Document management systems and services provider IKON Office Solutions is being acquired by Ricoh, a leading manufacturer of multifunction products, printers, fax machines and related supplies for about $1.6 billion in cash. IKON will be a subsidiary of Ricoh, once the acquisition process is completed.

The acquisition will bring together IKON's sales and services capabilities and Ricoh's engineering and manufacturing expertise.  

IKON integrates copiers, printers and MFP technologies from leading manufacturers and document management software and systems, to deliver tailored, high-value solutions implemented and supported by its global services organization. Ricoh on the other hand offers a wide range of digital, networked products, including MFPs, printers, fax machines, semiconductor related products and digital cameras.