Company:Conduent

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Short description: American technology services company
Conduent Incorporated
TypePublic company
IndustryBusiness services
FoundedJanuary 3, 2017; 7 years ago (2017-01-03)
Headquarters
Florham Park, New Jersey
,
U.S.[1]
Number of locations
22 countries[1] (2021)
Area served
Worldwide
Key people
ServicesOutsourcing
RevenueDecrease US$4.140 billion (2021)[3]
Number of employees
31,000[4] (2021)
Websiteconduent.com

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.[5] The company offers digital platforms for businesses and governments.[6][7][8] (As of 2021), it had over 31,000 employees working across 22 countries.[4]

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.[9][10]

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".[11]

On January 3, 2017, Conduent formally came into existence following its separation from Xerox.[8] At the end of the first quarter of 2017, Carl Icahn owned 9.7% of the company.[12]

In February 2019, Conduent sold some of its customer care contracts to Skyview Capital, which created a new business called Continuum Global Solutions LLC.[13]

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.[14]

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.[15]

Services and products

Conduent provides business services such as medical billing,[16] patient support services,[17] electronic toll collection,[18] Medicaid screening,[19] and prepaid card processing for government benefits such as welfare, Social Security, and food stamps.[20]

Awards and recognition

  • April 2021: Forbes ranked Conduent #486 in their annual list of America's Best Employers For Diversity.[21][22]
  • January 2022: named to 2022 ‘GovTech 100’ List of Companies[23]

References

  1. ↑ 1.0 1.1 "Conduent 2020 Annual Report". p. 41. https://investor.conduent.com/static-files/ea9c79d2-5035-4a8e-91fa-812ede527cdd. 
  2. ↑ "Corporate Leadership". https://www.conduent.com/conduent-leadership/. 
  3. ↑ "Conduent Announces Fourth Quarter and Full Year 2021 Financial Results". https://www.news.conduent.com/news/conduent-announces-fourth-quarter-and-full-year-2021-financial-results. 
  4. ↑ 4.0 4.1 "Investor Relations | Conduent, Inc.". https://investor.conduent.com/investor-relations/. 
  5. ↑ Vanian, Jonathan (January 3, 2017). "Conduent CEO Talks Splitting From Xerox and Competing with IBM and HPE". https://fortune.com/2017/01/03/xerox-spinoff-conduent-ashok-vemuri/. 
  6. ↑ de la Merced, Michael J; Picker, Leslie (29 January 2016). "Xerox, in Deal With Carl Icahn, to Split Company in Two". The New York Times. https://www.nytimes.com/2016/01/30/business/dealbook/xerox-split-icahn.html. 
  7. ↑ "Company Overview of Conduent Inc.". 8 September 2016. https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=323756013. Retrieved 29 October 2016. 
  8. ↑ 8.0 8.1 Jamerson, Joshua (3 January 2017). "Xerox Stock Climbs After Splitting With Business-Services Unit". https://www.wsj.com/articles/xerox-stock-climbs-after-splitting-with-business-services-unit-1483461921. Retrieved 4 January 2017. 
  9. ↑ Burke, Patrick (July 13, 2016). "Burke: Xerox spinoff Conduent a likely takeover target" (in en-US). https://www.democratandchronicle.com/story/money/columnist/burke/2016/07/13/xerox-conduent-carl-icahn-takeover/87026628/. 
  10. ↑ Farrell, Maureen (2016-01-29). "Xerox and ACS: A Troubled Deal from the Start" (in en-US). https://blogs.wsj.com/moneybeat/2016/01/29/xerox-and-acs-a-troubled-deal-from-the-start/. 
  11. ↑ "Xerox Unveils Conduent's New Global Brand Identity" (in en). October 6, 2016. https://www.news.xerox.com/news/Xerox-unveils-global-brand-identity-for-Conduent. 
  12. ↑ Jinks, Beth (15 May 2017). "Icahn Adds New Stake in Conduent, Exits Allergan and Nuance". https://www.bloomberg.com/news/articles/2017-05-15/icahn-adds-new-stake-in-conduent-exits-nuance-allergan. Retrieved 26 November 2017. 
  13. ↑ "Conduent Completes Sale of Portfolio of Select Customer Care Contracts to Skyview Capital". February 4, 2019. https://www.prnewswire.com/news-releases/conduent-completes-sale-of-portfolio-of-select-customer-care-contracts-to-skyview-capital-300788754.html. 
  14. ↑ Lindner, Linda (2020-02-28). "Conduent makes CEO Skelton official" (in en-US). https://njbiz.com/conduent-makes-ceo-skelton-official/. 
  15. ↑ "US Department of Labor reaches agreement with Conduent Inc. to resolve alleged hiring discrimination at Oklahoma facility". May 14, 2021. https://www.dol.gov/newsroom/releases/ofccp/ofccp20210514. 
  16. ↑ "Medical Billing Outsourcing Market Size, Share, Status Analysis with Forecast to 2026". August 9, 2021. http://www.sbwire.com/press-releases/medical-billing-outsourcing-market-value-predicted-to-hit-big-revenues-in-future-covance-kareo-claimcare-1344356.htm. 
  17. ↑ Basta, Nicholas (March 8, 2020). 2020 Patient Support / Hub Services Report. https://www.pharmaceuticalcommerce.com/view/2020-patient-support-hub-services-report. 
  18. ↑ "Electronic Toll Collection Market Growing Massively: Expected to Reach USD 13.65 Billion by 2027". August 10, 2021. https://manometcurrent.com/electronic-toll-collection-market-growing-massively-expected-to-reach-usd-13-65-billion-by-2027/. 
  19. ↑ Bernard, Katie (October 5, 2020). "Kansas replaces troubled Medicaid contractor notorious for backlogs, lost documents". https://www.kansascity.com/news/state/kansas/article246173300.html. 
  20. ↑ Vanian, Jonathan (January 3, 2017). "Conduent CEO Talks Splitting From Xerox and Competing with IBM and HPE". https://fortune.com/2017/01/03/xerox-spinoff-conduent-ashok-vemuri/. 
  21. ↑ Stoller, Kristin (April 20, 2021). "America's Best Employers For Diversity 2021". https://www.forbes.com/best-employers-diversity/. 
  22. ↑ "Forbes Recognizes Conduent as One of America's Best Employers for Diversity". May 14, 2021. https://www.news.conduent.com/news/forbes-recognizes-conduent-as-one-of-america-s-best-employers-for-diversity. 
  23. ↑ "Conduent Named to 2022 'GovTech 100' List of Companies" (in en). 2022-01-26. https://www.globenewswire.com/news-release/2022/01/26/2373600/0/en/Conduent-Named-to-2022-GovTech-100-List-of-Companies.html. 

External links




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