Xerox, following the completion of its separation into two publicly traded companies, is naming its new Business Process Outsourcing company as Conduent Inc. As previously announced, the Document Technology company will continue to be called Xerox Corporation.
Ashok Vemuri will serve as CEO of the post-separation Conduent. He is to join Xerox on July 1, 2016, and serve as CEO of Xerox Business Services LLC and an Executive VP of Xerox Corporation until the separation is complete. Vemuri served as President and CEO of IGATE Corporation from September 2013 to October 2015.
“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, CEO of Xerox. With approximately US$7 billion in 2015 revenue and 96,000 employees worldwide, Xerox explains Conduent will be a Fortune 500 scale business process services company with expertise in transaction-intensive processing, analytics and automation.
The company continues to explain Conduent will have the second-largest market share in the business process outsourcing industry, with services that touch two-thirds of all insured patients in the U.S. and more than half of all mobile phone subscribers in the U.S.
With approximately US$11 billion in 2015 revenue and approximately 39,000 employees, Xerox will be a Fortune 500 scale company with a portfolio of hardware, software and services supporting governments and commercial enterprises. Xerox explains the company will continue to focus on document and content technology and applications, managed print services and workflow solutions.
“With unparalleled brand equity in printing and imaging, there is no better name for our document technology and document outsourcing businesses than Xerox,” said Burns. “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.”
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