- This topic is empty.
-
Posts
-
Xerox Acquires ITsavvy for $400 Million.
($180M in Cash and $220M in Secured Promissory Notes)
NORWALK, Conn.—Oct. 17, 2024—Xerox Holdings Corporation has announced its agreement to acquire ITsavvy, a provider of integrated IT products and services based in Oak Brook, Illinois, for $400 million. The deal includes a $180 million cash payment and $220 million in secured promissory notes, subject to standard pre- and post-closing adjustments. The acquisition is anticipated to close in the fourth quarter of 2024, pending merger clearance.ITsavvy, currently a portfolio company of New York-based GenNx360 Capital Partners, has established itself as a leader in integrated IT infrastructure solutions, achieving over $400 million in revenue over the past twelve months. The company offers a wide range of lifecycle, deployment, and managed IT services, helping clients with their networking, cloud migration, and workplace productivity challenges.
John Bruno, Xerox’s president, and COO, stated, “As part of our Reinvention strategy, we are enhancing our focus on IT Services to diversify our revenue streams. ITsavvy’s offerings align well with our reputation and will boost growth in the U.S., Canada, and the U.K., while enabling us to better assist our clients in transforming their operations.”
Munu Gandhi, CEO of ITsavvy, expressed enthusiasm about the merger, stating, “We are excited to join Xerox and contribute to the growth of its IT Services. Together, we will expand our portfolio of high-value services for clients in the U.S., U.K., and Canada.”
This acquisition reinforces Xerox’s commitment to expanding its IT Services business and delivering innovative solutions to its clients. The transaction is expected to enhance adjusted earnings per share and free cash flow immediately. Further details will be shared during Xerox’s third quarter 2024 results announcement.
- You must be logged in to reply to this topic.