Xerox Holdings Corp. has acquired a Southern California document solutions provider. Financial details of the transaction were not disclosed.
Document Systems Inc. has worked with business leaders in Ventura, Santa Barbara and Los Angeles counties since 1994. The company will become part of Xerox Business Solutions (XBS), aligned to the XBS West region, and provide Xerox solutions targeted at small and midsize businesses (SMBs) that support collaboration, communication, remote IT support, security and automation, officials said in a statement Wednesday.
“We’re focused on strengthening our U.S. small and midsize business market reach through the combined power of our portfolio of workplace solutions for SMBs and well-established local technology providers,” said Joanne Collins Smee, chief commercial, SMB and channels officer at Xerox. “As part of Xerox Business Solutions, Document Systems’ document management expertise will help us elevate the customer experience, improve productivity and power growth for SMBs.”
SMBs turned to automation, digitization and security to emerge stronger from the pandemic, according to Xerox’s State and Fate of Small and Medium Business survey. Eighty-five percent were more reliant than ever before on communication technologies, remote IT support and security hardware and software, according to the survey.
This is Xerox’s third acquisition in North America in the last year, following the purchase of Groupe CT last month and Digitex in March 2020 to expand to the eastern and western Canadian markets, respectively.
Shares of company stock (NYSE: XRX) closed Tuesday at $23.42 and by Thursday mid-morning had increased to $23.83.
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