Xerox Announces Creation of CareAR Software Business
NORWALK, Connecticut–(BUSINESS WIRE)–Xerox Holdings Corporation (NYSE: XRX) announced the formation of CareAR, a Xerox company, which consolidates CareAR, Inc., DocuShare® and XMPie under a single holding company named CareAR Holdings. CareAR received a post-financial valuation of $700 million following a $10 million capital investment from ServiceNow, the leading digital workflow company that makes work more efficient for people.
CareAR will be led by Xerox President and COO Steve Bandrowczak, who will expand his current role to also become President of CareAR, and Sam Waicberg, the original founder of Care, Inc., who will assume the role of 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 CareAR expanded service experience platform will support service personnel with the visual tools and data access needed 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 CareAR® is the augmented reality technology that Xerox acquired through the acquisition of CareAR, Inc., announced earlier this year, which integrates with ServiceNow® Field service management and allows 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-neutral and seamlessly integrates with digital workflow leader ServiceNow’s platform, ensuring an end-to-end approach. end of work orders, cases, and incidents, and delivering high-quality customer results 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 needed to consistently deliver high-quality service experiences to service employees and end customers, while reducing operating costs and greenhouse gas emissions for service providers.
- Help address workforce talent issues – primarily associated with a retiring workforce. As today’s workforce ages into retirement, service organizations will no longer be able to rely on the apprenticeship training that has sustained service businesses for decades. CareAR will help leverage and optimize the time of experienced employees and allow inexperienced workers to tap into a repository of knowledge curated by CareAR’s predictive AI capabilities.
- Support the sustainability and social responsibility goals of service employers. CareAR facilitates remote preventive and maintenance actions, reducing initial and follow-up technician dispatches. Lower shipments result in fewer truck trips, reducing carbon emissions for service organizations. And better-informed employees ensure a safer workplace.
“Xerox has positioned CareAR to provide the features that service-intensive industries need, with real-time instructions, visual tools, and data access at the fingertips of any user, all driven by predictive artificial intelligence,” said Xerox Vice President and CEO John Visentin. “By creating an intuitive platform for a digital-native workforce and with investment from ServiceNow, we believe CareAR will define and grow the service experience management category, disrupting industries at a time where it is most needed.”
“Our customers have never had such an urgent need for workflows that deliver greater operational efficiency, better outcomes for customers and the environment, and improved safety,” said John Ball, senior vice president of customer workflow at ServiceNow. “Our investment reflects our belief that CareAR has the potential to deliver world-class, enterprise-grade augmented reality. Customers using CareAR’s augmented reality to route work through ServiceNow’s leading workflow platform can better resolve issues remotely, accelerating resolution times and reducing the need for costly site visits, reducing also dramatically reduce 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 on the transaction.
Webcast for investors
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 which will be available on the Xerox Investor Relations website by 8:15 a.m. ET today.
About Xerox Holdings Corporation
For more than 100 years, Xerox has continuously redefined the work experience. Building on our leadership position in office and production printing technologies, we have expanded into software and services to sustainably power today’s workforce. From office to industrial environments, our business solutions and differentiated financial services are designed to improve the daily work of clients, wherever that work is done. Today, Xerox scientists and engineers continue our legacy of innovation with disruptive technologies in digital transformation, augmented reality, robotic process automation, additive manufacturing, the Industrial Internet of Things and clean technologies. . Learn more at xerox.com.
CareAR, a Xerox company, is the leader in Service Experience Management (SXM). We make expertise instantly accessible to users through remote and live visual augmented reality (AR) and AI interactions, instructions and information as part of a workflow experience seamless digital. CareAR sets the benchmark for the SXM category by closing skills gaps, accelerating knowledge transfers, delivering greater operational efficiency, and improving client outcomes and safety. Learn more at CareAR.com.
About Service Now
ServiceNow makes the world of work more efficient for people. Our cloud-based platform and solutions deliver digital workflows that create exceptional experiences and unlock employee and business productivity. For more information, visit: www.servicenow.com.
This release, and other written or oral statements made from time to time by management, contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate”, “believe” , “estimate”, “expect”, “intend”, “will”, “should”, “target”, “project”, “conduct” and similar expressions, insofar as they relate us, our performance and/or our technology, are intended to identify research 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 may 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 ServiceN platform ow and the reduction of costs and carbon emissions, (ii) the financial performance of CareAR, including projected revenues for fiscal years 2021 and 2022, and (iii) the other factors that are set forth in section “Risk Factors”, the “Legal Proceedings” section, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section and other sections of the Xerox Holdings Corporation and Xerox Corporation Combined 2020 Annual Report on Form 10-K, as well as in Xerox Holdings Corporation’s and Xerox Corporation’s quarterly reports on Form 10-Q and current reports on Form 8-K filed with the SEC. These forward-looking statements speak only as of the date of this release or the date to which they relate, 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.
Media Contact: Callie Ferrari, APR, Xerox, +1-203-849-5254, Callie.Ferrari@xerox.com
Investor contacts: David Beckel, Xerox, +1-203-849-2318, David.Beckel@xerox.com
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Photocopy® 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 marks are trademarks and/or registered trademarks of ServiceNow, Inc., in the United States and/or other countries.