Xerox sells its ITO business to Atos for USD850m net.
M2 EQUITYBITES-July 1, 2015-Xerox sells its ITO business to Atos for USD850m net
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Xerox (NYSE:XRX) completed the sale of its Information Technology Outsourcing (ITO) business to Atos, for net after-tax proceeds of about USD850m, it revealed on Wednesday.
Further, the company said that now it can increase its focus and resources on expanding its Business Process Outsourcing (BPO) and Document Outsourcing (DO) businesses, in which areas it has a competitive and market advantage. Besides, new levels of collaboration will be possible for its customers that leverage Atos' ITO capabilities, in developing innovative solutions, it mentioned.
The company's ITO business with about 9,600 employees is operative in 42 countries. It will now use the proceeds to repurchase common stock and fund acquisitions.
A business services, technology and document management company, Xerox was founded in 1906 and is based in Norwalk, Connecticut. It has over 130,000 employees and does business in 180 countries.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jul 1, 2015|
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