Fuji Xerox has rebranded and will be known as Fujifilm Business Innovation as of 1 April 2021 as part of the company's plans to focus on its existing businesses and expand into new business areas such as cloud, artificial intelligence, and the Internet of Things.
Affiliates and sales companies in and outside of Japan will also change their names respectively on the same date, but Fuji Xerox said their new names will be revealed at a later date.
The rebranding comes as the company also announced it would not be renewing its technology agreement with Xerox, which expires on 31 March 2021.
Under the existing technology agreement -- which provides sales territories, and technology and brand licenses for each company -- Fuji Xerox's sales activities have only been operating in the Asia-Pacific region while Xerox's sales activities operate in other regions.
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However, ending the agreement will remove such sales territory restrictions, which Fuji Xerox touted would enable it to expand its business globally, particularly to the US and European region, under its new name.
"Today's announcement of ending the technology agreement with Xerox Corporation opens doors for Fuji Xerox to, after April 2021, utilise our own technologies and synergise with technologies owned by other Fujifilm Group companies to produce/market products and solutions under our own new brand worldwide," Fuji Xero president and representative director Kouichi Tamai said.
"Additionally, becoming a wholly owned company of Fujifilm Holdings Corporation as announced in November enables us to make business decisions more efficiently regarding investing in new businesses, building alliances, and pursuing acquisitions with a worldwide perspective."
Despite the termination of the technology agreement, Fuji Xerox said its product supply agreement with Xerox will continue to remain in place.
The Japanese-based firm signed an agreement with CSG in October proposing to acquire the Australian-based IT service provider in a move to expand the sales of its IT solutions and office printing equipment to small to medium businesses in Australia and New Zealand.
Fuji Xerox Australia has established a new business division that will provide managed IT services, cloud and hosting services, and enterprise content management software.
Printing company Xerox is reportedly weighing up an ambitious cash-and-stock offer for its far bigger rival, HP.
Xerox is urging HP to reconsider its buyout offer or else it would take its case directly to HP's shareholders.
HP board of directors are concerned the takeover will significantly undervalue HP, which has been facing challenging times in recent years.