Business Process Outsourcing - Xerox Newsroom

Conduent to present business strategy at Investor Event

Mon, 05 Dec 2016 11:45:00 GMT

At its first-ever investor event being held today and available via audio webcast from New York City, Conduent Chief Executive Officer Ashok Vemuri and Chief Financial Officer Brian Walsh will present the company’s strategy with a focus on delivering long-term value for shareholders through profit and margin expansion, innovation and diversified solutions and platforms.

Conduent is a leader in business process services delivering seamless, mission-critical interactions for businesses, governments and their constituents globally.

"Today’s event marks our first opportunity to present the full investment story of our new company, and we believe it is compelling," said Ashok Vemuri, CEO of Conduent. “We have a relentless commitment to driving profitable growth at Conduent. Our goal is to leverage our strong client relationships, scale and technology enabled solutions to drive top and bottom line growth.”

Investment Highlights

Operates in a $260 billion industry growing at mid-single digits
- There is a significant opportunity for the company to capture a greater share of that growth
Conduent has a large, quality client base diversified across industry verticals:
- Diversification allows the company to mitigate risk and apply capabilities across industries to expand our offering reach
Recurring revenue model, with 86 percent renewal rate, enables stability to support strong and growing cash flow generation
Conduent is taking on a major cost transformation program aiming to deliver approximately $700 million in savings through 2018
- This represents a significant margin expansion opportunity
- It will strengthen the bottom line, unlock capacity to reinvest in the business and drive top-line improvements
Conduent will employ a disciplined capital allocation strategy targeted toward high-return, low-risk opportunities to enhance shareholder value

Audio Webcast and Slides
To participate in the meeting via live webcast at 8 a.m. ET today visit https://livestream.com/ICENYSE/conduentinvestor or https://www.xerox.com/investor.

A recording and copy of the presentation will also be available as an archive at the Xerox website under the "investors" section.

Conduent to Trade on New York Stock Exchange
On Dec. 31, 2016, Xerox Corporation (NYSE: XRX) will separate into two independent, publicly traded companies: Xerox Corporation and Conduent Incorporated.

Beginning on or about Dec.13, 2016 and continuing until the distribution date, Dec. 31, 2016, it is expected that Conduent common stock will trade on a “when issued” basis on the New York Stock Exchange (“NYSE”) under the ticker symbol “CNDT WI”.

On Tuesday, Jan. 3, 2017, when-issued trading of Conduent common stock will end and Conduent common stock will begin trading “regular way” on the NYSE under the ticker symbol “CNDT”. Xerox will continue to trade on the NYSE under the ticker symbol “XRX”.

About Conduent
Conduent is the world’s largest provider of diversified business process services with leading capabilities in transaction processing, automation, analytics and constituent experience. We work with both government and commercial customers in assisting them to deliver quality services to the people they serve.

We manage interactions with patients and the insured for a significant portion of the U.S. healthcare industry. We are the customer interface for large segments of the technology industry and the operational and processing partner of choice for public transportation systems around the world.

Whether it’s digital payments, claims processing, benefit administration, automated tolling, customer care or distributed learning – Conduent manages and modernizes these interactions to create value for both our clients and their constituents. Learn more at www.conduent.com.

Forward Looking Statements
This report contains “forward-looking statements” that involve risks and uncertainties. These statements can be identified by the fact that they do not relate strictly to historical or current facts, but rather are based on current expectations, estimates, assumptions and projections about the business process outsourcing industry and our business and financial results. Forward-looking statements often include words such as “anticipates,” “estimates,” “expects,” “projects,” “intends,” “plans,” “believes” and words and terms of similar substance in connection with discussions of future operating or financial performance. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. Our actual results may vary materially from those expressed or implied in our forward-looking statements. Accordingly, undue reliance should not be placed on any forward-looking statement made by us or on our behalf. Important factors that could cause our actual results to differ materially from those in our forward-looking statements include government regulation, economic, strategic, political and social conditions and the following factors, among others: competitive pressures; changes in interest in outsourced business process services; our ability to obtain adequate pricing for our services and to improve our cost structure; the effects of any acquisitions, joint ventures and divestitures by us; our ability to attract and retain key employees; our ability to attract and retain necessary technical personnel and qualified subcontractors; a decline in revenues from or a loss or failure of significant clients; our ability to estimate the scope of work or the costs of performance in our contracts; the failure to comply with laws relating to individually identifiable information and personal health information and laws relating to processing certain financial transactions, including payment card transactions and debit or credit card transactions; our ability to deliver on our contractual obligations properly and on time; our ability to renew commercial and government contracts awarded through competitive bidding processes; increases in the cost of telephone and data services or significant interruptions in such services; changes in tax and other laws and regulations; increased volatility or decreased liquidity in the capital markets, including any limitation on our ability to access the capital markets for debt securities, refinance our outstanding indebtedness or obtain bank financing on acceptable terms; the impact of terrorist acts, hostilities, natural disasters (including extreme weather) and pandemic viruses; changes in foreign exchange rates; our lack of an operating history as an independent publicly traded company; changes in U.S. GAAP or other applicable accounting policies; the other risks and uncertainties detailed in the section titled “Risk Factors”, the section titled “Legal Proceedings”, our financial statements and the accompanying notes thereto, and the other sections of our Registration Statement on Form 10, as amended, and the section titled “Risk Factors” the section titled “Management’s Discussion and Analysis of Financial Condition”, our financial statements and the accompanying notes thereto, and the other sections of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2016. We caution you that the foregoing list of important factors may not contain all of the material factors that are important to you. Any forward-looking statements made by us in this current report speak only as of the date on which they are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.

