Conduent

Conduent Inc. is an American business process services company headquartered in Florham Park, 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] As of 2020, it has 68,000 employees working across 40 countries.[1]

Conduent Inc.
TypePublic
NASDAQ: 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 5 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 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.[10]

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.[11]

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. "Burke: Xerox spinoff Conduent a likely takeover target". Democrat and Chronicle. Retrieved 5 October 2020.
  8. Farrell, Maureen (29 January 2016). "Xerox and ACS: A Troubled Deal from the Start". WSJ. Retrieved 5 October 2020.
  9. "Xerox Unveils Conduent's New Global Brand Identity". Xerox Newsroom. Retrieved 5 October 2020.
  10. "Conduent Completes". Retrieved 6 March 2019.
  11. Lindner, Linda (28 February 2020). "Conduent makes CEO Skelton official". NJBIZ. Retrieved 12 March 2020.


This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.