Xerox acquires augmented reality firm, makes changes to business segments

Xerox Holdings Corp. is in the midst of reinventing itself with a number of management and divisional changes.

The former document company — and one of Rochester’s one-time Big Three employers — has expanded its software portfolio with the acquisition of CareAR, an augmented reality support platform company that provides real-time access to expertise for customers, employees and field workers.

With CareAR software, remote agents and experts can virtually set the situation and visually guide a solution using a suite of augmented reality tools via desktop, mobile and smart glasses devices, as though they were there in person.

“Our software solutions address some of the biggest needs for customers: content management, digital transformation and personalized communications. And now we’ve added enterprise augmented reality,” said Xerox President and Chief Operations Officer Steve Bandrowczak in a statement last week. “By combining DocuShare, XMPie and CareAR, we have a software business that can together and apart support a wide range of clients’ needs.”

On Monday, Xerox announced organizational changes to support its plans to create three new businesses — Software, Financing and Innovation — aimed at delivering long-term growth this year and beyond.

“We are focused on increasing the breadth of our offerings to better reach new and existing clients and drive organic growth,” Xerox Vice Chairman and CEO John Visentin said. “Our plan to stand up three separate businesses by 2022 will provide greater focus, flexibility and visibility as we position Xerox for the future.”

Nicole Torraco has been promoted to senior vice president, Xerox Financial Services, to lead the company’s financing business. XFS will become a global payment solutions business, aimed at expanding its customer base, creating potential cross-selling opportunities and helping to support small and medium-sized businesses.

Sam Waicberg will lead the Software business as vice president and general manager of Digital Services. He joined the organization with the acquisition of CareAR.

Naresh Shanker will lead the PARC Innovation business as senior vice president and chief technology officer. Xerox has made progress advancing new technology in recent years with products including 3D liquid metal and industrial IoT products, cleantech technology and more. PARC will include the scientists and engineers in Palo Alto, Calif., Cary, N.C., Toronto, Ont. and the Xerox campus in Webster.

Executive Vice President Louie Pastor has been appointed chief corporate development officer and chief legal officer. He will lead a new Corporate Development group responsible for sourcing, evaluating and executing mergers and acquisitions opportunities and venture investments, including the company’s recently announced $250 million corporate venture capital fund.

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