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Xerox Board Approves Terms of Separation

Tue, 08 Nov 2016 11:45:00 GMT

Xerox (NYSE: XRX) announced today that its board of directors has approved the terms of Xerox’s separation into two independent, publicly traded companies and declared a pro rata dividend of the outstanding shares of Conduent common stock.

On the distribution date of Dec. 31, 2016, Xerox shareholders will receive one share of Conduent common stock for every five shares of Xerox common stock they hold as of the close of business on Dec. 15, 2016, the record date for the distribution. The distribution is subject to the satisfaction or waiver of certain conditions.

No action or payment is required by Xerox shareholders to receive the shares of Conduent common stock or cash in lieu of fractional shares. An Information Statement containing details regarding the distribution of the shares of Conduent common stock and Conduent's business and management following the spin-off will be made available to Xerox shareholders prior to the distribution date.

Fractional shares of Conduent common stock will not be distributed to Xerox shareholders. Instead, the fractional shares of Conduent common stock will be aggregated and sold in the open market, with the net proceeds distributed pro rata in cash payments to the Xerox shareholders, who would otherwise receive a fractional share of Conduent common stock.

For U.S. federal income tax purposes, Xerox’s U.S. shareholders (other than those subject to special rules) generally should not recognize gain or loss as a result of the distribution of Conduent shares, except with respect to cash received in lieu of fractional shares. Xerox shareholders are urged to consult with their tax advisors with respect to the U.S. federal, state and local or foreign tax consequences, as applicable, of the spin-off.

Beginning on or about Dec.13, 2016 and continuing until the distribution date, it is expected that Conduent common stock will trade on a “when issued” basis on the New York Stock Exchange (“NYSE”) under the ticker symbol “CNDT WI”. On Tuesday, Jan. 3, 2017, when-issued trading of Conduent common stock will end and Conduent common stock will begin trading “regular way” on the NYSE under the ticker symbol “CNDT”. Xerox will continue to trade on the NYSE under the ticker symbol “XRX”.

Also beginning on or about Dec. 13, 2016 and continuing up to the distribution date, it is expected that there will be two markets in Xerox common stock. Xerox shares that trade in the “regular-way” market under the symbol “XRX” will trade with an entitlement to shares of Conduent common stock to be distributed pursuant to the distribution. Xerox shares that trade in the “ex-distribution” market under the symbol “XRX WI” will trade without an entitlement to shares of Conduent common stock. Xerox shareholders who sell their shares in the "regular-way" market before the distribution date, will also be selling their entitlement to receive Conduent ordinary shares in the distribution. Investors are encouraged to consult with their financial advisors regarding the specific implications of buying or selling Xerox common stock on or before the distribution date.

About Conduent
Conduent is an industry leading provider of business process services with expertise in transaction-intensive processing, analytics and automation. We are changing the way businesses and governments interact with the people they serve, creating client value by modernizing and improving the constituent experience in areas such as healthcare, transportation solutions, customer care, and digital payments. Conduent’s differentiated offerings touch millions of lives every day, including two-thirds of all insured patients in the U.S. and nearly nine million people who travel through toll systems daily. Learn more at www.conduent.com.

About Xerox
Xerox is helping change the way the world works. By applying our expertise in imaging, business process, analytics, automation and user-centric insights, we engineer the flow of work to provide greater productivity, efficiency and personalization. Our employees create meaningful innovations and provide business process services, printing equipment, software and solutions that make a real difference for our clients and their customers in 180 countries. On Jan. 29, 2016, Xerox announced its plans to separate into two independent, publicly traded companies – Xerox Corporation, which will be comprised of the company’s Document Technology and Document Outsourcing businesses, and Conduent Incorporated, a business process services company.

