IT Outsourcing - Xerox Newsroom

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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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 chairman details solid 2015 results and progress on strategic transformation and separation at annual meeting

Fri, 20 May 2016 18:34:00 GMT

At its annual meeting of shareholders today, Ursula Burns, chairman and CEO of Xerox (NYSE: XRX), discussed the company’s financial performance in 2015. In addition, Burns outlined the progress the company is making to enhance value for Xerox shareholders by separating into two public companies while driving a strategic transformation program to deliver $2.4 billion in cumulative savings over three years, which includes savings from ongoing and incremental productivity initiatives.

In her address to shareholders, Burns commented, “Despite the pressures of operating in an increasingly challenging market environment in 2015, we delivered on many of our goals and returned significant capital to our shareholders.”

Burns noted that Xerox delivered value for shareholders in 2015 by:

Posting $18 billion in revenue
Delivering adjusted earnings per share of 98 cents and GAAP earnings per share from continuing operations of 49 cents
Delivering $1.6 billion in operating cash flow
Returning $1.6 billion to shareholders through share repurchases and dividends
Increasing its annual dividend by 11 percent for 2016

Burns added, “In 2015, we continued to optimize and position our portfolio for the future. By selling our Information Technology Outsourcing business and restructuring our government healthcare business, we achieved greater focus on higher margin growth segments in our Business Process Outsourcing and Document Outsourcing businesses. Additionally, in Document Technology we introduced nine new products that reinforced our reputation for market-leading innovation.

Burns concluded, “One of the most important decisions we made in 2015 was to conduct a comprehensive review of structural options for the company’s portfolio and capital allocation. This resulted in our decision in early 2016 to separate Xerox into two independent, publicly-traded companies – one comprising our Document Technology and Document Outsourcing businesses, and the other our Business Process Outsourcing business. Both will be significant Fortune 500-scale companies and leaders in their respective markets. With increased strategic focus and resources aligned to the specific needs of their markets, we can capitalize on the unique strengths of our Document Technology and BPO businesses and capture the value-creation opportunities that we see in each of them.”

During the last few months, the company has made substantial progress in building strong operational and financial foundations for both new companies. The company has set a target to file its initial Form 10 registration statement with the SEC in July, in line with its goal of completing the separation by year-end. As announced last month, the separation will be structured as a tax-free spinoff of the BPO business to current Xerox shareholders. And Xerox’s Board of Directors announced today that Burns will serve as chairman of the board of the Document Technology company following the separation.

Also at the annual meeting, shareholders elected the eight nominees to the Xerox board of directors by a majority of the votes cast: Ursula M. Burns, Richard J. Harrington, William Curt Hunter, Robert J. Keegan, Charles Prince, Ann N. Reese, Stephen H. Rusckowski and Sara Martinez Tucker.

In a separate vote, shareholders ratified the selection of PricewaterhouseCoopers LLP as the company’s independent, registered public accounting firm for 2016. Shareholders also approved, on an advisory basis, the 2015 compensation of Xerox’s named executive officers and approved the 2016 amendment and restatement of the company’s 2004 performance incentive plan. Shareholders did not approve a proposal concerning executive compensation metrics.

Dividend Declaration
Today, the company announced that its board of directors declared a quarterly cash dividend of 7.75 cents per share on Xerox common stock. The dividend is payable on July 29, 2016 to shareholders of record on June 30, 2016.

The board also declared a quarterly cash dividend of $20 per share on Xerox Series A Convertible Perpetual Preferred Stock. The dividend is payable on July 1, 2016 to shareholders of record on June 15, 2016.

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.

Non- GAAP Measures
This release refers to the non-GAAP financial measure “adjusted earnings per share” for full-year 2015, which excludes the amortization of intangible assets of $0.18, the second-quarter 2015 software impairment of $0.08 and the third-quarter 2015 Health Enterprise (HE) charge of $0.23.

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 collectibility of our receivables for unbilled services associated with very large, multiyear 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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Xerox Names Ursula Burns Chairman of Post-Separation Document Technology Company

Fri, 20 May 2016 13:00:00 GMT

The Board of Directors of Xerox (NYSE: XRX) announced today that Ursula Burns will serve as chairman of the board of the Document Technology company following the completion of the separation of Xerox into two independent, publicly-traded companies. Burns will continue in her current role as chairman and chief executive officer of Xerox until the separation.

