Xerox Holdings Corporation (NASDAQ: XRX) today announced plans to continue the transformation of its operating model. Specifically, in Peru and Ecuador, the operations in these countries will transition to Productive Business Solutions Limited (PBS), the company’s long-standing partner throughout Central America, the Caribbean and South America.
The transaction is expected to close in the second quarter of 2024, once authorization from the Ecuadorian competition authority is obtained. Xerox employees in both countries will shift to PBS once the transaction closes.
“In today’s business environment, organizations need support from partners who have a deep understanding of regional market dynamics and who can respond with maximum speed and agility,” said John Bruno, president and chief operating officer at Xerox. “This indirect model with PBS will best support our clients in region while allowing Xerox to put greater focus on developing and deploying Digital Services capabilities to diversify our channel-ready offerings. We thank our dedicated Xerox employees for their commitment and hard work over the years and look forward to following their continued success.”
Following this transfer of ownership, the new companies will operate as independent entities. PBS will continue to serve Xerox clients in Peru and Ecuador and will become the exclusive distribution partner for Xerox in these markets. Xerox has a successful and well-established partner-led business and will continue to uphold its brand presence in the region through its network of partners and distributors.
“We have proudly worked in partnership with Xerox for over two decades, during which time we have consistently delivered a comprehensive suite of products and professional services to our valued clients across Central America, the Caribbean and South America. This strategic expansion in Peru and Ecuador further solidifies our presence in Latin America, extends our footprint to a total of 24 countries and bolsters our workforce to over 3,000 IT professionals. We look forward to deepening our longstanding relationship with Xerox and welcome the talented teams in Peru and Ecuador to PBS,” said P.B. Scott, Chairman of PBS Group.
Financial terms of the transaction were not disclosed.
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