Xerox Holdings To Acquire ITsavvy For $400 Mln

(RTTNews) - Xerox Holdings Corp. (XRX) announced Thursday it has agreed to acquire ITsavvy, an Oak Brook, Illinois-based provider of integrated IT products and associated services, for $400 million.

The consideration includes $180 million cash payment and secured promissory notes totaling $220 million, subject to certain customary pre- and post-closing adjustments and escrow arrangements.

The transaction is expected to close during the fourth quarter of 2024 and remains subject to merger clearance control. ITsavvy is a portfolio company of GenNx360 Capital Partners, a New York-based private equity firm.

ITsavvy is a leading provider of integrated IT infrastructure solutions, delivering business outcomes through frictionless client experiences across multiple segments and industries.

This acquisition supports Xerox's Reinvention and commitment to expand its IT Services business, while continuously bringing innovative solutions to Xerox clients' workplaces.

The acquisition is expected to be immediately accretive to adjusted earnings per share and free cash flow.