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March 28, 2015 10:47 AM ET

IT Services

Company Overview of Xerox Business Services, LLC

Company Overview

Xerox Business Services, LLC provides business process outsourcing and information technology (IT) services worldwide. It offers cloud computing services, such as infrastructure-as-a-service, cloud consulting, virtual desktop infrastructure, private cloud deployment, hosted communications, and collaboration-as-a-service; customer care; and document and data management services, including strategic advisory, construction and facilities services, film and fiche processing, workflow integration, intelligent queue, mail processing, media conversion, managed print services, and communication and marketing services, as well as capture, imaging, storage and retrieval services. The company also prov...

2828 North Haskell

Dallas, TX 75204

United States

Founded in 1988

78,000 Employees

Phone:

214-841-6111

Fax:

214-823-9369

Key Executives for Xerox Business Services, LLC

Founder, Chairman and Member of Special Transaction Committee
Age: 74
Chief Financial Officer and Executive Vice President
Senior Vice President and Group President of Business Process Solutions
Executive Vice President and Group President of Healthcare Provider Solutions, ACS Healthcare Provider and IT Applications Solutions
Senior Vice President and Group President of Government Healthcare Solutions
Compensation as of Fiscal Year 2014.

Xerox Business Services, LLC Key Developments

Symetra Life Insurance Company Extends Master Services Agreement with Xerox Business Services, LLC

Symetra Life Insurance Company, the principal operating subsidiary of Symetra Financial Corporation, extended the master services agreement by and between Symetra Life and Xerox Business Services, LLC, effective August 1, 2009, for a second twelve-month renewal term. The agreement provides for an initial five-year term and two successive twelve-month renewal terms. On March 3, 2014, Symetra Life extended the Agreement for the first twelve-month renewal term, which began on August 1, 2014. The second twelve-month renewal term begins August 1, 2015. The material terms of the Agreement remain unchanged.

ACS Reports Earnings Results for the First Half Ended June 30, 2014

ACS reported earnings results for the first half ended June 30, 2014. For the period, the company reported sales amounted to EUR 18,759 million, 5.0% less than in the same period the year before as a consequence of the impact of exchange rate fluctuations, especially the depreciation of the Australian dollar against the Euro, and the asset sales in 2013. At constant exchange rates and with the same scope of consolidation, sales would have grown by 5.1%. EBITDA fell by 15.2% due to the aforementioned impact of the exchange rate changes, the sale of assets by Hochtief in 2013 and the establishment of FleetCo by Leighton. Eliminating these effects, EBITDA would have increased 2.1%. The attributable net profit reached EUR 395 million, 10.7% higher than in the first half of 2013. Net debt rose EUR 1,233 million during the second quarter up to EUR 5,812 million at the end of June, with an increase in fixed income financing.

The Securities and Exchange Commission Conducts Investigation of Certain Accounting Practices at Affiliated Computer Services, Inc

The Securities and Exchange Commission (SEC) has been conducting an investigation of certain accounting practices at Affiliated Computer Services Inc. which was acquired by Xerox in February 2010 and is now part of Xerox's Services business. Xerox has cooperated fully with the investigation. The SEC Staff has advised Xerox that the investigation is now complete and charges will not be brought against Xerox or ACS. Lynn R. Blodgett, Executive Vice President of Xerox, and two other individuals each received a Wells notice from the SEC staff in connection with the matters that are the subject of the investigation. On August 28, 2014, the SEC announced that Mr. Blodgett had agreed to resolve civil charges related to the reporting, books and records and internal control provisions of the Securities Exchange Act of 1934 (the Exchange Act). The charges did not include any allegation of fraud. Without admitting or denying the factual findings of the SEC, Mr. Blodgett agreed to pay $412,732 to settle the SEC's charges, plus a penalty of $52,000. The settlement does not restrict Mr. Blodgett's ability to serve as an officer or director of a public company. On August 28, 2014, the SEC announced that one of the other individuals who received a Wells notice, a former employee, had also agreed to resolve civil charges related to the reporting, books and records and internal controls provisions of the Exchange Act. The charges did not include any allegation of fraud. Without admitting or denying the factual findings of the SEC, the former employee agreed to pay $156,595 to settle the SEC's charges, plus a penalty of $52,000. The SEC investigation was resolved without any charges being brought against the third individual who received a Wells notice, a current employee. Xerox is obligated to indemnify the three individuals for their defense costs in connection with this matter and the payments other than penalties. The aggregate amount of these indemnification payments is not material to the Company.

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