Xerox Completes Sale of its Information Technology Outsourcing Business to Atos
June 30 2015 - 4:23PM
Business Wire
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. 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
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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version on businesswire.com: http://www.businesswire.com/news/home/20150630006541/en/
XeroxInvestors:Jennifer Horsley,
+1-203-849-2656Jennifer.Horsley@Xerox.comorTroy Anderson,
+1-203-849-2672Troy.Anderson@Xerox.comorMedia:Karen Arena,
+1-203-849-5521Karen.Arena@xerox.comorSean Collins, +1
310-497-9205sean.collins2@xerox.com
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