NORWALK, Connecticut – (COMMERCIAL THREAD) –Xerox Holding Company (NYSE: XRX) announced the formation of CareAR, a Xerox company, which consolidates CareAR, Inc., DocuShareÂ® and XMPie under a single holding company named CareAR Holdings. CareAR received a $ 700 million post-money valuation following a $ 10 million equity investment from ServiceNow, the leading digital workflow company that makes work, better for people.
CareAR will be led by Xerox President and COO Steve Bandrowczak, who will expand his current role to also serve as President of CareAR, and Sam Waicberg, the original founder of Care, Inc., who will serve as President of CareAR.
Now combining DocuShare’s content management system, XMPie’s cross-media platform, and Xerox’s PARC Alto AI artificial intelligence engine, the extended CareAR service experience platform will support staff from service with the visual tools and access to data that are necessary to consistently deliver high-quality service experiences. for service employees and end customers, while reducing operating costs and greenhouse gas emissions for service providers. The backbone of the new CareARÂ® is the augmented reality technology that Xerox acquired through the acquisition of CareAR, Inc., announced earlier this year, that integrates with ServiceNowÂ® Field service management and enables service technicians to tap into the knowledge of more experienced technicians through live AR assisted instruction.
CareAR’s service experience management platform is designed to be industry independent and integrates seamlessly with the platform of digital workflow leader ServiceNow, ensuring an end-to-end approach. completing work orders, cases and incidents, and delivering high quality customer outcomes and service experiences for businesses across multiple industries. The company’s augmented reality technology is disrupting the service delivery ecosystem and addressing key sustainability and workforce challenges, including:
- Empower support staff with visual tools and data access that are necessary to consistently deliver high-quality service experiences to service employees and end customers, while reducing operating costs and service providers’ greenhouse gas emissions.
- Help address workforce talent issues – primarily associated with a retiring workforce. As the current workforce retires, service organizations will no longer be able to rely on the learning-based training that has supported service companies for decades. CareAR will help leverage and optimize the time of experienced employees and enable inexperienced workers to draw on a repository of knowledge organized by CareAR’s predictive AI capabilities.
- Support the sustainability and social responsibility goals of service employers. CareAR facilitates remote prevention and maintenance actions, thus reducing the dispatch of initial and follow-up technicians. Lower shipments result in fewer truck trips, reducing carbon emissions for service organizations. And better informed employees create a safer workplace.
“Xerox has positioned CareAR to deliver the capabilities service-intensive industries need, with real-time instruction, visual tools and data access at the fingertips of any user, all driven by intelligence.” predictive artificial, âsaid John, vice president and CEO of Xerox. Visentin. âBy creating an intuitive platform for a digitally native workforce, and with the investment of ServiceNow, we believe CareAR will define and grow the category of service experience management, disrupting industries at one. when it is most needed. ”
âOur customers have never had a greater need for workflows that deliver greater operational efficiency, better customer and environmental outcomes, and improved security,â said John Ball, senior vice president of customer workflows. at ServiceNow. âOur investment reflects our belief that CareAR has the potential to deliver world-class, enterprise-grade augmented reality. Customers who use CareAR’s augmented reality to route work through ServiceNow’s primary workflow platform can better troubleshoot issues remotely, speeding up resolution times and reducing the need for costly site visits, which also significantly reduces carbon emissions. Together, we deliver powerful enterprise service experiences for the new world of work.
Xerox was advised by Mizuho Securities USA and Willkie Farr & Gallagher LLP in connection with the transaction.
Xerox senior management will host a webcast to review this announcement on Thursday, September 2, 2021 at 8:30 a.m.ET. To view the webcast, visit the Presentations and Webcasts section of the Xerox Investor Relations home page at https://investors.xerox.com/investors/presentations-webcasts, https://edge.media-server.com/mmc/p/he4sv8aj. The webcast will include a slide presentation that will be available on the Xerox Investor Relations website before 8:15 a.m. ET today.
About Xerox Holdings Corporation
For over 100 years, Xerox has continuously redefined the workplace experience. Leveraging our leadership position in office and production printing technologies, we have expanded into software and services to sustainably power today’s workforce. From the office to industrial environments, our business solutions and differentiated financial services are designed to improve the day-to-day work of clients, wherever that work is performed. Today, Xerox scientists and engineers continue our legacy of innovation with disruptive technologies in the areas of digital transformation, augmented reality, robotic process automation, additive manufacturing, Industrial Internet of Things and Clean Technologies. Learn more about xerox.com.
CareAR, a Xerox Company, is the leader in Service Experience Management (SXM). We make expertise instantly accessible to users through visual augmented reality (AR) and AI interactions, instruction and information remotely and live as part of a seamless digital workflow experience. CareAR sets the benchmark for the SXM category by filling skills gaps, accelerating knowledge transfers, delivering greater operational efficiency, and improving customer outcomes and safety. Learn more about CareAR.com.
ServiceNow makes the world of work a better place for people. Our platform and cloud-based solutions deliver digital workflows that create great experiences and unleash employee and business productivity. For more information visit: www.servicenow.com.
This press release and other written or oral statements made from time to time by management contain âforward-looking statementsâ as defined in the Private Securities Litigation Reform Act of 1995. The words âanticipateâ, âbelieveâ, âestimateâ , “” Expect “,” intend “,” intend “,” must “,” target “,” plan “,” lead “and similar expressions, in that they relate to us, our performance and / or our technology, are intended to identify relevant statements. These statements reflect the current beliefs, assumptions and expectations of management and are subject to a number of 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 expectations regarding customer adoption, integration with the ServiceNow platform and reduction in costs and carbon emissions, (ii) the financial performance of CareAR, including projected revenues for the fiscal year 2021 and 2022, and (iii) the other factors which are set out in the âFactorsâ section. risk â, theâ Legal Proceedings âsection, theâ Management Commentary and Analysis of Financial Condition and Results of Operations âsection and other sections of the 2020 Combined Annual Report of Xerox Holdings Corporation and Xerox Corporation on the Form 10-K, as well as in the quarterly reports of Xerox Holdings Corporation and Xerox Corporation on the Form 10-Q and the current reports on the Form 8-K filed with the SEC. These forward-looking statements speak only as of the date of this press release or the date to which they refer, and Xerox assumes no obligation to update any forward-looking statements as a result of new information or events or developments. future, unless required by law.
To note: To receive RSS news feeds, visit https://www.news.xerox.com. For open-ended comments, perspectives, and industry perspectives, visit http://www.linkedin.com/company/xerox, http://twitter.com/xerox, http://www.facebook.com/XeroxCorp, https://www.instagram.com/xerox/, http://www.youtube.com/XeroxCorp.
PhotocopyÂ® and DocuShareÂ® are trademarks of Xerox in the United States and / or other countries.
CareARÂ® is a trademark of CareAR Holdings LLC in the United States and / or other countries.
Service nowÂ®, the ServiceNow logo, Now, and other ServiceNow marks are trademarks and / or registered trademarks of ServiceNow, Inc., in the United States and / or other countries.