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ACS, A Xerox Company, Acquires Symcora?s U.S. Operations to Expand Financial Services Offerings

^{Published on 2011-10-04 17:40:51 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ ACS ], A [ Xerox ] Company (NYSE: XRX), today announced it is expanding its capabilities in the [ financial services ] industry with the acquisition of Symcora™s U.S. operations.

"As the finance industry evolves and business needs shift, ACS recognizes the need to ensure our customers are positioned for success with a wider range of services."

Symcor specializes in outsourcing services for financial institutions. Its offerings range from cash management services to statement and check processing.

The acquisition enables financial institutions to adjust to the changing payment landscape from paper-based payments to electronic payments by incorporating Symcora™s U.S. check and payment processing services into ACSa™ current suite of business process services. ACS will now be able to serve both Symcor customers in the U.S. as well as current clients with one of the industrya™s broadest arrays of financial services offerings.

aExpanding our value and efficiency to banks and financial institutions continues to be a priority for ACS,a said [ Kent Schnacker ], executive vice president of ACSa™ financial services group. aAs the finance industry evolves and business needs shift, ACS recognizes the need to ensure our customers are positioned for success with a wider range of services.a

Schnacker noted that despite the expansion of electronic payments options, consumers and business continue to rely on paper checks for commerce. In 2009, about 24.5 billion checks were processed valued at $31.6 trillion.⁽¹⁾ As financial institutions focus on developing new products and services for their clients, their traditional paper payments can be consolidated by a central service provider.

ACS benefits from the industry expertise of Symcora™s leadership team and its 1,500 employees located at 15 service centers throughout the country.

aThis transaction will provide continuity of service to our customers and employment opportunities for our U.S. employees,a said Chameli Naraine, president & chief executive officer, Symcor.

Established in 2005, Symcora™s U.S. business is a subsidiary of Symcor Inc., a privately held company headquartered in Toronto and jointly owned by three of Canadaa™s largest financial institutions.

About Xerox

Xerox Corporation is a $22 billion leading global enterprise for business process and [ document management ]. Through its broad portfolio of technology and [ services ], Xerox provides the essential back-office support that clears the way for clients to focus on what they do best: their [ real business ]. Headquartered in Norwalk, Conn., Xerox provides leading-edge [ document technology ], services, [ software ] and [ genuine Xerox supplies ] for [ graphic communication ] and [ office printing environments ] of any size. Through ACS, A Xerox Company, which Xerox acquired in February 2010, Xerox also offers extensive [ business process outsourcing ] and [ IT outsourcing services ], including data processing, HR benefits management, finance support, and customer relationship management services for commercial and government organizations worldwide. The 134,000 people of Xerox serve clients in more than 160 countries. For more information, visit [ http://www.xerox.com ], [ http://news.xerox.com ], [ http://www.realbusiness.com ] or [ http://www.acs-inc.com ]. For investor information, visit [ http://www.xerox.com/investor ].

⁽¹⁾ Source: Federal Reserve Payment Study 2010.

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