Forward-Looking Statements
This release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “should” and similar expressions, as they relate to us, are intended to identify forward-looking statements. These statements reflect management’s current beliefs, assumptions and expectations, including with respect to the proposed separation of the Business Process Outsourcing ("BPO") business from the Document Technology and Document Outsourcing business, the expected timetable for completing the separation, the future financial and operating performance of each business, the strategic and competitive advantages of each business, future opportunities for each business and the expected amount of cost reductions that may be realized in the cost transformation program, and are subject to a number of factors that may cause actual results to differ materially. Such factors include but are not limited to: changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters in the United States and in the foreign countries in which we do business; changes in foreign currency exchange rates; our ability to successfully develop new products, technologies and service offerings and to protect our intellectual property rights; the risk that multi-year contracts with governmental entities could be terminated prior to the end of the contract term and that civil or criminal penalties and administrative sanctions could be imposed on us if we fail to comply with the terms of such contracts and applicable law; the risk that our bids do not accurately estimate the resources and costs required to implement and service very complex, multi-year governmental and commercial contracts, often in advance of the final determination of the full scope and design of such contracts or as a result of the scope of such contracts being changed during the life of such contracts; the risk that subcontractors, software vendors and utility and network providers will not perform in a timely, quality manner; service interruptions; actions of competitors and our ability to promptly and effectively react to changing technologies and customer expectations; our ability to obtain adequate pricing for our products and services and to maintain and improve cost efficiency of operations, including savings from restructuring actions and the relocation of our service delivery centers; the risk that individually identifiable information of customers, clients and employees could be inadvertently disclosed or disclosed as a result of a breach of our security systems; the risk in the hiring and retention of qualified personnel; the risk that unexpected costs will be incurred; our ability to recover capital investments; the risk that our Services business could be adversely affected if we are unsuccessful in managing the start-up of new contracts; the collectability of our receivables for unbilled services associated with very large, multi-year contracts; reliance on third parties, including subcontractors, for manufacturing of products and provision of services; our ability to expand equipment placements; interest rates, cost of borrowing and access to credit markets; the risk that our products may not comply with applicable worldwide regulatory requirements, particularly environmental regulations and directives; the outcome of litigation and regulatory proceedings to which we may be a party; the possibility that the proposed separation of the BPO business from the Document Technology and Document Outsourcing business will not be consummated within the anticipated time period or at all, including as the result of regulatory, market or other factors; the potential for disruption to our business in connection with the proposed separation; the potential that BPO and Document Technology and Document Outsourcing do not realize all of the expected benefits of the separation; and other factors that are set forth in the “Risk Factors” section, the “Legal Proceedings” section, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section and other sections of our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2016, June 30, 2016 and Sept. 30, 2016, and our 2015 Annual Report on Form 10-K filed with the SEC. Such factors also include, but are not limited to, the factors that are set forth in the "Risk Factors" section, the "Legal Proceedings" section and other sections of the Conduent Incorporated Form 10 Registration Statement, as amended, filed with the SEC. Xerox assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.

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Xerox Unveils Conduent’s New Global Brand Identity

Thu, 06 Oct 2016 11:00:00 GMT

Xerox (NYSE: XRX) today announced the latest milestone in its plan to separate into two independent, publicly-traded companies – unveiling the global brand identity of Conduent Incorporated, the soon-to-be industry leading business process services company.

“Our brand identity signifies core ideas behind our company and the value we create for our clients,” said Ashok Vemuri, CEO of Conduent following the company’s separation. “Both enterprises and governments are seeking ways to improve and modernize the way they interact with their constituents and clients. We are forming a company built around an unwavering focus on our client’s needs, delivery excellence and a set of core values – all in service of creating more consistent experiences and returns for our stakeholders.”

Conduent global brand identity
The name Conduent is inspired by the company’s expertise in managing transactional relationships between their clients and their constituents in areas like customer care, transportation solutions, healthcare, and digital payments. Like the name itself, the brand identity reflects the way Conduent will work as an extension of its clients, helping them drive loyalty, retention and customer satisfaction.

A bold typeface conveys stability and complements the symbol while acknowledging a 30-year history supporting the critical operations of businesses and governments. A connection between the “N” and the “T” in the typeface of “Conduent” reinforces that the constituent is at the core of the company’s business model. The connected letters also draw the reader’s eye to this unique pronunciation of the coined name.

The three parallelograms that make up the symbol embody several ideas about the new company.

