Xerox agrees to buy local tech company for $400M – Chicago Business Journal

Xerox Holdings Corp. said it is buying ITsavvy, an Oak Brook-based IT provider, for $400 million to expand its IT services.

The sale is expected to close by year end and is subject to merger clearance control. The deal will consist of $180 million in cash and secured promissory notes totaling $220 million.

ITsavvy is a portfolio company of GenNx360 Capital Partners, a New York-based private-equity firm.

“As part of our Reinvention, we have created a greater organizational focus on our emerging IT Services capabilities to diversify our revenue streams in the geographies we serve,” said John Bruno, president and chief operating officer of Xerox, in a statement. “ITsavvy’s complementary offerings, aligned with our strong reputation, should accelerate growth in the United States, Canada and the United Kingdom, while creating new avenues for us to help existing and new clients transform the way they work.”

He said the acquisition will support Xerox’s plans to expand its IT Services business while also freeing up cash flow.

Norwalk, Connecticut-based Xerox (Nasdaq: XRX) has more than 19,000 employees worldwide. It has a Chicago office at 1 E. Wacker Drive for its Xerox Business Solutions division.

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