Xerox Document Technology to Retain Xerox Name; BPO Company to be Named ‘Conduent’
As Xerox prepares to split into two companies by the end of this year – one devoted to document technology and document outsourcing, the other devoted to business process outsourcing (BPO) – it reports today that BPO company will be named “Conduent, Inc.,” while the document-technology company will continue to be called Xerox Corporation.
The name Conduent is said to inspired by the new company’s expertise in connecting clients and their constituents through transactions “at massive scale” in areas such as customer care, transportation solutions, and healthcare payer and provider services. Conduent is said to reflect the company’s position as a partner to businesses and governments.
“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, current 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 company with expertise in transaction-intensive processing, analytics and automation. Conduent’s offerings will involve two-thirds of all insured patients in the United States, and more than half of all mobile-phone subscribers in the United States. Xerox says it will have the second-largest market share in the business-process outsourcing industry.
This week, Xerox also appointed Ashok Vemuri, previously of IGATE Corporation, to be CEO of the BPO company.
The separate document-technology company, which includes document-outsourcing and document technology (printers, MFPs, scanners, and their related software and supplies), will retain the Xerox brand name.
“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 company with a portfolio of hardware, software, and services supporting governments and commercial enterprises from small to large.
In May 2016, Xerox appointed current Xerox CEO Burns to chairman of the board of the post-separation document-technology company, but hasn’t yet named a CEO for the document-technology company.
- June 2016: Ashok Vemuri to be CEO of Xerox Business Process Outsourcing Company
- May 2016: Xerox Board Names Ursula Burns Chairman of New Document Technology Company
- May 2016: Xerox Rolls Out Secure Print Manager Suite 2.0, MFP App Customization Service, Plus New Workflow-Automation Solutions
- May 2016: This Week in Imaging: Catching up with Xerox; Merger ‘Not Easy’ for Staples
- April 2016: Profits, Earnings Down for Xerox’s First Quarter
- March 2016: New Xerox i-Series MFPs Feature Latest ConnectKey 3.0 Apps for Document-Processing, WorkFlow, Supply-Ordering, More
- March 2016: Xerox Obtains $1 Billion Loan from Seven Banks
- March 2016: Xerox Launches its First Cut-Sheet Inkjet Press, the Brenva HD, Plus New Continuous-Feed Inkjet Printer Platform
- February 2016: Difficult Fourth Quarter for Xerox, But Surge in Entry-Level Color A4 MFP Sales
- January 2016: Xerox to Split into Two Companies, One Devoted to Printers, Copiers, Other to Business-Process Outsourcing