BNGALORE, INDIA: Post its separation from Xerox, Conduent has now become an independent public company. Conduent debuts as pure-play business process services major with approximately $6.7 billion in annual revenue.
Almost a year ago, Xerox declared its plans to split its services business and legacy hardware business into two separate, publicly-traded companies. The Business Process Outsourcing (BPO) company now operates as Conduent, while the core document technology business re Xerox.
With over 93,000 employees in more than 40 countries, Conduent is a Fortune 500-scale provider of diversified business process services with leading capabilities in transaction processing, automation, analytics and constituent experience.
The company serves 76 of the Fortune 100 businesses and more than 500 government entities. It supports the top 20 managed US healthcare plans and 9 of top 10 pharma/life science companies. It is the No.1 on-street parking service provider in the US and services 8.9 million people who pass through managed toll systems, representing 46 percent of all US toll collections.
Conduent continues with its previously announced major cost transformation program which will streamline the business, improve margins, and enable investment into growth opportunities.
“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.”