Conduent Completes Separation from Xerox, Launches as Business Process Services Leader with $6.7 Billion in Annual Revenue
Members of Conduent leadership team to ring the NYSE Opening Bell®today
BASKING RIDGE, N.J., Jan. 3, 2017 – Conduent Incorporated (NYSE: CNDT) has completed its separation from Xerox (NYSE: XRX) and is now an independent public company trading on the New York Stock Exchange(NYSE). Conduent debuts as the world’s largest pure-play business process services leader with approximately $6.7 billion in annual revenue, a portfolio of differentiated offerings and a vision focused on technology and innovation to advance the client and constituent experience.
To mark the listing of its shares of common stock, Conduent representatives, including Chief Executive Officer Ashok Vemuri will gather together today to ring the opening bell at the NYSE.
With over 93,000 employees in more than 40 countries, Conduent is a Fortune 500-scale company with expertise in transaction-intensive processing, analytics and automation. Conduent helps organizations modernize, advance and improve the lives of the people they serve every day: retail consumers, commuters, patients, customers, employees, and citizens.
“We have already begun laying the groundwork to drive profitable growth through sharpened go-to-market capabilities and greater consistency in applying our automation, analytics, innovation and expertise,” said Ashok Vemuri, CEO of Conduent. “Our significant transformation program will position our new company for long-term success.”
Conduent continues with its previously announced major cost transformation program which will streamline the business, improve margins, and enable investment into growth opportunities.
“NelsonHall has covered Xerox for many years in the business process services space,” said John Willmott, CEO of NelsonHall, a leading BPS analyst firm. “New digital technologies are giving new vigor to the BPS market and Conduent is in the forefront of applying new business models on behalf of its constituents via its Intelligent Automation capability. We look forward to Conduent building on an already established strong suite of differentiated offerings for their constituents and are excited for industry growth prospects in 2017 and beyond.”
The company operates in a $260 billion industry growing at mid-single digits.
Conduent’s competitive strengths include:
- Leadership in business process services driven by deep expertise, strong client relationships and differentiated solutions in attractive growth industries, including healthcare and transportation;
- Ability to help clients drive improved business performance, higher quality and increased end-user satisfaction through continuous investment in innovation and development of new technologies and capabilities that improve business processes;
- Expertise in managing transaction-intensive, end-user driven processes on a large scale through a differentiated suite of high quality multi-industry service offerings such as transaction processing, customer care and payment services; and
- A solid recurring revenue model, with an 86 percent renewal rate, enabling stability to support strong and growing cash flow generation.
Conduent delivers seamless, mission-critical interactions for the world’s top brands and governments and touches millions of lives every day. Conduent:
- Serves 76 of the Fortune 100 businesses and more than 500 government entities
- Supports the top 20 managed U.S. healthcare plans and 9 of top 10 pharma/life science companies.
- Is the No.1 on-street parking service provider in the U.S.
- Handles more than 2.5 million contact center interactions daily for some of the world’s top brands.
- Services 8.9 million people who pass through managed toll systems, representing 46 percent of all U.S. toll collections.
Completion of Separation
As previously announced, under the terms of the separation agreements, on the distribution date of Dec. 31, 2016, Xerox shareholders received one share of Conduent common stock for every five shares of Xerox common stock they held as of the close of business on Dec. 15, 2016, the record date for the distribution.
For information about Conduent visit www.Conduent.com.
Conduent is the world’s largest provider of diversified business process services with leading capabilities in transaction processing, automation, analytics and constituent experience. We work with both government and commercial customers in assisting them to deliver quality services to the people they serve.
We manage interactions with patients and the insured for a significant portion of the U.S. healthcare industry. We are the customer interface for large segments of the technology industry and the operational and processing partner of choice for public transportation systems around the world.
Whether it’s digital payments, claims processing, benefit administration, automated tolling, customer care or distributed learning – Conduent manages and modernizes these interactions to create value for both our clients and their constituents. Learn more at www.conduent.com.