Conduent

Conduent Inc. is an American business process services company headquartered in New Jersey. It was formed in 2017 as a divestiture from Xerox.[3] The company offers digital platforms for businesses and governments.[4][5][6] It has 68,000 employees in more than 40 countries.[1]

Conduent Inc.
Public
Traded asNASDAQ: CNDT
Russell 1000 Component
IndustryBusiness process services
Founded3 January 2017 (2017-01-03)
Headquarters
Florham Park, New Jersey
,
U.S.
Number of locations
40 countries[1] (2017)
Area served
Worldwide
Key people
Cliff Skelton (Chief Executive Officer)
Brian Webb-Walsh (Chief Financial Officer)
RevenueUS$ 4.47 billion (2019)
OwnerCarl Icahn (10%)[2]
Number of employees
68,000[1] (2020)
Websiteconduent.com

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.[7][8]

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".[9] 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 the new business process outsourcing company.[10]

On 3 January 2017, Conduent formally came into existence following its separation from Xerox.[6] At the end of the first quarter of 2017, Carl Icahn owned 9.7% of the company.[2]

In February 2019, Conduent sold some of its customer care contracts to Skyview Capital, which created a new business called Continuum Global Solutions LLC.[11][12]

In February 2020, Conduent announced the appointment of Clifford Skelton to become the Chief Executive Office. Prior to the appointment, Skelton has been serving as Conduent's interim CEO for seven months. He will continue as a member of Conduent's Board.[13]

References
  1. "Investor relations". Conduent. Retrieved 27 February 2020.
  2. Jinks, Beth (15 May 2017). "Icahn Adds New Stake in Conduent, Exits Allergan and Nuance". Bloomberg. Retrieved 26 November 2017.
  3. "TravelCenters of America". Fortune. Retrieved 31 December 2018.
  4. de la Merced, Michael J.; Picker, Leslie (29 January 2016). "Xerox, in Deal With Carl Icahn, to Split Company in Two". The New York Times. Retrieved 30 January 2016.
  5. "Company Overview of Conduent Inc". Bloomberg. 8 September 2016. Retrieved 29 October 2016.
  6. Jamerson, Joshua (3 January 2017). "Xerox Stock Climbs After Splitting With Business-Services Unit". The Wall Street Journal. Retrieved 4 January 2017.
  7. Burke, Patrick (13 July 2016). 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/.
  8. Farrell, Maureen (29 January 2016). 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/.
  9. Xerox (6 October 2016). 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.
  10. Kennedy, John (16 June 2016). "What's in a name?". Conduent. Retrieved 12 March 2019.
  11. "Conduent Completes Sale of Portfolio of Select Customer Care Contracts to Skyview Capital". PRNewswire. 4 February 2019. Retrieved 6 March 2019.
  12. "Skyview Capital Completes the Acquisition of Select Customer Care Assets from Conduent Incorporated". PRNewswire. 14 February 2019. Retrieved 6 March 2019.
  13. Lindner, Linda (28 February 2020). "Conduent makes CEO Skelton official". NJBIZ. Retrieved 12 March 2020.
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