Xerox, ACS Shareholders Approve ACS Acquisition
February 8, 2010 - Shareholders of Xerox Corporation and of Affiliated Computer Services, Inc. today approved Xerox's acquisition of ACS, a global IT services firm. The transaction will be completed shortly. More than 96 percent of the Xerox common shares that voted at the Xerox meeting voted "FOR" the acquisition.
More than 86 percent of the voting power of the outstanding shares of ACS Class A and Class B stock voted "FOR" the acquisition. In addition, the "majority of the minority" vote requirement was met.
Xerox CEO Ursula Burns noted, "Our shareholders' vote of confidence reflects the strategic and financial benefits of this acquisition. Through the acquisition of ACS, Xerox gains a growth catalyst that secures a strong, competitive future for our company and increasing value for our customers and shareholders."
The world's largest diversified business process outsourcing firm, ACS is a $6.5 billion company with revenue growth of 6 percent and new business signings of $1 billion in annual recurring revenue during fiscal 2009. It supports client operations in more than 100 countries, and is based in Dallas, Texas. The company has some 78,000 employees who provide a broad array of professional services to commercial and government clients.
Lynn Blodgett, president and CEO of ACS noted, "By endorsing this acquisition, ACS shareholders have shown that the time is right to bring our business to the next level of global expansion. Xerox gives us the brand recognition, global scale and innovation to strengthen our industry leadership. We'll now be able to create more opportunities for our clients to simplify the way they conduct their business."