Conduent

Conduent Inc.
Public
Traded as NYSE: CNDT
Russell 1000 Component
Industry Business process services
Founded January 3, 2017 (2017-01-03)
Headquarters Florham Park, New Jersey, U.S.
Number of locations
 40 countries[1] (2017)
Area served
 Worldwide
Key people
 Ashok Vemuri (Chief Executive Officer)
Brian Webb-Walsh (Chief Financial Officer)
Revenue US$ 6.6 billion (2017)
Owner Carl Icahn (10%)[2]
Number of employees
 90,000[1] (2017)
Website conduent.com

Conduent Inc. is a technology-led business process services company headquartered in New Jersey. It was formed in 2017 as a divestiture from Xerox. The company offers digital platforms for businesses and governments.[3][4][5] It has 93,000 employees in more than 40 countries.[1]

History

On 30 June 2016, Xerox announced that it would be spinning off its Xerox Business Services division into a wholly separate corporation, for which the name was yet to be determined. The business scope of the new company was generally understood to be essentially identical to that of former business services company Affiliated Computer Services (ACS), which Xerox had acquired six years earlier in 2010.[6][7]

On 6 October 2016, having previously announced its intent to separate into two separate companies, Xerox announced the identity of the new business services company as Conduent. It described the company's "coined name" as "inspired by the company's expertise in managing transactional relationships between their clients and their constituents".[8] On its corporate blog, Conduent posted an article by chief marketing officer John Kennedy, who described the name as "derived with inspiration from several places". Kennedy wrote that when trying to summarize what the new company does, "words like conduit, confluence and constituent come to mind." He wrote that the company considered nearly 6,000 possible names before choosing Conduent, which he described as "a name that seemed perfect for our new BPO Company."[9]

On 3 January 2017, Conduent formally came into existence following its separation from Xerox.[5] At the end of the first quarter of 2017, Carl Icahn owned 9.7% of the company.[2]

References

  1. 1 2 3 "Investor relations". Conduent. Retrieved 2017-01-04.
  2. 1 2 Jinks, Beth (May 15, 2017). "Icahn Adds New Stake in Conduent, Exits Allergan and Nuance". Bloomberg. Retrieved November 26, 2017.
  3. ↑ de la Merced, Michael J.; Picker, Leslie (January 29, 2016). "Xerox, in Deal With Carl Icahn, to Split Company in Two". The New York Times. Retrieved 2016-01-30.
  4. ↑ "Company Overview of Conduent Inc". Bloomberg. September 8, 2016. Retrieved 2016-10-29.
  5. 1 2 Jamerson, Joshua (January 3, 2017). "Xerox Stock Climbs After Splitting With Business-Services Unit". The Wall Street Journal. Retrieved 2017-01-04. (Subscription required (help)).
  6. ↑ Burke, Patrick (2016-07-13). Burke: Xerox spinoff Conduent a likely takeover target. Democrat and Chronicle, 13 July 2016. Retrieved from http://www.democratandchronicle.com/story/money/columnist/burke/2016/07/13/xerox-conduent-carl-icahn-takeover/87026628/.
  7. ↑ Farrell, Maureen (2016-01-29). Xerox and ACS: A Troubled Deal from the Start. WSJ, 29 January 2016. Retrieved from https://blogs.wsj.com/moneybeat/2016/01/29/xerox-and-acs-a-troubled-deal-from-the-start/.
  8. ↑ Xerox (2016-10-06). Xerox Unveils Conduent's New Global Brand Identity. Xerox, 6 October 2016. Retrieved from https://www.news.xerox.com/news/Xerox-unveils-global-brand-identity-for-Conduent.
  9. ↑ Kennedy, John (16 June 2016). "What's in a name?". Conduent. Retrieved 24 February 2017.
  • Official website
  • Vanian, Jonathan (January 3, 2017). "Conduent CEO Talks Splitting from Xerox and Competing with IBM and HPE". Fortune.
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