8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported): November 18, 2004


                                   EPLUS INC.
              -----------------------------------------------------
             (Exact name of registrant as specified in its charter)

               Delaware                   000-28926           54-1817218
               --------------          --------------       --------------
     (State or other jurisdiction  (Commission File Number) (IRS Employer
              of incorporation)                             Identification No.)

                  400 Herndon Parkway, Herndon, Virginia 20170
              -----------------------------------------------------
          (Address, including zip code, of principal executive office)

                                 (703) 834-5710
                                 --------------
              (Registrant's telephone number, including area code)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2 below):

[   ]   Written communications pursuant to Rule 425  under  the  Securities  Act
        (17 CFR 230.425)

[   ]   Soliciting  material  pursuant to Rule  14a-12  under  the  Exchange Act
        (17 CFR 240.14a-12)

[   ]   Pre-commencement  communications pursuant  to Rule  14d-2(b)  under  the
        Exchange Act (17 CFR 240.14d-2(b))

[   ]   Pre-commencement  communications  pursuant to  Rule 13e-4(c)  under  the
        Exchange Act (17 CFR 240.13e-4(c))



















                                      -1-



Item 8.01:  Other Events

On November 18, 2004,  ePlus inc.  (NASDAQ:  "PLUS")  announced by press release
that its Board of Directors  has  authorized  the  repurchase of up to 3,000,000
shares of its common stock.  A copy of the press  release is attached  hereto as
Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.


Item 9.01:  Financial Statements and Exhibits

(a) Not applicable.

(b) Not applicable.

(c) The following exhibit is included with this Report:

Exhibit  99.1       Press Release dated November 18,  2004, issued by ePlus inc.

SIGNATURE

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                              ePlus inc.


                                              By: /s/ Steven J. Mencarini
                                                  ------------------------------
                                                  Steven J. Mencarini
Date: November 18, 2004                           Chief Financial Officer





























                                      -2-

EX-99

                            Company Contacts:
Steve Mencarini, CFO                                         Kley Parkhurst, SVP
Tel: (703) 810-2596                                          Tel: (703) 709-1924
smencarini@eplus.com                                        kparkhurst@eplus.com

                    ePlus Announces Stock Repurchase Program

Herndon,  VA,  November 18, 2004 - ePlus inc (Nasdaq NM: PLUS)  announced  today
that its board of directors has authorized  the repurchase  from time to time of
up to 3,000,000 shares of its outstanding common stock to the cumulative maximum
of $7,500,000 over a twelve month period ending no later than November 17, 2005.
The  purchases  may be  made  in the  open  market  or in  privately  negotiated
transactions,   subject  to  availability,   at  prices  deemed  appropriate  by
management.  The repurchased  shares will have the status of treasury shares and
may  be  used,  when  needed,   for  general  corporate   purposes.   ePlus  had
approximately  8.94 million  shares of common stock  outstanding as of September
30, 2004.

About ePlus inc.

A leading provider of Enterprise Cost Management, ePlus provides a comprehensive
solution to reduce the costs of  purchasing,  owning,  and  financing  goods and
services.  ePlus  Enterprise Cost Management  (eECM) packages  business  process
outsourcing,   eProcurement,  asset  management,  product  and  catalog  content
management, supplier enablement, strategic sourcing, and financial services into
a single integrated  solution,  all based on ePlus' leading business application
software.  Profitable  since inception in 1990, the company is  headquartered in
Herndon,  VA, and has more than 30 locations  in the U.S. For more  information,
visit www.eplus.com, call 888-482-1122 or email info@eplus.com.

ePlus(TM) is a trademark of ePlus inc. ePlus  Enterprise  Cost  Management,  and
eECM, are trademarks applied for of ePlus inc.

"Safe Harbor"  Statement under the Private  Securities  Litigation Reform Act of
1995:  Statements in this press release,  which are not historical facts, may be
deemed to be "forward-looking statements". Actual and anticipated future results
may vary due to certain risks and uncertainties,  including, without limitation,
the existence of demand for, and  acceptance  of, our  services;  our ability to
adapt our  services  to meet  changes  in  market  developments;  the  impact of
competition  in our  markets;  the  possibility  of defects in our  products  or
catalog content data; our ability to hire and retain sufficient  personnel;  our
ability  to protect  our  intellectual  property;  the  creditworthiness  of our
customers;  our ability to raise capital and obtain  non-recourse  financing for
our transactions; our ability to realize our investment in leased equipment; our
ability to reserve  adequately for credit losses;  fluctuations in our operating
results;  our reliance on our management  team; and other risks or uncertainties
detailed in our Securities and Exchange Commission filings.