Collectively, they represent movement and agility and represent the relationship between Conduent, its clients and their end users.
Individually, they represent three of Conduent’s major stakeholders: clients, employees and investors.
The arrow in the center of the design signals that Conduent helps organizations advance, transform and improve their end-constituent relationships – whether these are shoppers, commuters, patients, customers, employees, or citizens.

The orange color scheme is unique in the global services sector and naturally conveys energy and frames the enclosed arrow.

With approximately $7 billion in 2015 revenue and 93,000 employees worldwide, Conduent will be a Fortune 500 scale business process services company with expertise in transaction-intensive processing, analytics and automation. Conduent’s differentiated offerings touch millions of lives every day, including two-thirds of all insured patients in the U.S. and nearly 9 million people who travel through toll systems daily. Learn more at www.conduent.com.

Conduent expects to be separated from Xerox by year-end 2016. The transaction is subject to final approval by Xerox’s board of directors, among other conditions.

About Xerox
Xerox is helping change the way the world works. By applying our expertise in imaging, business process, analytics, automation and user-centric insights, we engineer the flow of work to provide greater productivity, efficiency and personalization. Our employees create meaningful innovations and provide business process services, printing equipment, software and solutions that make a real difference for our clients and their customers in 180 countries. On January 29, 2016, Xerox announced its plans to separate into two independent, publicly traded companies – Xerox Corporation, which will be comprised of the company’s Document Technology and Document Outsourcing businesses, and Conduent Incorporated, a business process services company.

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Conduent to Trade on New York Stock Exchange Following Separation from Xerox

Mon, 03 Oct 2016 10:30:00 GMT

Following the separation of Xerox (NYSE: XRX) into two companies, Conduent Incorporated, the new business process services company, will trade on the New York Stock Exchange (NYSE) under the symbol CNDT. Xerox will continue to trade on the NYSE as XRX.

“Our separation into Xerox and Conduent will create two independent, Fortune 500-scale, publicly traded companies with distinct and compelling investment propositions and differentiated financial profiles, growth drivers and business prospects,” said Ashok Vemuri, recently appointed CEO of Conduent. “The New York Stock Exchange has long provided the premiere venue for the world’s best companies to drive shareholder value. We believe this is the best exchange for each of these industry leaders to build its long-term shareholder base.”

“We’re delighted to welcome Conduent to the NYSE’s community of esteemed companies and thank Xerox, an iconic global leader, for its continued listing since 1961,” said Tom Farley, President, NYSE Group. “The NYSE is pleased to be the listing venue for Xerox and Conduent, and we look forward to delivering the superior market quality, global visibility and best-in-class issuer services that are associated with the NYSE’s proven model and value proposition.”

The company expects to complete its separation by year-end 2016. At the separation, Xerox shareholders will own all stock in both companies. The separation of Xerox and Conduent is intended to be tax-free to Xerox shareholders for U.S. Federal income tax purposes. The transaction is subject to final approval by Xerox’s board of directors, among other conditions.

With approximately $7 billion in 2015 revenue and 93,000 employees worldwide, Conduent will be a Fortune 500 scale business process services company with expertise in transaction-intensive processing, analytics and automation. Conduent’s differentiated offerings touch millions of lives, including two-thirds of all insured patients in the U.S. and more than half of all mobile phone subscribers in the U.S.

Following the separation, Xerox will continue to be a trusted partner to its customers, helping them improve productivity, workflow and business performance through its deep understanding of how, why and where people work. With approximately $11 billion in 2015 revenue, Xerox will be well positioned to build on its long-standing global leadership positions and pursue select growth opportunities with a focus on operational excellence, cost discipline, technology and innovation.

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Xerox recognized as a leader in sustainability by Dow Jones Sustainability World & N.A. indexes

Mon, 19 Sep 2016 12:05:00 GMT

Xerox (NYSE: XRX) has been named to the Dow Jones Sustainability World Index (DJSI World) for the first time and the Dow Jones Sustainability North America Index for the third consecutive year.

In the categories of corporate code of conduct, corporate governance and environmental management and reporting, Xerox exceeded the average score of DJSI World Members. Xerox was one of nine companies in the IT and software services sector to make the DJSI industry list and scored higher than most of the other industry members on all DJSI dimensions (economic, environmental and social).

"To be recognized as a leader in sustainability is validation of our long-standing commitment to corporate social responsibility that is core to our business, operations, products and solutions throughout the world,” said Flor Colon, Xerox Corporate Social Responsibility council chair.