In January, Xerox announced it would separate into two stand alone, market-leading companies – a Document Technology company comprised of its Document Technology and Document Outsourcing businesses and a Business Process Outsourcing (BPO) company. The separation is on track to be completed by the end of 2016. The Document Technology company will be a global leader in document management and document outsourcing with $11 billion in 2015 revenue.

“Ursula’s deep industry experience and relationships along with her proven leadership skills will be valuable assets for the Document Technology company and will help ensure a smooth transition to a new management team,” said Ann Reese, Xerox’s lead independent director. “The company will be well positioned to leverage its global industry leadership, strategic focus and ability to innovate post-separation and we are very pleased that Ursula will continue to play a critical role in making that happen.”

“I am looking forward to my role as chairman of the Document Technology company and to continuing my deep personal and professional commitment to its success,” Burns said. “I remain focused, however, on ensuring Xerox and the post-separation companies are positioned to build on our strong heritage and capture new opportunities we have identified to create value for employees, customers and shareholders.”

“Our search for leadership is well underway and we have an extremely strong pool of talent across our organization as well as external candidates to build our management teams,” Burns added. “We have made significant progress toward creating two strong companies and I am confident that our decision to separate will position both businesses for continued success.”

The Document Technology company will lead the market with superior technology, solutions and innovations that optimize document management in an increasingly interconnected, digital world. Its strong profitability and free cash flow generation will enable significant capital returns and provide for selective investments in attractive growth areas.

The BPO company will be an industry leader that helps businesses and governments manage large-scale, transaction intensive processes with their patients, commuters, travelers, citizens, and employees. With approximately $7 billion in 2015 revenue – more than 90% of which is annuity based – the company is focused on attractive growth markets including transportation, healthcare, commercial and government services.

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. Learn more at www.xerox.com.

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 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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Xerox Named a Leader in Gartner's Magic Quadrant Report

Mon, 28 Dec 2015 16:20:00 GMT

Xerox (NYSE: XRX) has been positioned by Gartner, Inc., in the Leaders Quadrant of the 2015 Magic Quadrant for Managed Print and Content Services Worldwide¹for the eighth consecutive year. In this report, Gartner examines the expanding role of managed print services (MPS) along with managed content services (MCS), which is tightly coupled with MPS and focuses on communications inside of an organization. In the new report, Gartner positioned Xerox as furthest for completeness of vision and ability to execute.

Xerox’s Next Generation MPS offering has three main stages – assess and optimize; secure and integrate; automate and simplify – which are designed to bridge the paper and digital worlds so customers can print more cost effectively, conveniently and securely.

“How content is used, shared and saved in today’s mobile centric work environment is a driving force behind implementing a successful MPS and MCS approach,” said Joseph Hanania, senior vice president, Global Document Outsourcing, Large Enterprise Operations, Xerox. “We believe our leadership position in this Gartner Magic Quadrant is validation that our strategy is helping our customers streamline and optimize their paper-based business processes to improve employee productivity and help meet sustainability goals.”

Recent examples of Xerox’s three-pronged MPS strategy include:

Assess and Optimize: The Xerox Print Awareness Tool – a patented system that encourages workers to be more environmentally responsible – uses gamification technology to help enterprises reduce their carbon footprint and motivate employees to do their part.
Secure and Integrate: Analytics are driving smarter print decisions, and Xerox is helping counsel businesses on how to optimize their print environments with the Xerox Secure Print Manager Suite with User Analytics, which provides an analysis of who is printing what, when, how much and where.
Automate and Simplify: Xerox continues to bolster its industry and cross-industry offerings, recently announcing Workflow Automation solutions for the insurance industry and HR departments, two areas of business with data-intensive workflows to help customers avoid document management bottlenecks and inefficiencies. Additionally, new releases of office and personal productivity solutions with Xerox Digital Alternatives and Xerox DocuShare 7.0 improve efficiency by automating document processing, helping deconstruct everyday office procedures to alleviate employees of the time-consuming, manual processes like sharing, annotating, storing and securing documents and data.

