Following the separation of Xerox’s services business and legacy hardware operations into two publicly traded companies, Xerox said it will name the planned Business Process Outsourcing (BPO) company Conduent, and the Document Technology company will continue to be called Xerox Corporation.
The name Conduent is inspired by the new company’s expertise in connecting clients and their constituents through seamless transactions at massive scale in areas such as customer care, transportation solutions, and healthcare payer and provider services. Conduent reflects the company’s position as a partner to businesses and governments, delivering experiences that drive satisfaction and retention among consumers, patients, commuters and employees.
Read: Xerox To Leverage Mobility With ConnectKey
“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, 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.”
Earlier this week, Xerox announced that Ashok Vemuri will lead the BPO company as CEO once the separation is complete. Vemuri was most recently the CEO of IGate until it was sold to outsourcing company Capgemini in 2015. Before IGate he spent 14 years with Indian outsourcing giant Infosys. Current Xerox CEO Ursula Burns was recently named chairman of the board of the company’s post-split Document Technology company.
Read Also:Xerox Names Ashok Vemuri As CEO Of Its BPO Firm
On January 29, 2016, Xerox announced its plans to separate into two independent, publicly-traded companies – a Document Technology company comprised of its Document Technology and Document Outsourcing businesses and a BPO company.
With approximately $7 billion in 2015 revenue and 96,000 employees worldwide, Conduent will be a Fortune 500 scale business process services company with expertise in transaction-intensive processing, analytics and automation.
The new company is focused on attractive growth markets including transportation, healthcare, commercial and government services. Already two-thirds of insured patients in the U.S. and more than half of all mobile phone subscribers in the U.S are its clients. It will have the second-largest market share in the business process outsourcing industry, the company claims.
The company also announced that the Document Technology company will retain the Xerox brand name, which started its brand with copying, and has successfully made a dent through digital technology, software and services. The company said, with approximately $11 billion in 2015 revenue and approximately 39,000 employees, Xerox will be a Fortune 500 scale company with a diverse portfolio of hardware, software and services supporting governments and commercial enterprises from small to large. It will continue to be a global leader across document and content technology and applications, managed print services and workflow solutions.