NORWALK, Conn., and DALLAS, Feb. 05, 2010 -- Shareholders of Xerox Corporation (NYSE: XRX) and of Affiliated Computer Services, Inc. (NYSE: ACS) today approved Xerox's acquisition of ACS. The transaction will be completed shortly, transforming Xerox into the leading global enterprise for business process and document management, and accelerating its growth in an expanding market.
More than 96 percent of the Xerox common shares that voted at the Xerox meeting voted "FOR" the acquisition.
More than 86 percent of the voting power of the outstanding shares of ACS Class A and Class B stock voted "FOR" the acquisition. In addition, the "majority of the minority" vote requirement was met.
"Our shareholders' vote of confidence reflects the strategic and financial benefits of this acquisition," said Ursula M. Burns , Xerox chief executive officer. "Through the acquisition of ACS, Xerox gains a growth catalyst that secures a strong, competitive future for our company and increasing value for our customers and shareholders."
The world's largest diversified business process outsourcing firm, ACS is a $6.5 billion company with revenue growth of 6 percent and new business signings of $1 billion in annual recurring revenue during its fiscal 2009.
"By endorsing this acquisition, ACS shareholders have shown that the time is right to bring our business to the next level of global expansion," said Lynn Blodgett, president and chief executive officer of ACS. "Xerox gives us the brand recognition, global scale and innovation to strengthen our industry leadership. We'll now be able to create more opportunities for our clients to simplify the way they conduct their business."
ACS is the world's largest diversified business process outsourcing and information technology services firm supporting client operations in more than 100 countries. Based in Dallas, the company's 78,000 employees provide a broad array of professional services to world-class commercial and government clients. Learn more about ACS at www.acs-inc.com or connect with us on Facebook or Twitter.
Headquartered in Norwalk, Conn., Xerox Corporation's 54,000 people represent the world's leading document management, technology and services enterprise, providing the industry's broadest portfolio of color and black-and-white document processing systems and related supplies, as well as document management consulting and outsourcing services.