portfolio from Sequent Financial Services. Terms of the transaction were not disclosed. In a similar move last year, IBM Global Financing purchased Comdisco's mainframe leasing portfolio.

Joel F. Raven, vice president of Acquisitions and Strategic Alliances, IBM Global Financing, said, "IBM Global Financing is able to bring tremendous value in deals like this, as evidenced in the Sequent Financial Services and Comdisco acquisitions, since we have the experience and resources to complete these types of transactions. We're able to expediently facilitate the seller's transfer of the portfolio assets, make the portfolio transfer effortless and simple for the customer and offer our customers a broad array of financing options going forward."

IBM Global Financing, the largest IT financier in the world, offers customers in more than 40 countries leasing and financing solutions for hardware, software and services acquired from IBM and other vendors. With more than $44 billion in annual financing originations in 1999, IBM Global Financing also provides flexible commercial financing for inventory, accounts receivable and acquisitions. In the U.S., IBM Global Financing customers are served by IBM Credit Corporation.

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