Xerox Completes Acquisition of Affiliated Computer Services
09 February 2010 - 12:00AM
Business Wire
Xerox Corporation (NYSE: XRX) completed its acquisition of
Affiliated Computer Services, Inc. (NYSE: ACS), transforming Xerox
into the world’s leader in business process and document
management.
ACS is the largest diversified business process outsourcing
(BPO) firm in the world. Its expertise is in automating work
processes and providing BPO and IT outsourcing services that range
from processing over 1 million credit card applications and 12
million student loans each year to providing HR services for more
than 4.4 million employees and retirees annually.
“For the past 50 years, Xerox has fortified its leadership in
document management, creating new markets through our renowned
innovation,” said Ursula M. Burns, Xerox chief executive officer.
“With ACS, we take another step forward, expanding our leadership
to include business process outsourcing that helps simplify
document-driven work. The new Xerox provides the technology and
services to help our customers reach new levels of efficiency and
effectiveness, giving them the freedom to focus on what matters
most: their real business.”
“Xerox’s brand recognition, global presence, and superior
innovation give us a powerful competitive position and offers our
customers a trusted partner they can rely upon for the back office
support that makes their front offices successful,” said Lynn
Blodgett, president and chief executive officer, ACS. “We’re
quickly taking full advantage of becoming part of Xerox with plans
to expand our business to more global markets this year. And,
through its proprietary categorization and advanced document
imaging software, Xerox technology will help us differentiate our
offerings by providing faster, more automated ways to manage our
clients’ business processes.”
ACS will initially be branded ACS, A Xerox Company. It will
continue to be led by Lynn Blodgett, who has been elected by the
Xerox Board of Directors as an executive vice president of the
corporation. Blodgett will report to Burns.
“The breadth of ACS’ offerings – from HR benefits management and
IT support to automated toll collection and electronic health
records – is a significant competitive advantage and one we will
continue to leverage through investments, innovation and global
expansion,” added Burns.
“Xerox is working aggressively toward becoming more focused on
information management and business processes and less reliant on
printed documents,” said Angele Boyd, group vice president/general
manager, document solutions, IDC. “With this acquisition, Xerox
becomes a significant player, and has an opportunity for growth, in
the growing business process outsourcing market.”
Through a combination of services, technology and innovation,
the combined company will pursue a $500 billion market focused on
document and process management for businesses and governments.
About Xerox
Xerox Corporation is a $22 billion leading global enterprise for
business process and document management. Through its broad
portfolio of technology, services and outsourcing offerings, Xerox
provides the essential back-office support that clears the way for
clients to focus on what they do best: their real business.
Headquartered in Norwalk, Conn., Xerox provides leading-edge
document technology, services, software and supplies for production
and office environments of any size. Through ACS, A Xerox Company,
which Xerox acquired in February 2010, Xerox also offers extensive
business process outsourcing and information technology outsourcing
services, including data processing, HR benefits management,
finance support, and customer relationship management services for
commercial and government organizations worldwide. The 130,000
people of Xerox serve clients in more than 160 countries. For more
information, visit http://www.xerox.com or
http://www.xerox.com/news. For investor information, visit
http://www.xerox.com/investor.
NOTE TO EDITORS: 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. These factors
include but are not limited to the unprecedented volatility in the
global economy; the risk that unexpected costs will be incurred;
the outcome of litigation and regulatory proceedings to which we
may be a party; actions of competitors; changes and developments
affecting our industry; quarterly or cyclical variations in
financial results; development of new products and services;
interest rates and cost of borrowing; our ability to protect our
intellectual property rights; our ability to maintain and improve
cost efficiency of operations, including savings from restructuring
actions; changes in foreign currency exchange rates; changes in
economic conditions, political conditions, trade protection
measures, licensing requirements and tax matters in the foreign
countries in which we do business; reliance on third parties for
manufacturing of products and provision of services; the risk that
we will not realize all of the anticipated benefits from the
acquisition of Affiliated Computer Services, Inc.; 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 2008 Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q for the quarters ended March 31,
2009, June 30, 2009 and September 30, 2009 and ACS’s 2009 Annual
Report on Form 10-K and Quarterly Report on Form 10-Q for the
quarter ended September 30, 2009 filed with the Securities and
Exchange Commission. The Company 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.
Xerox® and the sphere of connectivity design are trademarks of
Xerox Corporation in the United States and/or other countries.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6170431&lang=en
Affiliated Computer (NYSE:ACS)
Historical Stock Chart
From Jul 2024 to Aug 2024
Affiliated Computer (NYSE:ACS)
Historical Stock Chart
From Aug 2023 to Aug 2024