Xerox Holdings Corporation announced on October 17, 2024, its agreement to acquire ITsavvy, an Oak Brook, Illinois-based provider of integrated IT products and services. The transaction is valued at $400 million, comprising a $180 million cash payment and $220 million in secured promissory notes, subject to customary adjustments.
This acquisition is a strategic move to expand Xerox's IT service offerings and enhance its revenue mix with higher-growth businesses. The company expects the deal to be immediately accretive to its adjusted earnings per share and free cash flow upon its anticipated closing in the fourth quarter of 2024.
The integration of ITsavvy's platform and management team is intended to leverage its capabilities to drive growth and improve Xerox's overall market positioning in IT services. This aligns with Xerox's multi-year 'Reinvention' strategy to streamline operations and pivot towards digital and IT services.
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