Xerox partners with its clients to develop next-generation solutions. Some recent examples in transportation include:

New trip-planning apps for the cities of Denver, Los Angeles and Bengaluru, India allow commuters to plan their transit journeys from door-to-door using buses, subways, car sharing or other modes of transportation. The apps, Go LA and Go Denver, include an “eco-friendly” option – essentially routes that build in some amount of walking.
Dynamic pricing strategies are making it easier to find parking spots where and when drivers need them in cities such as Indianapolis and Los Angeles. This reduces congestion and carbon emissions because drivers spend less time circling the block looking for a place to park
Conversely, electronic toll collection keeps traffic moving – crucial at a time more vehicles are competing for capacity on the same roads. The use of electronic toll collection (ETC) technology gets cars through tollbooths quick, reducing idling time.

David Blitzer, Managing Director and Chairman of the Index Committee, S&P Dow Jones Indices commented, “With 2016 likely to be the hottest year on record, investors are again reminded that companies’ environmental and sustainability efforts are crucial to their financial outcomes. The Dow Jones Sustainability Indices are comprehensive benchmarks of companies that meet RobecoSAM’s sustainability standards and give investors tools to develop global allocations that reflect sustainability factors.”

Launched in 1999, the DJSI World is the gold standard for corporate sustainability and the first global index to track the leading sustainability-driven companies based on RobecoSAM’s analysis of financially relevant Environmental, Social, and Governance (ESG) factors and S&P DJI’s robust index methodology.

RobecoSAM invited the world’s largest 3,400 companies from developed and emerging markets to take part in its annual Corporate Sustainability Assessment (CSA). Only 317 companies, including Xerox, have been chosen as the DJSI World constituents for the year 2015-16.

About Xerox
Xerox is helping change the way the world works. By applying our expertise in imaging, business process, analytics, automation and user-centric insights, we engineer the flow of work to provide greater productivity, efficiency and personalization. Our employees create meaningful innovations and provide business process services, printing equipment, software and solutions that make a real difference for our clients and their customers in 180 countries. On January 29, 2016, Xerox announced its plans to separate into two independent, publicly traded companies – Xerox Corporation, which will be comprised of the company’s Document Technology and Document Outsourcing businesses, and Conduent Incorporated, a business process services company. The company is on track to complete the separation by the end of 2016.

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Xerox Names Brian Webb-Walsh CFO of Conduent Incorporated

Thu, 08 Sep 2016 18:00:00 GMT

Xerox (NYSE: XRX) announced today that Brian Webb-Walsh will serve as chief financial officer of Conduent Incorporated, upon completion of the separation of Xerox into two publicly-traded companies at the end of the year.

Webb-Walsh is currently the CFO for Xerox Services, responsible for all financial aspects of the business. Previously he led the finance function for the company’s government healthcare and health enterprise businesses. During his career he also supported Xerox’s large enterprise operations, global document outsourcing business and litigation services. Additionally, he’s held senior roles in investor relations and corporate financial planning and analysis.

“Brian has nearly twenty years of experience with Xerox, strong financial discipline, deep roots in the services business and a keen understanding of how to advance opportunities in growth markets,” said Ashok Vemuri, recently appointed CEO of Conduent.

“Our improved portfolio focus on attractive growth markets and leadership positions in key market segments make this an incredibly appealing opportunity,” said Webb-Walsh. “I look forward to leading Conduent’s financial strategy as the company seeks to create shareholder value by driving profitable growth and margin expansion.”

Webb-Walsh holds a Masters of Business Administration from Rochester Institute of Technology, a master’s in accounting from George Washington University and a bachelor’s in management from the State University of New York at Geneseo.

With approximately $7 billion in 2015 revenue and 93,000 employees worldwide, Conduent will be a Fortune 500 scale business process services company with expertise in transaction-intensive processing, analytics and automation. Conduent’s differentiated offerings touch millions of lives, including two-thirds of all insured patients in the U.S. and more than half of all mobile phone subscribers in the U.S. It will have the second-largest market share in the business process outsourcing industry.

Additional Conduent leadership appointments will be announced at a later date.

About Xerox
Xerox is helping change the way the world works. By applying our expertise in imaging, business process, analytics, automation and user-centric insights, we engineer the flow of work to provide greater productivity, efficiency and personalization. Our employees create meaningful innovations and provide business process services, printing equipment, software and solutions that make a real difference for our clients and their customers in 180 countries. On January 29, 2016, Xerox announced its plans to separate into two independent, publicly traded companies – Xerox Corporation, which will be comprised of the company’s Document Technology and Document Outsourcing businesses, and Conduent Incorporated, a business process services company. The company is on track to complete the separation by the end of 2016.

