Conduent Completes Separation From Xerox; CEO To Ring NYSE Opening Bell Today

(RTTNews) - Conduent Inc. (CNDT), a provider of diversified business process services, on Tuesday said it has completed its separation from Xerox (XRX).

To mark the listing of its shares of common stock, Conduent representatives, including Chief Executive Officer Ashok Vemuri will gather together today to ring the opening bell at the New York Stock Exchange.

As previously announced, under the terms of the separation agreements, Xerox shareholders received one share of Conduent common stock for every five shares of Xerox common stock on the distribution date of Dec. 31, 2016.

Conduent, now an independent public company, is the world's largest pure-play business process services leader with approximately $6.7 billion in annual revenue, the company said.

With over 93,000 employees in more than 40 countries, Conduent is a Fortune 500-scale company.

Conduent said it continues with its previously announced major cost transformation program which will streamline the business, improve margins, and enable investment into growth opportunities.

John Willmott, CEO of NelsonHall, a leading BPS analyst firm, said, "NelsonHall has covered Xerox for many years in the business process services space. New digital technologies are giving new vigor to the BPS market and Conduent is in the forefront of applying new business models on behalf of its constituents via its Intelligent Automation capability."

The company operates in a $260 billion industry growing at mid-single digits.