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Xerox Corporation
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2018 Vault Rankings

At a Glance

One of the most recognizable names in the business world

Solid benefits package and competitive pay

Plenty of opportunities for employees to advance


Several layoffs in the last three years

Doubts persist about Xerox's ability to compete in the changing world of technology

Because of its size, it can be easy for employees to get lost in the crowd

The Bottom Line

Xerox retains a strong brand identity, and working at this company is a nice addition to job hunters' résumés.

About Xerox Corporation

Today’s Xerox Corp. is not a copy of its former self. With some 1.5 million devices under its management, Xerox remains a leading seller of printers and copiers as well as technology for managing documents and other information services. The company aims to sell its extended portfolio of digital, cloud-based, automated, and security-conscious products and services to its installed base of customers and new ones. But Xerox has been changed significantly. The company cleaved itself in two at the end of 2016, taking the document technology and related services while spinning off business process outsourcing to a new company, Conduent. In 2018 Xerox called off a proposed merger agreement with Fujifilm.

Change in Company Type

In January 2018, Xerox agreed to become majority owned by Fujifilm through a joint venture between the companies. Fujifilm would have owned 50.1% and Xerox, 49.9%. The cost of the deal would be about $6.1 billion. The companies have operated the Fuji Xerox joint venture, which has sold office equipment in the Asia-Pacific region, for decades.

In May 2018, Xerox called off the deal, citing a failure by Fujifilm to provide audited financials of Fujifilm. Then Xerox agreed to provide investors Carl Icahn and Darwin Deason greater representation on the Xerox board of directors. Icahn and Deason agreed to drop pending litigation against Xerox. Five new directors were appointed to the board, replacing five who resigned; four directors remained. A new CEO also was named for Xerox. The new board said it would evaluate strategic alternatives to maximize shareholder value.


Xerox makes pieces of equipment that make copies, send faxes, scan documents, and more, as well as the ink, paper, and support that keeps the equipment running. The company charges from a few hundred to thousands of dollars for it equipment, but it makes 80% of its sales on those post-sale items.

Xerox manages its offerings in three segments: Managed Document Services, Workplace Solutions, and Graphic Communications.

Managed Document Services offerings are Managed Print Services, Multi-Channel Communication Services, Workflow Automation Services, Content Management, and Digitization Services.

Workplace Solutions consists of Xerox’s Entry and Mid-Range equipment products, which share common technology, manufacturing, and product platforms.

Services offered by the Graphic Communications Solutions business are for customers in the graphic communications, in-plant, and production print environments with high-volume printing requirements.

Geographic Reach

Although Xerox Corp. operates in more than 160 countries, about 60% of sales are from customers in the US. About 30% of sales are from Europe with the rest of the world accounting for the rest. The company has primary facilities in Canada, France, India, Ireland, Jamaica, Guatemala, Mexico, the Netherlands, Philippines, Romania, the UK, and the US.

The company outsources a significant amount of its manufacturing to third parties while maintaining its own production facilities in the US, Ireland, France, and the Netherlands.

Sales and Marketing

Xerox Corp. markets its products and services by geography, sales channel type, and line of business. It complements its global sales team and sales website with a network of third-party sales channels, such as independent agents, dealers, value-added resellers, and systems integrators. Xerox customers are in a wide range of businesses that include banking, education, government, healthcare, manufacturing, and graphic arts.

Financial Performance

Xerox’s revenue continued it years-long decline in 2017, falling to $10.3 billion, down 4% from 2016. The company has shed about $2 billion in revenue since 2013.

The company reported 4% lower revenue in the post-sale segment because of fewer signings and installations from previous years. Equipment sales dropped 7% on lower sales across its product groups and price declines. The fourth quarter saw higher equipment sales with help from its continuous feed inkjet color systems and the new Versant products.

Xerox had lower costs in 2017 compared to 2016, which helped it post a profit of $195 million in 2017 after a $471 million loss in 2016.

Xerox had about $1.3 billion in cash in 2017, down from about $2.2 billion the year before. The company remained operating cash flow positive in 2017 at $122 million ($1 billion in 2016). Operating cash flow in 2017 reflected one-time actions the company took to improve its capital structure and simplify certain processes. The actions include adding a $500 million voluntary contribution to its US tax-qualified defined benefit plans as well as the impact of $350 million from the termination of certain accounts receivable sales programs.


If Xerox were a start-up company, its strategy might be called a pivot -- turning away from a defining, but fading, business to a different business that has more perceived upside. While documents remain a key Xerox component, it is shifting to services in a big way. About 75% of Xerox’s revenue comes from what it calls post sales, which is revenue that follows the sale of equipment. Post-sale sources of revenue include document services, equipment maintenance services, consumable supplies and financing, and other elements.

As a large, well-established company, Xerox has challenges in trying to change. Sometimes large organizations are unable to adapt quickly enough to changing markets and customer preferences. But Xerox also has a big advantage as it pursues a turnaround: a large base of customers and more than 1.5 million Xerox-managed devices serving businesses throughout the world. The company seeks to exploit that resource to sell new products and expanded services.

With new products, Xerox is targeting what it believes are growth areas, which include document outsourcing and the subcategory of managed print services in the small and medium business market. The company targets the medium-business sector with a range of products.

In 2017, the ConnectKey series of multi-function printers, introduced in 2016, and the expansion of its dealer network drove equipment revenue higher in the fourth quarter. ConnectKey was one several new equipment lines the company has introduced in the past two years. The company also released a line of high-volume machines under the Versant label. And it launched a new line called Iridesse, a production press that prints up to six colors in one pass, in 2018.

Xerox is targeting costs as well as developing new products. The company is in a three-year Strategic Transformation program to accelerate cost productivity. The company expects to increase productivity and reduce costs by $500 million a year over the three years. The program targets efficiency gains in delivery, remote connectivity, sales productivity, pricing, design, and supply chain.

After trying to merge operations with Fujifilm into their joint venture FujiXerox, Xerox pulled out of the deal at the behest of investors who had amassed a large number of Xerox shares. Xerox and Fuji pitched the idea that combining their assets while shedding non-core businesses would make the merged company a formidable competitor in office technology. The investors, however, believed their shares would be more valuable if Xerox pursued other alternatives.

Mergers and Acquisitions

Following the breakup, Xerox Corp. remains on the prowl for acquisitions. Its recent purchases included:

-- Global Imaging Systems, a multiple-brand dealer in Iowa, and MT Business Technologies, a multi-brand dealer in Ohio, in 2017. The deals expand Xerox’s distribution in those states.

-- Intellinex, formerly Intrepid Learning Solutions, a Seattle-based provider of outsourced learning services.

-- RSA Medical, a provider of health assessment and risk management for members interacting with health and life insurance companies.

-- Healthy Communities Institute, a California-based company with a cloud platform for health analytics.

-- inVentiv Patient Access Solutions, a patient access and reimbursement services hub.

Xerox Corporation

Norwalk, CT 06851-1056
Phone: 1 (203) 968-3000


Employer Type: Publicly Owned
Stock Symbol: XRX
Stock Exchange: , NYSE
CEO: Jeffrey Jacobson
Chairman: Robert J. Keegan
EVP and CFO: William F. Osbourn
Employees (This Location): 475
Employees (All Locations): 32,400

Major Office Locations

Norwalk, CT

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