New CareAR Service Experience Management Platform valued at $700 million post-money valuation and attracts $10 million investment from ServiceNow
Norwalk, Conn. – Xerox Holdings Corporation announced the formation of CareAR, A Xerox Company, which consolidates CareAR, Inc., DocuShare® and XMPie under a single holding company named CareAR Holdings. CareAR received a $700 million post-money valuation following a $10 million equity investment from ServiceNow, the leading digital workflow company that makes work, work better for people.
CareAR will be led by Xerox President and Chief Operations Officer Steve Bandrowczak, who will expand his current role to also serve as CareAR’s Chairman, and Sam Waicberg, the original founder of Care, Inc., who will serve as CareAR’s President.
Now combining DocuShare's content management system, XMPie’s cross-media platform, and Xerox’s PARC Alto AI artificial intelligence engine, the expanded CareAR service experience platform will support service workforces with the visual tools and access to data that are needed to consistently deliver high quality service experiences for service employees and end-customers, all while lowering the operating costs and greenhouse gas emissions of service providers. The backbone of the new CareAR® platform is the augmented reality technology Xerox gained through the acquisition of CareAR, Inc., announced earlier this year, which integrates with ServiceNow® Field Service Management and allows service technicians to tap into the knowledge of more experienced technicians through live, AR assisted instruction.
CareAR’s service experience management platform is designed to be industry agnostic and integrates seamlessly with digital workflow leader ServiceNow’s platform, ensuring an end-to-end approach to work orders, cases and incidents, and delivering high quality customer outcomes and service experiences for enterprises across multiple industries. The company’s augmented reality technology is disrupting the service delivery ecosystem and addressing key sustainability and workforce challenges, including:
Empowering support workforces with the visual tools and access to data that are needed to consistently deliver high quality service experiences for service employees and end-customers, all while lowering the operating costs and greenhouse gas emissions of service providers.
Helping solve workforce talent issues – primarily associated with a retiring workforce. As the current workforce ages into retirement, service organizations will no longer be able to rely on the apprenticeship-based training that has sustained service businesses for decades. CareAR will help leverage and optimize experienced employees’ time and allow inexperienced workers to draw on a repository of knowledge curated by CareAR’s predictive AI capabilities.
Supporting service employers' sustainability and social responsibility goals. CareAR facilitates remote preventative and maintenance-based actions, thereby reducing initial and follow-on technician dispatches. Lower dispatches result in fewer truck rolls, thereby lowering carbon emissions for service organizations. And better-informed employees make for a safer workplace.
"Xerox has positioned CareAR to deliver capabilities that service-intensive industries need, with real-time instruction, visual tools and access to data at the tip of any user’s fingertips, all driven by predictive artificial intelligence,” said Xerox Vice Chairman and CEO John Visentin. “By creating a platform that is intuitive to a digitally native workforce, and with investment from ServiceNow, we believe CareAR will define and grow the Service Experience Management category, disrupting industries at a time when it’s needed most.”
“Our customers have never more urgently needed workflows that deliver greater operational efficiencies, better customer and environmental outcomes, and improved safety,” said John Ball, senior vice president of Customer Workflows at ServiceNow. “Our investment reflects our belief that CareAR has the potential to deliver world-class, enterprise-grade augmented reality. Customers using CareAR’s augmented reality to route work through ServiceNow’s leading workflow platform can better solve problems remotely, speeding resolution times and reducing the need for expensive on-site visits, which also reduces carbon emissions dramatically. Together, we’re delivering powerful enterprise service experiences for the new world of work.”
Xerox was advised by Mizuho Securities USA and Willkie Farr & Gallagher LLP in connection with the transaction.
Xerox’s senior management will host a conference call to review this announcement on Thursday, Sept. 2, 2021 at 8:30 a.m. ET. To listen to the live event, visit the Presentations & Webcasts section of Xerox’s Investor Relations homepage, at https://investors.xerox.com/investors/presentations-webcasts, https://edge.media-server.com/mmc/p/he4sv8aj or dial 1-866-307-3343 conference ID: 2685627 within the United States. International callers may dial 1-973-409-9608 conference ID: 2685627. The teleconference will also be webcast with an accompanying slide presentation which will be available on Xerox's Investor Relations website by 8:15 a.m. ET today.
A recording of the conference call will be available at https://investors.xerox.com/investors/presentations-webcasts or by calling 1-855-859-2056, 1-800-585-8367 or 1-404-537-3406 after 12 p.m. ET on Thursday, Sept. 2, 2021. Replay ID is 2685627. The telephone recording will be available until 12 p.m. ET on Monday, Sept. 6, 2021.