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Xerox buying privately held Amici for $174 mln
NEW YORK, June 06- Xerox Corp. said on Wednesday it would buy privately held Amici LLC, which helps customers manage and search through legal and other documents, for $174 million in cash.Amici also provides consulting and professional services to attorneys regarding document discovery. Amici, based in Albany, New York, employs about 125 people.”Considering that this is a small company and a modest-sized acquisition, it is not material to our revenue or earnings expectations,” Xerox spokeswoman Christa Carone said on Wednesday.Xerox is best known for its copiers and printers, but it also has a growing business on providing document management services. It expects the deal to close in the next 30 days.Xerox has said that it plans to make modestly sized acquisitions in areas that build on its services business.Analyst Shannon Cross of Cross Research said she does not expect the company, which had about $1.8 billion in cash on hand at the end of March, to become an aggressive shopper.”We think there is room for both small acquisitions and share repurchase within its expected $1.5 billion annual operating cash flow,” she said
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