Xerox Announces Expansion of Financial Services Program with PEAC Solutions

Rhea-AI Summary

Xerox and PEAC Solutions expand partnership for leasing and financial services programs to Xerox's FITTLE network of independent dealers and resellers.

Positive

• Expansion of partnership with PEAC Solutions will provide financing options for Xerox hardware, software, and solutions, benefiting clients in today's hybrid workplace.

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• None.

NORWALK, Conn.--(BUSINESS WIRE)-- Xerox Holdings Corporation (NASDAQ: XRX) and PEAC Solutions have expanded their partnership for the provision of certain leasing and financial services programs to Xerox’s FITTLE network of independent dealers and resellers.

The FITTLE business and Xerox™ Financial Services (XFS) will return to captive lenders as the company focuses on core capabilities and offerings including print, IT and digital services. FITTLE and XFS will continue to offer financing for Xerox hardware, software, and solutions providing our clients with best-in-class services to help them succeed in today’s dynamic hybrid workplace.

PEAC Solutions is a multi-national asset finance platform and part of the Asset Value Funds portfolio sponsored and managed by leading global investment firm HPS Investment Partners.

Under the terms of a recently completed agreement, PEAC Solutions will provide support on lease agreements originated by Xerox’s FITTLE network of independent dealers and resellers in the U.S. The lease program allows end-user clients to secure economical payment options and more easily acquire products sold by office technology equipment dealers and resellers. The range of services provided by PEAC Solutions will include elements such as sales/origination support, credit underwriting, contract document review, funding and the administration of lease agreements, including accounts receivable and payment services.

“In January, Xerox announced its entry into a forward funding agreement with PEAC Solutions. This expansion brings the company’s processing power, digital tools and responsive customer service to our dealer and reseller partners extending the value of the business FITTLE has built over the last several years”, said Nicole Torraco, President, FITTLE. “This move also enables Xerox to focus on delivering more targeted and specialized financial services programs to the Xerox distribution network and their clients.”

Bill Stephenson, Global CEO of PEAC Solutions, commented, “This welcome expansion of the leasing program is a direct outcome of the strong collaboration that PEAC Solutions has developed with Xerox and FITTLE over the past year. It reflects their confidence in the execution capabilities, customer focus and innovative products of PEAC Solutions. We look forward to delivering further value to the dealers, resellers, and their clients, as we continue to grow this valued strategic relationship with Xerox.”

Xerox and PEAC Solutions are also exploring partnerships in Canada and EMEA.

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 PEAC Solutions

PEAC Solutions is a multi-national asset finance platform, operating in 13 countries across Europe, the United Kingdom, and the United States. PEAC provides innovative finance solutions to equipment manufacturers, distributors, and dealers in a wide range of industries and asset classes. The company specializes in originating and servicing leases and loans that allow end-user customers more easily access equipment and technology. As of December 2022, PEAC Solutions had over 800 full-time employees globally and a portfolio of more than USD 5.0 billion. Learn more at peacsolutions.com.

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Xerox^®, FITTLE™, and Design^® are trademarks of Xerox in the United States and/or other countries.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230914340288/en/

Media:

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

William Nasri, PEAC Solutions, +31 (0) 612068794, wnasri@peacsolutions.eu

Source: Xerox Holdings Corporation