Xerox Completes Acquisition of ITsavvy Holdings, LLC

Xerox Holdings Corporation, commonly known as Xerox, has concluded the acquisition of ITsavvy Holdings, LLC, according to a recent 8-K filing with the Securities and Exchange Commission (SEC). The acquisition, which was initially disclosed in a Current Report on Form 8-K filed on October 17, 2024, involved a Securities Purchase Agreement with ITsavvy Holdings, LLC, and ITsavvy Acquisition Company, Inc.

On November 20, 2024, which was the Closing Date, Xerox finalized the acquisition by purchasing all of the outstanding equity securities of the Company. As part of the transaction, Xerox made a cash payment of $180.0 million to the Seller and also issued two secured promissory notes to the Seller, namely a $110.0 million 2025 Note and another $110.0 million 2026 Note.

The specifics of the Purchase Agreement were addressed in the earlier Form 8-K filing, and further details about the agreement can be found in the incorporated full text of the Purchase Agreement, as filed as Exhibit 10.1 to the Original Form 8-K. Similarly, the terms of the Notes were previously outlined in the Original Form 8-K, and the complete texts of the 2025 Note and the 2026 Note are available as Exhibits 4.1 and 4.2, respectively.

In adherence to SEC requirements, this acquisition transaction has led to the completion of the acquisition of assets, duly noted under Item 2.01 of the filing. Additionally, the creation of direct financial obligations or liabilities under an off-balance sheet arrangement, as a result of this acquisition, has been addressed in the filing under Item 2.03.

Regarding financial disclosures, the filing mentions that the financial statements of the acquired business, as required by Item 9.01(a) of Form 8-K, will be submitted no later than 71 days following the initial filing date. Similarly, pro forma financial information mandated by Item 9.01(b) will also be provided within the specified timeline for compliance.

In closing, the filing includes the relevant exhibits related to the transaction and concludes with the signatures of authorized representatives from Xerox Holdings Corporation and Xerox Corporation, confirming the accuracy and completeness of the report.

As per the SEC filing, Xerox has successfully completed the acquisition of ITsavvy Holdings, LLC, marking a significant strategic move for the corporation.

This news release contains forward-looking statements that are subject to various risks and uncertainties. Actual results may differ materially from the expected outcomes, as detailed in the SEC filings. Xerox assumes no obligation to update these forward-looking statements except as required by law.

Contact:
Judy Matthews
Chief Financial Officer
312-778-6073
[email protected]

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Xerox’s 8K filing here.

Xerox Company Profile

Xerox Holdings Corporation, together with its subsidiaries, operates as a workplace technology company that integrates hardware, services, and software for enterprises in the Americas, Europe, the Middle East, Africa, India, and internationally. The company operates through two segments, Print and Other; and FITTLE.