Norwalk, CT and Columbus OH, Feb. 25, 2019 – Hitachi Capital America Corp. has signed a definitive agreement to purchase the assets of Ohio-based Global Technology Finance, a supply chain financing provider to value added resellers (VARs) in the technology industry.
The decision to acquire Global Technology Finance’s business platform is supported by the firm’s strong expertise in technology reseller financing and their depth of relationships across the IT supply chain. “We are excited by the opportunity to add the highly experienced Global Technology Finance team to Hitachi,” said Mark Duncan, Executive Vice President and GM, Commercial Finance and Corporate Development. “We expect their platform to complement our strategy of delivering innovative financing solutions in the technology space. As a non-bank alternative finance company, we have the means to expand their solutions and offer enhanced certainty and flexibility.”
Paul Stemler, Global Technology Finance President, stated “Joining the Hitachi family of companies represents a significant opportunity for our company, our customers, and our employees. Adding Hitachi’s scale, industry expertise, and deep resources to our unique financing platform will allow us to broaden our supply chain financing solutions to include term loans, XaaS contract financing, and end-user financing.”
The transaction closed and funded February 22, 2019. Stemler will remain president of the new entity, which will be named Hitachi Capital America Technology Finance. He will report to Chris Pagano, General Manager of Hitachi Capital America’s Structured Finance business. Stemler will continue to be supported by COO/CFO Steve Weislogel, who oversees business operations in Ohio.
About Global Technology Finance
Global Technology Finance is national finance company specializing in technology reseller finance and revenue cycle services. The company was established in 1998 and is headquartered in Columbus, Ohio. Since its inception, GTF has funded over $11 billion in transaction volume.
The Company provides a unique financing solution for technology integrators/resellers which can support 100 percent of the reseller/integrator’s working capital needs. Global Technology Finance’s deep industry knowledge and extensive vendor relationships enables it to provide customized financing solutions and services to meet specific reseller/integrator needs.
About Hitachi Capital America Corp.
Hitachi Capital America Corp. is an independent, diversified leasing and financial services company providing financing to commercial businesses and other Hitachi companies in the United States. We offer a variety of senior secured financing solutions with a focus on truck, trailer, and floorplan financing; trade financing; funding and portfolio services; structured financing; vendor financing; and asset-based lending.
Hitachi Capital America Corp. was incorporated in October 1989 and commenced business operations in April 1990. We are headquartered in Norwalk, CT and are wholly-owned by Hitachi Capital Corporation. Our parent was founded in 1957 as a subsidiary of Hitachi Ltd., and has become one of the leading financial institutions in Japan. Through our sister companies located in the United Kingdom, Singapore, and Hong Kong, Hitachi Capital has established a presence in the global market place to better serve our customers and other Hitachi group companies worldwide.
Learn more at www.hitachicapitalamerica.com.
About Hitachi, Ltd.
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, delivers innovations that answer society's challenges, combining its operational technology, information technology, and products/systems. The company's consolidated revenues for fiscal 2017 (ended March 31, 2018) totaled 9,368.6 billion yen ($88.4 billion). The Hitachi Group is an innovation partner for the IoT era, and it has approximately 307,000 employees worldwide. Through collaborative creation with customers, Hitachi is deploying Social Innovation Business using digital technologies in a broad range of sectors, including Power/Energy, Industry/Distribution/Water, Urban Development, and Finance/Social Infrastructure/Healthcare. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
Reed Smith LLP served as legal counsel and Three Keys Capital Advisors LLC served as financial advisor to HCA. Latham and Watkins LLP served as legal counsel to GTF.