NORWALK, CT, Aug. 13, 2013 /CNW/ - Xerox today announced its acquisition of
CPAS Systems Inc., a Toronto-based company providing pension administration
software to the private and public sectors.
CPAS software simplifies administration and record keeping for defined
benefit, defined contribution and hybrid retirement savings plans as well as
health, welfare and group life insurance premiums. The company's
open-architecture platform features mobile and Web-enabled technology and
manages pensions for more than 2 million people in the U.S., Canada, Europe,
Asia, Africa and the Caribbean.
Xerox will offer CPAS both as a standalone software solution and as part of
its human resources outsourcing services offering, with a special emphasis on
the emerging market for government pension administration outsourcing.
"Governments are under pressure to reduce costs while enhancing services.
Pension administration is an area where innovation can help our customers
recognize significant operational improvements while delivering cost savings,"
said Nancy Collins, group president, Xerox State Enterprise Solutions. "CPAS
has a robust, highly flexible solution that strengthens Xerox's suite of
offerings for modernizing government."
CPAS originally developed its software to support the complex Canadian pension
system, which includes diverse pension and tax legislative requirements for 10
provinces and the federal government. Today the company's worldwide clients
include financial services companies; local, state and national governments;
individual and multi-employer plan sponsors; and third-party administrators
that manage pensions in multiple languages, jurisdictions and currencies.
"Pension administration is a complex and evolving sector, and CPAS has a
strong platform that supports the comprehensive requirements of commercial,
government, and institutional plan managers," said CPAS Chairman and CEO David
Rive. "By joining Xerox, CPAS and our clients benefit from this respected
business, its powerful brand, and its international presence."
The CPAS management team and its employees will remain with the company, with
its operations continuing in the Toronto office.
CPAS is among the first pension software companies to be registered to the ISO
9001:2008 quality standard, a certification it has maintained for 12 years.
Since the invention of Xerography 75 years ago, the people of Xerox (NYSE:
XRX) have helped businesses simplify the way work gets done. Today, we are the
global leader in business process and document management, helping
organizations of any size be more efficient so they can focus on their real
business. Headquartered in Norwalk, Conn., more than 140,000 Xerox employees
serve clients in 160 countries, providing business services, printing
equipment and software for commercial and government organizations. Learn more
About Xerox Canada Ltd.
Headquartered in Toronto, Ontario, with regional offices nationwide, Xerox
Canada provides extensive, leading-edge document technology, services,
software and genuine Xerox supplies for graphic communication and office
printing environments of any size, in industries such as financial services,
retail, telecommunications, healthcare, education and transportation.Xerox
Canada offers and delivers an exclusive portfolio of leading managed print
services (MPS), communication and marketing services (CMS) and specialized
business process outsourcing (BPO) - such as managing paper-based work
processes - and information technology services. LaserNetworks, a leading
managed print services provider, is a wholly-owned subsidiary of Xerox Canada
Ltd. For more information visit www.xerox.ca.
Note: To receive RSS news feeds, visit http://news.xerox.com/rss. For open
commentary, industry perspectives and views visit
Xerox(®) and Xerox and Design(®) are trademarks of Xerox in the United
States and/or other countries.
Prices, features, specifications, capabilities, appearance and availability of
Xerox products and services are subject to change without notice.
SOURCE Xerox Canada
Media Contacts: Sonia Hakimi, Xerox Canada,
To view this news release in HTML formatting, please use the following URL:
CO: Xerox Canada
NI: CPR ELE CPR MNA
-0- Aug/13/2013 16:00 GMT
Press spacebar to pause and continue. Press esc to stop.