| Xerox Completes Acquisition of Affiliated Computer Services |
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08/02/2010 17:55 (733 Day 11:47 minutes ago) | |||||
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The FINANCIAL -- 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.
"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.
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