Conduent

Last updated

Conduent Incorporated
Company type Public company
IndustryBusiness services
FoundedJanuary 3, 2017;8 years ago (2017-01-03)
Headquarters
Florham Park, New Jersey
,
U.S. [1]
Number of locations
22 countries [1]  (2021)
Area served
Worldwide
Key people
ServicesOutsourcing
RevenueDecrease2.svg US$4.140 billion (2021) [3]
Number of employees
31,000 [4]  (2021)
Website conduent.com

Conduent Inc. is an American business services provider company headquartered in Florham Park, New Jersey. It was formed in 2017 as a divestiture from Xerox. [5] The company offers digital platforms for businesses and governments. [6] [7] [8] As of 2021, it had over 31,000 employees working across 22 countries. [4]

Contents

History

On June 5, 2016, Xerox announced that it would be spinning off its Xerox Business Services division into a wholly separate corporation, for which the name was yet to be determined. The business scope of the new company was generally understood to be essentially identical to that of former business services company Affiliated Computer Services (ACS), which Xerox had acquired six years earlier in 2010. [9] [10]

On October 6, 2016, having previously announced its intent to separate into two separate companies, Xerox announced the identity of the new business services company as Conduent. It described the company's "coined name" as "inspired by the company's expertise in managing transactional relationships between their clients and their constituents". [11]

On January 3, 2017, Conduent formally came into existence following its separation from Xerox. [8] At the end of the first quarter of 2017, Carl Icahn owned 9.7% of the company. [12]

In February 2019, Conduent sold some of its customer care contracts to Skyview Capital, which created a new business called Continuum Global Solutions LLC. [13]

In February 2020, Conduent announced the appointment of Clifford Skelton to become the Chief Executive Officer. Prior to the appointment, Skelton has been serving as Conduent's interim CEO for seven months. He will continue as a member of Conduent's Board of directors. [14]

In May 2021, Conduent settled with the United States Department of Labor to resolve allegations of discrimination in hiring during 2013–2015 under the operation of the previous company, Xerox Commercial Solutions. Conduent agreed to pay $395,000 to 1,624 Black, Asian, Native Hawaiian, and Pacific Islander job applicants. [15]

On 15 May 2023, the Victorian state government announced it had signed a A$1.7 billion contract with Conduent that will see the company operating the state's Myki ticketing system system for the next 15 years, effective from 1 December 2023. [16] Conduent would also be tasked with overhauling the state's existing ticketing system to enable Victorians to be able to use their phones, credit cards and smart watches to pay for public transport travel. [17]

Services and products

Conduent provides business services such as:

Awards and recognition

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References

  1. 1 2 "Conduent 2020 Annual Report". Conduent. p. 41.
  2. ↑ "Corporate Leadership". conduent.com. Retrieved 10 August 2021.
  3. ↑ "Conduent Announces Fourth Quarter and Full Year 2021 Financial Results".
  4. 1 2 "Investor Relations | Conduent, Inc". conduent.com. Retrieved 10 August 2021.
  5. ↑ Vanian, Jonathan (3 January 2017). "Conduent CEO Talks Splitting From Xerox and Competing with IBM and HPE". Fortune . Archived from the original on 4 January 2017.
  6. ↑ de la Merced, Michael J; Picker, Leslie (29 January 2016). "Xerox, in Deal With Carl Icahn, to Split Company in Two". The New York Times . Archived from the original on 1 February 2016. Retrieved 30 January 2016.
  7. ↑ "Company Overview of Conduent Inc". Bloomberg . 8 September 2016. Archived from the original on 11 January 2017. Retrieved 29 October 2016.
  8. 1 2 Jamerson, Joshua (3 January 2017). "Xerox Stock Climbs After Splitting With Business-Services Unit" . The Wall Street Journal . Retrieved 4 January 2017.
  9. ↑ Burke, Patrick (13 July 2016). "Burke: Xerox spinoff Conduent a likely takeover target". Democrat and Chronicle . Retrieved 5 October 2020.
  10. ↑ Farrell, Maureen (29 January 2016). "Xerox and ACS: A Troubled Deal from the Start". The Wall Street Journal . Archived from the original on 1 February 2016. Retrieved 5 October 2020.
  11. ↑ "Xerox Unveils Conduent's New Global Brand Identity". Xerox Newsroom . 6 October 2016. Retrieved 5 October 2020.
  12. ↑ Jinks, Beth (15 May 2017). "Icahn Adds New Stake in Conduent, Exits Allergan and Nuance". Bloomberg . Archived from the original on 16 May 2017. Retrieved 26 November 2017.
  13. ↑ "Conduent Completes Sale of Portfolio of Select Customer Care Contracts to Skyview Capital". PR Newswire . 4 February 2019. Retrieved 6 March 2019.
  14. ↑ Lindner, Linda (28 February 2020). "Conduent makes CEO Skelton official". NJBIZ . Retrieved 12 March 2020.
  15. ↑ "US Department of Labor reaches agreement with Conduent Inc. to resolve alleged hiring discrimination at Oklahoma facility". United States Department of Labor . 14 May 2021. Retrieved 14 May 2021.
  16. ↑ McMillan, Ashleigh; Ilanbey, Sumeyya; Hatch, Patrick (15 May 2023). "Myki operator loses contract, new fare system on the way for commuters". The Age. Archived from the original on 15 May 2023. Retrieved 15 May 2023.
  17. ↑ Kolovos, Benita (15 May 2023). "'We will now reach the 21st century': Victoria to overhaul Myki system with new ticket operator". The Guardian. Retrieved 31 May 2023.
  18. ↑ "Medical Billing Outsourcing Market Size, Share, Status Analysis with Forecast to 2026". SBWire. 9 August 2021.
  19. ↑ Basta, Nicholas (8 March 2020). "2020 Patient Support / Hub Services Report". Pharmaceutical Commerce.
  20. ↑ Astolfi, Courtney (22 August 2019). "RTA smart fare cards on the way, finally, RTA says". cleveland.com . Retrieved 1 August 2024.
  21. ↑ "Electronic Toll Collection Market Growing Massively: Expected to Reach USD 13.65 Billion by 2027". The Manomet Current. 10 August 2021. Archived from the original on 11 August 2021. Retrieved 11 August 2021.
  22. ↑ Bernard, Katie (5 October 2020). "Kansas replaces troubled Medicaid contractor notorious for backlogs, lost documents". The Kansas City Star .
  23. ↑ Vanian, Jonathan (3 January 2017). "Conduent CEO Talks Splitting From Xerox and Competing with IBM and HPE". Fortune . Archived from the original on 4 January 2017.
  24. ↑ Stoller, Kristin (20 April 2021). "America's Best Employers For Diversity 2021". Forbes .
  25. ↑ "Forbes Recognizes Conduent as One of America's Best Employers for Diversity". Conduent. 14 May 2021.
  26. ↑ "Conduent Named to 2022 'GovTech 100' List of Companies". GlobeNewswire News Room. 26 January 2022. Retrieved 2 March 2022.


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