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Xerox Reports Second-Quarter 2016 Earnings

Fri, 29 Jul 2016 10:45:00 GMT

News Release Related Earnings Documents Webcast and Multimedia

Xerox Reports Second-Quarter 2016 Earnings

(PDF, 1.1MB)

8k Filing

Xerox Q2 2016 Earnings Presentation

(PDF, 786KB)

Xerox Q2 2016 Earnings Non-GAAP Measures

(PDF, 460KB)

Xerox Q2 2016 Financial Model

(PDF, 924KB)

Xerox Q2 2016 Earnings Summary

(PDF, 153KB)

Audio Replay: Conference Call

Q2 2016 Conference Call Transcript

www.XeroxPathForward.com

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Atos and Xerox launch new cloud-based Finance and Accounting BPaaS offering

Tue, 12 Jul 2016 17:17:00 GMT

Atos, an international leader in digital services, and Xerox have launched a new cloud-based ‘Business Process as a Service’ (BPaaS) offering for clients streamlining their finance and accounting functions.

The new service offers ‘Source-to-Pay’, ‘Order-to-Cash’ and ‘Record-to-Report’ and can be scaled to meet fluctuating demand and workloads. Complete with industry leading intelligence products to ensure internal controls, this ‘out-of-the-box’ service drives efficiency and up to 30 percent in cost savings.

The service combines the strength of Xerox’s global finance and accounting capability with Atos technology and digital skills in systems integration to provide a pay-as-you-go cloud-based service. The ready-to-go solution offers low upfront costs and no requirement for additional infrastructure, meaning that clients can be using the service in a matter of weeks. The fully configured technology platform leverages the advanced functionality of Oracle Enterprise Resource Planning Cloud to drive productivity, lower costs, and improve controls in the finance function.

Steve Sutton, SVP, Global Solutions at Atos, said: “Our new joint offering is an excellent example of how our worldwide strategic collaboration with Xerox is bringing benefits to our clients. With this new offering, we can support those clients looking to rapidly provision a Finance & Accounting service as well as larger organizations who are seeking cost savings over and above labor arbitrage.”

John Gentry, Global President, Finance, Accounting and Payments Group, Xerox said: “The new BPaaS from Xerox and Atos provides a secure range of best practice processes which, combined with our extensive experience in providing finance and accounting transformation and delivery services, ensures that our clients will shift to a new level of cost-effectiveness and best practice.”

The Atos and Xerox BPaaS offering for finance and accounting is available in Western Europe immediately.

About Atos
Atos SE (Societas Europaea) is a leader in digital services with pro forma annual revenue of circa € 12 billion and circa 100,000 employees in 72 countries. Serving a global client base, the Group provides Consulting & Systems Integration services, Managed Services & BPO, Cloud operations, Big Data & Cyber-security solutions, as well as transactional services through Worldline, the European leader in the payments and transactional services industry. With its deep technology expertise and industry knowledge, the Group works with clients across different business sectors: Defense, Financial Services, Health, Manufacturing, Media, Utilities, Public sector, Retail, Telecommunications, and Transportation.

Atos is focused on business technology that powers progress and helps organizations to create their firm of the future. The Group is the Worldwide Information Technology Partner for the Olympic & Paralympic Games and is listed on the Euronext Paris market. Atos operates under the brands Atos, Atos Consulting, Atos Worldgrid, Bull, Canopy, Unify and Worldline.

About Xerox
Xerox is helping change the way the world works. By applying our expertise in imaging, business process, analytics, automation and user-centric insights, we engineer the flow of work to provide greater productivity, efficiency and personalization. Our employees create meaningful innovations and provide business process services, printing equipment,software and solutions that make a real difference for our clients and their customers in 180 countries. On January 29, 2016, Xerox announced that it plans to separate into two independent, publicly-traded companies: a business process outsourcing company and a document technology company. Xerox expects to complete the separation by year-end 2016.

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Xerox Files Form 10 registration statement on separation of Conduent Inc.

Thu, 30 Jun 2016 04:00:00 GMT

Xerox (NYSE: XRX) announced today the initial filing of a Form 10 registration statement with the U.S. Securities and Exchange Commission (SEC) in connection with the separation of Xerox into two independent, publicly traded companies. The filing includes important information on the planned distribution of shares of Conduent Incorporated, Xerox’s current business process outsourcing business, including an overview of the business, reportable segments and historical financial results for fiscal years 2013, 2014 and 2015 and the three months ended March 31, 2016.

“Today’s filing marks a significant step toward completing Xerox’s separation, which will create two strong companies with enhanced focus and flexibility to pursue distinct and compelling business strategies and growth opportunities,” said Ursula Burns, chairman and chief executive officer of Xerox. “We are making solid progress towards completing the separation by year-end and positioning the new companies for successful futures.”

