Atos buys Xerox ITO business

Atos is to buy Xerox’s Information Technology Outsourcing business for $1.05 billion and as part of the deal will also provide IT services for Xerox. This is a straightforward cash offer though there is a further consideration of $50 million subject to the condition of certain assets at closing. Xerox has also said that the deal will lead to collaboration between the two for its business processing and document outsourcing capabilities. The two companies have already established a working relationship spanning several years. Thus Atos has relied on Xerox for managed print, human resource and financial services, while Xerox currently uses Atos for ITO work in Europe.

Atos is a multinational based in France that provides managed IT services for large enterprises, including internet security solutions and transactional services. It has around 86,000 employees in 66 countries with a revenue of €10 billion in 2013. This deal will allow it to nearly triple its size in the US, making America its largest operating market.

Xerox’s ITO business employs approximately 9,800 staff in 45 countries, including 4,500 in the U.S. and over 3,800 in countries such as India, the Philippines and Mexico. The estimated revenue for 2014 is $1.5 billion.

The Xerox ITO leadership team will also join Atos. Xerox’s existing ITO clients will gain access to Atos’ global IT services capabilities and a broad range of cutting-edge services.

The intended transaction, which has received the unanimous support of both the Atos’ and Xerox’s Boards of Directors, is subject to customary closing conditions, regulatory and antitrust approvals, and consultation, when relevant, with employee representative bodies. The transaction is expected to close in the first half of 2015.





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