Xerox announces the establishment of CareAR software business

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The new CareAR service experience management platform with a post-investment valuation of US$700 million received a US$10 million investment from ServiceNow

Norwalk, Connecticut–(BUSINESS WIRE)–Xerox Holdings (NYSE: XRX) announces the establishment of CareAR, a Xerox company that merges CareAR, Inc., DocuShare® and XMPie Under a holding company called CareAR Holdings. After ServiceNow received US$10 million in equity investment, CareAR received a post-investment valuation of US$700 million. ServiceNow is a leading digital workflow company that makes work better for people.

This press release features multimedia. View the full version here: https://www.businesswire.com/news/home/20210902005267/en/

CareAR will be led by Steve Bandrowczak, President and COO of Xerox, who will expand his current role while serving as Chairman of CareAR and Sam Waicberg, the original founder of Care, Inc., He will serve as the president of CareAR.

Now combined with DocuShare’s content management system, XMPie’s cross-media platform and Xerox’s PARC Alto AI artificial intelligence engine, the expanded CareAR service experience platform will provide service personnel with visualization tools and data access support to continuously provide high-quality service experience Serve employees and end customers, while reducing service providers’ operating costs and greenhouse gas emissions. The backbone of the new CareAR® platform is the augmented reality technology Xerox acquired through the acquisition of CareAR, Inc. announced earlier this year. The technology is integrated with ServiceNow® field service management, enabling service technicians to leverage the knowledge of more experienced technicians Teaching is assisted by real-time and AR.

CareAR’s service experience management platform is designed to be industry-independent and seamlessly integrate with the digital workflow leader ServiceNow’s platform to ensure an end-to-end approach to work orders, cases and events, and to provide high Quality customer outcomes and service experience. industry. The company’s augmented reality technology is disrupting the service delivery ecosystem and solving key sustainability and workforce challenges, including:

• Provide support to support staff through visualization tools and data access Continuously provide high-quality service experience for service employees and end customers, while reducing service providers’ operating costs and greenhouse gas emissions.

• Help solve the problem of labor talents-mainly related to retired labor. As the current workforce enters retirement age, service organizations will no longer be able to rely on apprentice-based training that has maintained service businesses for decades. CareAR will help utilize and optimize the time of experienced employees and allow inexperienced employees to use the knowledge base managed by CareAR’s predictive artificial intelligence capabilities.

• Support the sustainability and social responsibility goals of service employers. CareAR promotes remote preventive and maintenance-based actions, thereby reducing initial and follow-up technician dispatch. Lower scheduling results in fewer door-to-door services, thereby reducing the carbon emissions of the service organization. Well-informed employees can create a safer workplace.

“Xerox has positioned CareAR to provide the functions required by service-intensive industries, through real-time instructions, visualization tools, and data access at any user’s fingertips, all of which are driven by predictive artificial intelligence,” Xerox Vice Chairman and Chief Executive Officer Executive Officer John said Visentin. “By creating a platform that is intuitive to the digitally native workforce and investing in ServiceNow, we believe that CareAR will define and develop the service experience management category, disrupting the industry when it is most needed.”

John Ball, Senior Vice President of Customer Workflow at ServiceNow, said: “Our customers have never been so desperate as they are now for work that can provide greater operational efficiency, better customer and environmental outcomes, and greater security. “Our investment reflects our belief that CareAR has the potential to provide world-class, enterprise-grade augmented reality. Customers use CareAR’s augmented reality to arrange work routes through ServiceNow’s leading workflow platform, which can better solve problems remotely, speed up resolution time and reduce the need for expensive site visits, which also greatly reduces carbon emissions. Together, we will provide a powerful corporate service experience for the new world of work. ”

Mizuho Securities USA Inc. and Willkie Farr & Gallagher LLP advised Xerox on the transaction.

Investor Webcast

Xerox’s senior management will host a webcast at 8:30 AM Eastern Time on Thursday, September 2, 2021, to review this announcement. To watch the webcast, please visit the presentation and webcast section of the Xerox Investor Relations homepage at https://investors.xerox.com/investors/presentations-webcasts, https://edge.media-server.com/mmc /p/ he4sv8aj. The webcast will include a slide presentation, which will be available on Xerox’s Investor Relations website today at 8:15 AM Eastern Time.

About Xerox Holdings

For more than 100 years, Xerox has continued to redefine the workplace experience. Leveraging our leading position in office and production printing technology, we have expanded into software and services to sustainably power today’s workforce. From offices to industrial environments, our differentiated business solutions and financial services are designed to allow customers to work better every day-no matter where the work is done. Today, Xerox scientists and engineers are continuing our tradition of innovation through disruptive technologies in the fields of digital transformation, augmented reality, robotic process automation, additive manufacturing, industrial Internet of Things, and clean technology. Learn more on xerox.com.

About CareAR

CareAR is a Xerox company and a leader in Service Experience Management (SXM). As part of the seamless digital workflow experience, we use remote real-time visual augmented reality (AR) and AI interactions, instructions, and insights, so that users can immediately gain expertise. CareAR sets the benchmark for the SXM category by bridging the skills gap, accelerating knowledge transfer, providing greater operational efficiency, and enhancing customer outcomes and safety. Learn more on CareAR.com.

About current service

ServiceNow is building the world of work to work better for people. Our cloud-based platform and solutions provide digital workflows to create outstanding experiences and release productivity for employees and businesses. For more information, please visit: www.servicenow.com.

Forward-looking statements

This press release and other written or oral statements made by management from time to time contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. “Expect”, “believe”, “estimate”, “expect”, “intend”, “will”, “should”, “target”, “plan”, “drive” and similar expressions, because they are related to us, our The performance is related to our technology and aims to identify the future-look at the statement. These statements reflect management’s current beliefs, assumptions and expectations, and are affected by many factors that may cause actual results to differ materially. These factors include but are not limited to (i) whether CareAR’s service experience management platform will meet customer adoption, integration with the ServiceNow platform, and cost and carbon emission reduction expectations, (ii) CareAR’s financial performance, including projected fiscal revenue by 2021 Years and 2022, and (iii) “Risk Factors”, “Legal Procedures”, “Management’s Discussion and Analysis of Financial Conditions and Operating Results” and other factors specified in Xerox Holdings and Xerox 10 The -K form merges the 2020 annual report, as well as the quarterly report on Form 10-Q and the current report on Form 8-K submitted by Xerox Holdings and Xerox to the US Securities and Exchange Commission. These forward-looking statements only represent that as of the date of this press release or the date indicated, Xerox assumes no obligation to update any forward-looking statements due to new information or future events or developments, unless required by law.

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Media Contact: Callie Ferrari, APR, Xerox, +1-203-849-5254, [email protected]

Investor contact information: David Beckel, Xerox, +1-203-849-2318, [email protected]

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Xerox® and DocuShare® are trademarks of Xerox in the United States and/or other countries.

CareAR® is a trademark of CareAR Holdings LLC in the United States and/or other countries.

ServiceNow®, the ServiceNow logo, Now and other ServiceNow logos are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries.

View the source version on businesswire.com: https://www.businesswire.com/news/home/20210902005267/en/

Media Contact: Callie Ferrari, APR, Xerox, +1-203-849-5254, [email protected]

Investor contact information: David Beckel, Xerox, +1-203-849-2318, [email protected]

Source: Xerox Holdings/CareAR, Xerox