Tokyo-based IT equipment firm Ricoh has snapped up two southern European partners as part of its strategy to make Iberia account for 40 per cent of its IT business revenues by next year.
IPM in Spain and TotalStor in Portugal specialise in data storage and analytics services in private and hybrid cloud, disaster recovery and virtualisation.
Together, their total revenues came to €71m in 2018.
CEO of Ricoh Spain and Portugal, Ramon Martin, said that the Japanese firm sees southern Europe as an increasingly core revenue earner for the business.
"Our goal in Spain and Portugal is for the IT business to represent 40 per cent of Ricoh's turnover by the end of fiscal year 2020," he said.
For its FY2018 year, Ricoh logged sales of 2,013bn yen (€16.63bn) globally, down 2.4 per cent year on year.
However, sales in EMEA declined by 3.9 per cent "because of office printing downturns that overshadowed growth in office service and commercial printing".
The weak printing market also knocked down global gross profits by three per cent to 766.8bn yen.
Alberto Mariani, senior vice president of Office Services, Ricoh Europe, said that strategically, the company chose IPM and TotalStor because it wants to strengthen its "high-end storage, datacentre and hybrid cloud capabilities".
Its FY2018 results revealed that office equipment sales remain the core of its business.
However, the firm said it had "reassessed its copier sales", and has made it a priority to "steadily expand office services earnings and invest strategically to secure resources for operational expansion".
Its latest European resources will operate independently under the names IPM, a Ricoh Company in Spain and TotalStor, a Ricoh Company in Portugal.
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