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]
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US$4.140 billion (2021) [3] 