Xerox Holdings (NASDAQ: XRX) has agreed to acquire ITsavvy, an Oak Brook, IL-based provider of integrated IT products and associated services, for $400M.
The deal consisted of a $180M cash payment and secured promissory notes totaling $220M, subject to certain customary pre- and post-closing adjustments and escrow arrangements.
This acquisition supports the company’s Reinvention and commitment to expand its IT Services business, while continuously bringing innovative solutions to Xerox clients’ workplaces. The deal is expected to be immediately accretive to adjusted earnings per share and free cash flow. Xerox management will further discuss the acquisition during its third quarter 2024 results.
Led by Munu Gandhi, CEO, ITsavvy is a provider of integrated IT infrastructure solutions, delivering business outcomes through frictionless client experiences across multiple segments and industries. Founded in 2004, the company has grown its revenue to more than $400 million on a trailing twelve-month basis by offering a comprehensive suite of lifecycle, deployment, and managed IT services to assist with clients’ most critical networking, cloud migration and workplace productivity needs. It is a portfolio company of GenNx360 Capital Partners, a New York-based private equity firm.
FinSMEs
17/10/2024