Xerox Holdings Corporation (NASDAQ: XRX) said on Thursday that it had agreed to acquire ITsavvy, an Illinois-based provider of integrated IT products and associated services.
The deal valued at $400 million is comprised of a $180 million cash payment and secured promissory notes totaling $220 million.
The transaction is expected to be finalized during the fourth quarter of 2024 and remains subject to merger clearance control.
Founded in 2004, ITsavvy is a portfolio company of private equity firm GenNx360 Capital Partners.
”As part of our Reinvention we have created a greater organizational focus on our emerging IT Services capabilities to diversify our revenue streams in the geographies we serve,” John Bruno, President and Chief Operating Officer at Xerox, said in a press release.
”ITsavvy’s complementary offerings, aligned with our strong reputation, should accelerate growth in the United States, Canada, and the United Kingdom, while creating new avenues for us to help existing and new clients transform the way they work. They have a proven track record of success, and we look forward to bringing this highly capable and experienced team into the fold.”
Stock Performance
The shares of Xerox Holdings Corporation (XRX) closed 5.63% ($0.59) higher at $11.07 on Nasdaq on Thursday, as they extended the gains from the previous two market sessions.
The company’s total market cap now stands at $1.454 billion.
The shares of Xerox Holdings Corporation (XRX) went up 25.55% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have retreated 39.61% so far this year.
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