OFFICE equipment manufacturer Xerox has purchased Cork-based Irish Business Systems (IBS) in a deal worth €21m.
IBS will retain its name, 185-strong workforce and its headquarters in Cork. It will operate as a wholly owned subsidiary of Xerox.
Founded in 1972, IBS traditionally sold equipment from other suppliers but will now sell Xerox products.
Xerox, which employs more than 700 people in Dublin, Dundalk and Belfast, said the IBS deal will increase its presence in the country. It is its second European acquisition in the past two years.
Xerox employs over 700 people in Dublin, Dundalk and Belfast.