Xerox Acquires Competitive Computing (C2) to Grow Presence in IT Services Market for SMBs

Rhea-AI Summary

Xerox has announced the acquisition of Competitive Computing (C2), further expanding its IT services business. C2, recognized for its quality IT services in Vermont, caters to clients in New England and nationwide. This strategic move aims to enhance Xerox's capabilities in offering automation, digitization, and security solutions, ultimately lowering operational costs and boosting productivity for small and medium-sized businesses. The global IT services market is valued at over $350 billion annually, indicating strong growth potential.

Positive

• Acquisition expands Xerox's IT services portfolio and market reach.
• C2's established customer base in New England enhances Xerox's capabilities.
• Focus on automation, digitization, and security may lead to enhanced service offerings.
• The growing global IT services market presents significant revenue opportunities.

Negative

• None.

NORWALK, Conn.--(BUSINESS WIRE)-- Xerox continues to expand its IT services business by acquiring Competitive Computing (C2). C2 serves customers throughout New England and the United States and has been recognized as “Best of Business” for IT services in Vermont for the past two years.

"We're focused on expanding the reach of Xerox IT services to offer our clients automation, digitization, and security to lower operating costs, increase reliability and improve productivity,” said Joanne Collins Smee, chief commercial, SMB and channels officer at Xerox. “C2’s capabilities and scale will help accelerate our growth, creating new avenues for us to support growth for small and medium sized businesses.”

“We are thrilled to join the Xerox IT Services team. After serving Vermont, New England, and national clients for over 28 years, our company and team members are ideally positioned to contribute to the growth of Xerox IT Services,” said Marty Thieret, co-founder and CEO, Competitive Computing (C2). “Together with Xerox, we will broaden the portfolio of high value IT and business services for our expanding client base, offer tremendous employee growth opportunities, and continue investing in the Vermont community.”

This acquisition continues Xerox’s commitment to expand its IT services business. Xerox acquired both ITEC Connect, a leader in IT services in the UK, and Digitex, an IT services provider in Canada, in March 2020. The global IT services market is sized at $350B+ annually.

About Xerox Holdings Corporation (NASDAQ: XRX)
For more than 100 years, Xerox has continually redefined the workplace experience. Harnessing our leadership position in office and production print technology, we've expanded into software and services to sustainably power today's workforce. From the office to industrial environments, our differentiated business solutions and financial services are designed to make every day work better for clients — no matter where that work is being done. Today, Xerox scientists and engineers are continuing our legacy of innovation with disruptive technologies in digital transformation, augmented reality, robotic process automation, additive manufacturing, Industrial Internet of Things and cleantech. Learn more at xerox.com.

Note: To receive RSS news feeds, visit https://www.news.xerox.com. For open commentary, industry perspectives and views, visit http://www.linkedin.com/company/xerox, http://twitter.com/xerox, http://www.facebook.com/XeroxCorp, https://www.instagram.com/xerox/, http://www.youtube.com/XeroxCorp.

Xerox^® is a trademark of Xerox in the United States and/or other countries.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211005006025/en/

Media Contact:

Callie Ferari, APR, Xerox, +1-203-615-3363, Callie.Ferrari@xerox.com

Source: Xerox Holdings Corporation

FAQ

What is the significance of Xerox's acquisition of Competitive Computing (C2)?

The acquisition enhances Xerox's IT service capabilities, allowing better automation, digitization, and security for clients.

When did Xerox acquire Competitive Computing (C2)?

The acquisition was announced recently but the specific acquisition date is not provided in the press release.

What market is Xerox targeting with its IT services expansion?

Xerox is targeting the growing global IT services market, which is valued at over $350 billion annually.

How does Xerox's acquisition affect investors?

The acquisition could potentially lead to increased revenue streams and market expansion, positively impacting investor sentiment.