With approximately $7 billion in 2015 revenue, Conduent will be a leading provider of business process services with expertise in transaction-intensive processing, analytics and automation. Conduent will focus on industry-specific service offerings in attractive growth markets such as healthcare and transportation, as well as multi-industry service offerings in transaction processing, customer care and payment services, among others.

The filing will be updated with additional information in subsequent amendments in conjunction with the regular SEC review process. Post-distribution capitalization of Conduent has not yet been finalized. Pro-forma financial information reflecting the company's final capital structure and capital allocation policies, among other matters, will be included in subsequent amendments to the Form 10.

The separation is intended to be tax-free to Xerox shareholders for U.S. Federal income tax purposes. Xerox is on track to complete the separation by the end of 2016, subject to final approval by Xerox’s board of directors and the satisfaction of other customary conditions, including the effectiveness of the Form 10 registration statement filed today.

A copy of the Form 10 registration statement is available here.

About Xerox
Xerox is helping change the way the world works. By applying our expertise in imaging, business process, analytics, automation and user-centric insights, we engineer the flow of work to provide greater productivity, efficiency and personalization. Our employees create meaningful innovations and provide business process services, printing equipment, software and solutions that make a real difference for our clients and their customers in 180 countries. On January 29, 2016, Xerox announced that it plans to separate into two independent, publicly-traded companies: a business process outsourcing company and a document technology company. Xerox expects to complete the separation by year-end 2016.

Forward-Looking Statements
This release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “should” and similar expressions, as they relate to us, are intended to identify forward-looking statements. These statements reflect management’s current beliefs, assumptions and expectations, including with respect to the proposed separation of BPO from the Document Technology and Document Outsourcing business, the expected timetable for completing the separation, the future financial and operating performance of each business, the strategic and competitive advantages of each business, future opportunities for each business and the expected amount of cost reductions that may be realized in the cost transformation program, and are subject to a number of factors that may cause actual results to differ materially. Such factors include but are not limited to: changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters in the United States and in the foreign countries in which we do business; changes in foreign currency exchange rates; our ability to successfully develop new products, technologies and service offerings and to protect our intellectual property rights; the risk that multi-year contracts with governmental entities could be terminated prior to the end of the contract term and that civil or criminal penalties and administrative sanctions could be imposed on us if we fail to comply with the terms of such contracts and applicable law; the risk that our bids do not accurately estimate the resources and costs required to implement and service very complex, multi-year governmental and commercial contracts, often in advance of the final determination of the full scope and design of such contracts or as a result of the scope of such contracts being changed during the life of such contracts; the risk that subcontractors, software vendors and utility and network providers will not perform in a timely, quality manner; service interruptions; actions of competitors and our ability to promptly and effectively react to changing technologies and customer expectations; our ability to obtain adequate pricing for our products and services and to maintain and improve cost efficiency of operations, including savings from restructuring actions and the relocation of our service delivery centers; the risk that individually identifiable information of customers, clients and employees could be inadvertently disclosed or disclosed as a result of a breach of our security systems; the risk in the hiring and retention of qualified personnel; the risk that unexpected costs will be incurred; our ability to recover capital investments; the risk that our Services business could be adversely affected if we are unsuccessful in managing the start-up of new contracts; the collectability of our receivables for unbilled services associated with very large, multi-year contracts; reliance on third parties, including subcontractors, for manufacturing of products and provision of services; our ability to expand equipment placements; interest rates, cost of borrowing and access to credit markets; the risk that our products may not comply with applicable worldwide regulatory requirements, particularly environmental regulations and directives; the outcome of litigation and regulatory proceedings to which we may be a party; the possibility that the proposed separation of BPO from the Document Technology and Document Outsourcing business will not be consummated within the anticipated time period or at all, including as the result of regulatory, market or other factors; the potential for disruption to our business in connection with the proposed separation; the potential that BPO and Document Technology and Document Outsourcing do not realize all of the expected benefits of the separation; and other factors that are set forth in the “Risk Factors” section, the “Legal Proceedings” section, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section and other sections of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 and our 2015 Annual Report on Form 10-K and Conduent’s Form 10 Registration Statement filed with the SEC. Xerox assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.

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Xerox Announces New Business Process Outsourcing Company Will Be Named “Conduent Inc."

Thu, 16 Jun 2016 13:00:00 GMT

Xerox (NYSE: XRX) today announced the names of the new companies that will be created following the completion of its separation into two publicly traded companies. The Business Process Outsourcing company will be named “Conduent Inc.” and the Document Technology company will continue to be called Xerox Corporation.

