Xerox Announces Donation of Palo Alto Research Center (PARC) to SRI International

Rhea-AI Summary

Xerox Holdings Corporation (NASDAQ: XRX) has announced the donation of the Palo Alto Research Center (PARC) to SRI International, a nonprofit research institute. This strategic move allows Xerox to concentrate on enhancing its print, digital, and IT services, aligning with clients' hybrid workplace demands. Founded in 1970, PARC has been a leader in technological innovations, including Ethernet and laser printing. The partnership will enable PARC to leverage SRI’s resources for future growth while maintaining a preferred research agreement with Xerox to advance collaborative research. This donation will not alter Xerox’s financial guidance for the year.

Positive

• Donation of PARC enables Xerox to focus on core services.
• Collaborative research agreement with SRI enhances innovation capacity.

Negative

• None.

PARC researchers to continue developing pioneering technologies while Xerox focuses on core print, digital and IT services to support clients’ hybrid workplace needs.

NORWALK, Conn., & PALO ALTO, Calif.--(BUSINESS WIRE)-- Xerox Holdings Corporation (NASDAQ: XRX) announced today the donation of the Palo Alto Research Center (PARC) to SRI International, a nonprofit research institute behind some of the world’s most impactful deep tech advancements. The move enables Xerox to focus entirely on delivering new innovations around its own print, digital and IT service offerings, while allowing the PARC team to join a leading research institution to usher in its next evolution of growth.

Xerox PARC was founded in 1970 and established as an independent company in 2002. The organization has pioneered numerous technological advancements, including Ethernet, laser printing, the graphical user interface and ubiquitous computing. Xerox's donation of PARC to SRI will open new doors of opportunity for both organizations. With its rich history rooted in scientific excellence, SRI is the optimal partner to usher in the next evolution of growth for PARC.

“Our clients are at the heart of everything we do,” said Steve Bandrowczak, chief executive officer at Xerox. “This decision allows both Xerox and PARC to focus on delivering innovations and solutions that align with their own strengths and capabilities. With this arrangement, PARC’s deep tech innovations will be sustained by SRI while allowing Xerox to simplify and optimize its operations and focus solutions on the continued evolution of hybrid work.”

“SRI International and PARC can be credited with developing many of the world's most defining innovations through the last decades,” said David Parekh, CEO of SRI International. “We are thrilled to welcome PARC’s world-class talent to our team and launch a new chapter together delivering breakthrough technology to the world, and to continue collaborating with Xerox in the future.”

“For more than half a century, PARC and its employees have been at the forefront of some of the world’s most important technological developments,” added Bandrowczak. “Xerox will forever be proud of PARC's role in our history and its continued innovation that solves the world’s most pressing challenges.”

As part of the donation, Xerox will enter into a preferred research agreement, called the Technology Exploration and Innovation Program, in which SRI will provide contracted research and development services to Xerox and its clients. Through the collaborative program, Xerox and SRI will identify topic areas relevant to Xerox’s core print, digital and IT Services business, with the final goal of creating proofs-of-concept and roadmaps to implementation. Xerox will also retain a branded Innovation Hub at PARC to host meetings, demonstrations and annual conferences for its clients.

The donation of PARC does not change Xerox’s guidance for the year.

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 the hybrid workplace of today and tomorrow. Today, Xerox is continuing its legacy of innovation to deliver client-centric and digitally-driven technology solutions and meet the needs of today’s global, distributed workforce. From the office to industrial environments, our differentiated business and technology offerings and financial services are essential workplace technology solutions that drive success for our clients. At Xerox, we make work, work. Learn more at www.xerox.com and explore our commitment to diversity and inclusion.

About PARC

Palo Alto Research Center Incorporated is in the Business of Breakthroughs®. Practicing open innovation, it provides custom R&D services, technology, expertise, best practices and intellectual property to Fortune 500 and Global 1000 companies, startups, and government agencies and partners. Since its inception, PARC has pioneered many technology platforms – from the Ethernet and laser printing to the GUI and ubiquitous computing – and has enabled the creation of many industries.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20230424005888/en/

Media:

Justin Capella, Xerox, +1-203-258-6535, Justin.Capella@xerox.com

Source: Xerox Holdings Corporation

FAQ

What is the significance of Xerox donating PARC?

The donation allows Xerox to focus on its core print, digital, and IT services while enabling PARC to grow under SRI International.

How does the donation of PARC impact Xerox's business operations?

It simplifies Xerox’s operations, allowing for a targeted focus on innovations that meet hybrid workplace needs.

Does the donation of PARC affect Xerox's financial guidance for the year?

No, Xerox has stated that the donation will not change its financial guidance for the year.

What is the purpose of the collaborative research agreement between Xerox and SRI?

The agreement aims to identify and create proofs-of-concept relevant to Xerox's core business offerings.

What innovations has PARC contributed to over the years?

PARC has pioneered several technologies such as Ethernet, laser printing, and graphical user interfaces.