Conduent Incorporated has completed its separation from Xerox and is now an independent public company trading on the New York Stock Exchange (NYSE). Conduent debuts as the world’s largest pure-play business process services leader with approximately $6.7 billion in annual revenue.
a portfolio of differentiated offerings and a vision focused on technology and innovation to advance the client and constituent experience.
To mark the listing of its shares of common stock, Conduent representatives, including Chief Executive Officer Ashok Vemuri will gather together today to ring the opening bell at the NYSE.
With over 93,000 employees in more than 40 countries, Conduent is a Fortune 500-scale company with expertise in transaction-intensive processing, analytics and automation. Conduent helps organizations modernize, advance and improve the lives of the people they serve every day: retail consumers, commuters, patients, customers, employees, and citizens.
“We have already begun laying the groundwork to drive profitable growth through sharpened go-to-market capabilities and greater consistency in applying our automation, analytics, innovation and expertise, “said Ashok Vemuri, CEO of Conduent. “Our significant transformation program will position our new company for long-term success.”
Conduent continues with its previously announced major cost transformation program which will streamline the business, improve margins, and enable investment into growth opportunities.
“NelsonHall has covered Xerox for many years in the business process services space,” said John Willmott, CEO of NelsonHall, a leading BPS analyst firm. “New digital technologies are giving new vigor to the BPS market and Conduent is in the forefront of applying new business models on behalf of its constituents via its Intelligent Automation capability. We look forward to Conduent building on an already established strong suite of differentiated offerings for their constituents and are excited for industry growth prospects in 2017 and beyond.”
Completion of Separation
As previously announced, under the terms of the separation agreements, on the distribution date of Dec. 31, 2016, Xerox shareholders received one share of Conduent common stock for every five shares of Xerox common stock they held as of the close of business on Dec. 15, 2016, the record date for the distribution.
