Conduent Explained

Conduent Incorporated
Type:Public company
Industry:Business services
Hq Location City:Florham Park, New Jersey
Hq Location Country:U.S.[1]
Num Locations:22 countries
Num Locations Year:2021
Area Served:Worldwide
Services:Outsourcing
Num Employees:31,000[2]
Num Employees Year:2021

Conduent Inc. is an American business services provider company headquartered in Florham Park, New Jersey. It was formed in 2017 as a divestiture from Xerox.[3] The company offers digital platforms for businesses and governments.[4] [5], it had over 31,000 employees working across 22 countries.

History

On June 5, 2016, Xerox announced that it would be spinning off its Xerox Business Services division into a wholly separate corporation, for which the name was yet to be determined. The business scope of the new company was generally understood to be essentially identical to that of former business services company Affiliated Computer Services (ACS), which Xerox had acquired six years earlier in 2010.[6] [7]

On October 6, 2016, having previously announced its intent to separate into two separate companies, Xerox announced the identity of the new business services company as Conduent. It described the company's "coined name" as "inspired by the company's expertise in managing transactional relationships between their clients and their constituents".[8]

On January 3, 2017, Conduent formally came into existence following its separation from Xerox.[9] At the end of the first quarter of 2017, Carl Icahn owned 9.7% of the company.[10]

In February 2019, Conduent sold some of its customer care contracts to Skyview Capital, which created a new business called Continuum Global Solutions LLC.[11]

In February 2020, Conduent announced the appointment of Clifford Skelton to become the Chief Executive Officer. Prior to the appointment, Skelton has been serving as Conduent's interim CEO for seven months. He will continue as a member of Conduent's Board of directors.[12]

In May 2021, Conduent settled with the United States Department of Labor to resolve allegations of discrimination in hiring during 2013–2015 under the operation of the previous company, Xerox Commercial Solutions. Conduent agreed to pay $395,000 to 1,624 Black, Asian, Native Hawaiian, and Pacific Islander job applicants.[13]

Services and products

Conduent provides business services such as:

Awards and recognition

Notes and References

  1. Web site: Conduent 2020 Annual Report. Conduent. 41.
  2. Web site: Investor Relations | Conduent, Inc.. conduent.com. August 10, 2021.
  3. Web site: Conduent CEO Talks Splitting From Xerox and Competing with IBM and HPE. Fortune. Jonathan. Vanian. January 3, 2017. subscription. https://web.archive.org/web/20170104033049/https://fortune.com/2017/01/03/xerox-spinoff-conduent-ashok-vemuri/. January 4, 2017.
  4. Web site: Xerox, in Deal With Carl Icahn, to Split Company in Two . Michael J . de la Merced . Leslie . Picker . 29 January 2016 . . 30 January 2016 . subscription. https://web.archive.org/web/20160201071612/https://www.nytimes.com/2016/01/30/business/dealbook/xerox-split-icahn.html. February 1, 2016.
  5. Web site: Company Overview of Conduent Inc. . 8 September 2016 . . 29 October 2016. dead. https://web.archive.org/web/20170111183829/https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=323756013. January 11, 2017.
  6. Web site: Burke. Patrick. Burke: Xerox spinoff Conduent a likely takeover target. 2020-10-05. Democrat and Chronicle. en-US. July 13, 2016.
  7. Web site: Farrell. Maureen. 2016-01-29. Xerox and ACS: A Troubled Deal from the Start. 2020-10-05. The Wall Street Journal. en-US. subscription. https://web.archive.org/web/20160201004659/https://blogs.wsj.com/moneybeat/2016/01/29/xerox-and-acs-a-troubled-deal-from-the-start/. February 1, 2016.
  8. Web site: Xerox Unveils Conduent's New Global Brand Identity. 2020-10-05. Xerox Newsroom. en. October 6, 2016.
  9. Web site: Xerox Stock Climbs After Splitting With Business-Services Unit . Joshua . Jamerson . 3 January 2017 . . 4 January 2017 . subscription .
  10. Web site: Icahn Adds New Stake in Conduent, Exits Allergan and Nuance . Beth . Jinks . 15 May 2017 . . 26 November 2017 . subscription. https://web.archive.org/web/20170516061729/https://www.bloomberg.com/news/articles/2017-05-15/icahn-adds-new-stake-in-conduent-exits-nuance-allergan. May 16, 2017.
  11. Web site: Conduent Completes Sale of Portfolio of Select Customer Care Contracts to Skyview Capital. 6 March 2019. PR Newswire. February 4, 2019.
  12. Web site: Conduent makes CEO Skelton official. Lindner. Linda. 2020-02-28. NJBIZ. en-US. 2020-03-12.
  13. Web site: US Department of Labor reaches agreement with Conduent Inc. to resolve alleged hiring discrimination at Oklahoma facility . 2021-05-14. United States Department of Labor. May 14, 2021.
  14. Web site: August 9, 2021 . Medical Billing Outsourcing Market Size, Share, Status Analysis with Forecast to 2026 . SBWire.
  15. Basta . Nicholas . March 8, 2020 . 2020 Patient Support / Hub Services Report . Pharmaceutical Commerce.
  16. Web site: Astolfi . Courtney . 2019-08-22 . RTA smart fare cards on the way, finally, RTA says . 2024-08-01 . . en.
  17. Web site: August 10, 2021 . Electronic Toll Collection Market Growing Massively: Expected to Reach USD 13.65 Billion by 2027 . The Manomet Current . 11 August 2021 . 11 August 2021 . https://web.archive.org/web/20210811044047/https://manometcurrent.com/electronic-toll-collection-market-growing-massively-expected-to-reach-usd-13-65-billion-by-2027/ . dead .
  18. Web site: Bernard . Katie . October 5, 2020 . Kansas replaces troubled Medicaid contractor notorious for backlogs, lost documents . The Kansas City Star.
  19. Web site: Vanian . Jonathan . January 3, 2017 . Conduent CEO Talks Splitting From Xerox and Competing with IBM and HPE . subscription . https://web.archive.org/web/20170104033049/https://fortune.com/2017/01/03/xerox-spinoff-conduent-ashok-vemuri/ . January 4, 2017 . Fortune.
  20. Web site: Stoller . Kristin . April 20, 2021 . America's Best Employers For Diversity 2021 . Forbes.
  21. Web site: May 14, 2021 . Forbes Recognizes Conduent as One of America's Best Employers for Diversity . Conduent.
  22. Web site: 2022-01-26 . Conduent Named to 2022 'GovTech 100' List of Companies . 2022-03-02 . GlobeNewswire News Room . en.

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