Conduent
The name Conduent is inspired by the new company’s expertise in connecting clients and their constituents through seamless transactions at massive scale in areas such as customer care, transportation solutions, and healthcare payer and provider services. Conduent reflects the company’s position as a partner to businesses and governments, delivering experiences that drive satisfaction and retention among consumers, patients, commuters and employees.

“Conduent will begin its next chapter as a standalone company with a name that conveys the vital business we conduct every day,” said Ursula Burns, chairman and chief executive officer of Xerox. “Conduent is well-positioned to build on its strong heritage as a leader in business process services and will carry forward the values and culture of innovation, diversity and integrity from Xerox.”

With approximately $7 billion in 2015 revenue and 96,000 employees worldwide, Conduent will be a Fortune 500 scale business process services company with expertise in transaction-intensive processing, analytics and automation. Conduent’s differentiated offerings touch millions of lives, including two-thirds of all insured patients in the U.S. and more than half of all mobile phone subscribers in the U.S. It will have the second-largest market share in the business process outsourcing industry.

Xerox
The company also announced that the Document Technology company will retain the Xerox brand name, which is known globally for revolutionizing the way the world communicates – originally through copying, now through digital technology, software and services.

“With unparalleled brand equity in printing and imaging, there is no better name for our document technology and document outsourcing businesses than Xerox. Building on its deep understanding of how the world works, communicates and shares content, the new Xerox will continue to help clients improve their workflow, productivity, and business performance, no matter where they are on their digital journey,” said Burns.

With approximately $11 billion in 2015 revenue and approximately 39,000 employees, Xerox will be a Fortune 500 scale company with a diverse portfolio of hardware, software and services supporting governments and commercial enterprises from small to large. It will continue to be a global leader across document and content technology and applications, managed print services and workflow solutions.

About Xerox
Xerox is helping change the way the world works. By applying our expertise in imaging, business process, analytics, automation and user-centric insights, we engineer the flow of work to provide greater productivity, efficiency and personalization. Our employees create meaningful innovations and provide business process services, printing equipment, software and solutions that make a real difference for our clients and their customers in a 180 countries. On January 29, 2016, Xerox announced that it plans to separate into two independent, publicly-traded companies: a business process outsourcing company and a document technology company. Xerox expects to complete the separation by year-end 2016.

Forward-Looking Statements
This release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “should” and similar expressions, as they relate to us, are intended to identify forward-looking statements. These statements reflect management’s current beliefs, assumptions and expectations and are subject to a number of factors that may cause actual results to differ materially. Such factors include but are not limited to: changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters in the United States and in the foreign countries in which we do business; changes in foreign currency exchange rates; our ability to successfully develop new products, technologies and service offerings and to protect our intellectual property rights; the risk that multi-year contracts with governmental entities could be terminated prior to the end of the contract term and that civil or criminal penalties and administrative sanctions could be imposed on us if we fail to comply with the terms of such contracts and applicable law; the risk that our bids do not accurately estimate the resources and costs required to implement and service very complex, multi-year governmental and commercial contracts, often in advance of the final determination of the full scope and design of such contracts or as a result of the scope of such contracts being changed during the life of such contracts; the risk that subcontractors, software vendors and utility and network providers will not perform in a timely, quality manner; service interruptions; actions of competitors and our ability to promptly and effectively react to changing technologies and customer expectations; our ability to obtain adequate pricing for our products and services and to maintain and improve cost efficiency of operations, including savings from restructuring actions and the relocation of our service delivery centers; the risk that individually identifiable information of customers, clients and employees could be inadvertently disclosed or disclosed as a result of a breach of our security systems; the risk in the hiring and retention of qualified personnel; the risk that unexpected costs will be incurred; our ability to recover capital investments; the risk that our Services business could be adversely affected if we are unsuccessful in managing the start-up of new contracts; the collectability of our receivables for unbilled services associated with very large, multi-year contracts; reliance on third parties, including subcontractors, for manufacturing of products and provision of services; our ability to expand equipment placements; interest rates, cost of borrowing and access to credit markets; the risk that our products may not comply with applicable worldwide regulatory requirements, particularly environmental regulations and directives; the outcome of litigation and regulatory proceedings to which we may be a party; the possibility that the proposed separation of the Business Process Outsourcing (BPO) business from the Document Technology and Document Outsourcing business will not be consummated within the anticipated time period or at all, including as the result of regulatory, market or other factors; the potential for disruption to our business in connection with the proposed separation; the potential that BPO and Document Technology and Document Outsourcing do not realize all of the expected benefits of the separation; and other factors that are set forth in the “Risk Factors” section, the “Legal Proceedings” section, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section and other sections of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 and our 2015 Annual Report on Form 10-K filed with the Securities and Exchange Commission. Xerox assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.

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