Reuters on Friday reported that Conduent, the former business process services division of Xerox, is in talks with unnamed companies including private equity firms looking to acquire the firm.
Conduent is in talks with unnamed companies about a potential acquisition of the global business solutions and services firm.
Reuters late Friday reported that Conduent, ranked No. 24 on CRN’s 2024 Solution Provider 500, is in discussions with companies, including private equity firms, about acquiring the Florham Park, N.J.-based company.
Reuters, quoting unnamed sources, said Conduent is currently working with a financial advisor to hold conversations with multiple unnamed potential acquirers.
[Related: Conduent CEO On A ‘Leaner And Smaller’ Future And Why It’s ‘Insulated’ From A Recession]
Such a deal could be completed within the next several weeks, Reuters said.
Conduent, which did not respond to a CRN request for comment by publication time, is slated to report its fiscal year 2024 financials on Feb. 12.
Conduent was officially born in early 2017 when it was spun out of former parent company Xerox. Conduent previously was Xerox’s business process services division.
This isn’t the first time Conduent mulled a possible sale. The company in 2019 said it considered either a sale of the entire company or a divestiture of parts of the company after activist investor Carl Icahn earlier that year made an attempt to take over the Conduent board of directors.
Conduent for fiscal 2023 reported revenue of $3.72 billion, which was a 3.5 percent drop compared with fiscal 2022. About 90 percent of that revenue is recurring, the company claims. Conduent that year reported a loss of $306 million.
The company counts both commercial enterprises and government entities as customers. It had about 55,000 employees in 24 countries around the world as of late 2024.
