Xerox Christens Its BPO Firm As "Conduent"

Xerox Corp. (NYSE: XRX) disclosed that the names of the new companies would be established after the completion of its separation into two publicly traded companies. Accordingly, its Business Process Outsourcing firm would be known as "Conduent, Inc." while the Document Technology company will continue to be known as Xerox Corporation.Xerox Chairman and CEO, Ursula Burns, said, "Conduent will begin its next chapter as a standalone company with a name that conveys the vital business we conduct every day. Conduent is well-positioned to build on its strong heritage as a leader in business process services and will carry forward the values and culture of innovation, diversity and integrity from Xerox."The company indicated that the name Conduent was inspired by the new firm's expertise in connecting clients and their constituents through seamless transactions at massive scale in areas such as customer care, transportation solutions, and healthcare payer and provider services. Also, Conduent reflected its position as a partner to businesses, as well as, governments, delivering experiences that drive satisfaction and retention among consumers, patients, commuters and employees.Conduent would be a Fortune 500 scale BPO firm with approximately $7 billion in 2015 revenue and 96,000 employees worldwide. Its differentiated offerings touch millions of lives, including two-thirds of all insured patients in the U.S. and more than half of all mobile phone subscribers in the U.S. It will have the second-largest market share in the business process outsourcing industry.Burns added, "With unparalleled brand equity in printing and imaging, there is no better name for our document technology and document outsourcing businesses than Xerox. Building on its deep understanding of how the world works, communicates and shares content, the new Xerox will continue to help clients improve their workflow, productivity, and business performance, no matter where they are on their digital journey."Xerox stock traded 1.4 percent lower on Thursday.