Xerox Announces New Business Process Outsourcing Company Will Be Named “Conduent”
Friday, June 17, 2016
Press release from the issuing company
Document Technology Company Will Retain the Xerox Brand
NORWALK, Conn. – 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.
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.
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.
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