Xerox renames post-split BPO company Conduent
Xerox said it will name the planned Business Process Outsourcing (BPO) company Conduent, following the separation of Xerox's services business and legacy hardware operations into two publicly traded companies.
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The planned Document Technology company will retain the original Xerox monicker.
The name Conduent is likely a play on the word conduit, which basically means a channel through which something is conveyed. According to Xerox, Conduent will specialize in "connecting clients and their constituents through seamless transactions at massive scale".
"Conduent reflects the company's position as a partner to businesses and governments, delivering experiences that drive satisfaction and retention among consumers, patients, commuters and employees," Xerox said.
Earlier this week, Xerox announced that Ashok Vemuri will lead the BPO company as CEO once the separation is complete. Vemuri was most recently the CEO of IGate until it was sold to outsourcing company Capgemini in 2015. Before IGate he spent 14 years with Indian outsourcing giant Infosys.
Xerox first announced plans to break up the company in January following pressure from activist investor Carl Icahn, who acquired an eight-percent stake in Xerox at the end of last year. Current Xerox CEO Ursula Burns was recently named chairman of the board of the company's post-split Document Technology company.
If all goes as planned, Xerox said the separation will create an $11 billion document technology company with 40,000 employees, and a $7 billion BPO company.
Xerox has yet to name a CEO for the document business.