Xerox Holdings Corp. on Thursday plans to announce a multiyear deal with Oracle Corp., which will provide cloud-computing infrastructure and software for use by ventures developed in Xerox's business incubator.
Terms of the deal weren't disclosed.
For Xerox, the move is part of efforts to fast-track the development of new enterprises—whether in the form of new business units, startups, subsidiaries or joint ventures—that look beyond its flagship printers and copiers.
At the peak of the Covid-19 pandemic in 2020, as companies shifted to remote work and left empty offices behind, Xerox's net income for the quarter ended Sept. 30 dropped to $90 million, from $219 million a year earlier. Net income remained roughly unchanged for the same period this year, at $89 million, the company reported in October.
Creating new in-house ventures is a strategy that predates the pandemic, but was accelerated by workplace closures and remote work, said Naresh Shanker, Xerox senior vice president and chief technology officer.
From The Wall Street Journal
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