In 2015, Xerox was also named as the worldwide MPS market leader for the sixth consecutive year by Quocirca Ltd.², and as a leader in the IDC MarketScape U.S. Managed Workflow Services Vendor Assessment.³

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. We conduct business in 180 countries, and our more than 130,000 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. Learn more at www.xerox.com.

About the Magic Quadrant
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

¹Gartner, “Magic Quadrant for Managed Print and Content Services Worldwide,” By Ken Weilersten and Tomoko Mitani, December 2015

² Quocirca: “Managed Print Services Landscape, 2015,” By Louella Fernandes, Quocirca Ltd., July 2015

³IDC MarketScape: “U.S. Managed Workflow Services Hardcopy 2015 Vendor Assessment,” By Holly Muscolino and Terry Frazier, November 30, 2015

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Xerox Named a Leader in New IDC MarketScape Report

Mon, 30 Nov 2015 16:00:00 GMT

Xerox (NYSE: XRX) has been recognized as a leader in the IDC MarketScape: U.S. Managed Workflow Services Hardcopy 2015 Vendor Assessment¹.

This new report focuses on the Managed Workflow Service (MWS) market, which the analyst firm defines as a set of services that automate and optimize vertical and horizontal document-intensive workflows and business processes.

Xerox’s Workflow Automation offerings help its customers avoid document management bottlenecks and inefficiencies. Xerox continues to bolster its industry and cross-industry offerings, recently announcing Workflow Automation solutions for the insurance industry and HR departments, two areas of business with data-intensive workflows.

Additionally, new releases of Xerox Digital Alternatives and Xerox DocuShare personal productivity solutions improve office efficiency by automating document processing. This alleviates employees of the time-consuming, manual processes like sharing, annotating, storing and securing documents and data.

The report cites Xerox as the only vendor that has a dedicated organization focused on workflow automation solutions and services. Established in 2014, Workflow Automation Services works in partnership with Xerox's document outsourcing teams – including both managed print and document services and centralized print services – as well as its business process outsourcing (BPO) organization.

“Managed workflow services bring wide-reaching benefits to an enterprise, far beyond just reducing print and saving money,” said Mike Feldman, president, Large Enterprise Operations, Xerox. “Automating process-laden workflows improves employee productivity, enhances document and data security and helps meet sustainability goals.”

Highlights from the report include references to Xerox’s strengths, such as:

Providing the full spectrum of services from managed print services to workflow automation to BPO, and from consulting/professional services to total outsourcing.
Services that are supported by a broad software and solutions portfolio, as well as expertise around client office and document work practices through ethnographic studies.

The ability to serve multi-national and global organizations with consistency across geographies.

This IDC MarketScape report reflects Xerox’s leadership commitment to improving the flow of work in businesses, including automating everyday business processes to drive workplace productivity and profitability.

About IDC MarketScape
IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor's position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.

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¹IDC MarketScape: U.S. Managed Workflow Services Hardcopy 2015 Vendor Assessment. November 30, 2015.

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Xerox Completes Sale of its ITO Business to Atos

Tue, 30 Jun 2015 20:24:00 GMT

Xerox (NYSE: XRX) today announced the completion of the previously announced sale of its Information Technology Outsourcing (ITO) business.

The transaction enables Xerox to increase its focus and resources on expanding its Business Process Outsourcing (BPO) and Document Outsourcing (DO) businesses, areas where the company has competitive and market advantage.

Additionally, this transaction will enable new levels of collaboration in developing innovative solutions for our customers that leverage Atos’ world-class ITO capabilities, and highlight Xerox’s Business Process Outsourcing and Document Outsourcing expertise.

Xerox expects to use the net after-tax proceeds of approximately $850 million from the transaction to repurchase common stock and fund acquisitions.

Xerox’s ITO business included approximately 9,600 ITO employees in 42 countries.

About Xerox
Xerox is a global business services, technology and document management company helping organizations transform the way they manage their business processes and information. Headquartered in Norwalk, Conn., we have more than 130,000 Xerox employees and do business in 180 countries. Together, we provide business process services, printing equipment, hardware and software technology for managing information -- from data to documents.

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; 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, 2015 and our 2014 Annual Report on Form 10-K filed with the U.S. 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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