Xerox, however, had to make a mid-term change in its IT outsourcing business strategy. It decided in December 2014 to sell its ITO business to Atos for $1.05 billion, as this business had not acquired the scale to enable Xerox to offer its customers a differentiated offering. Under the deal, Atos would provide IT services to Xerox and its BPO clients, while the company focused on its BPO and document processing business.
Xerox, which was founded in 1906 in Rochester, New York, reported in October revenue of $4.3 billion in the third quarter of 2015, down 10 percent from the same period in the previous year. It had a loss of $34 million in the quarter compared to a profit of $266 million in the same quarter in the previous year, because of a charge on account of interrupted government healthcare projects. Burns said at the time that the board had decided to do a comprehensive review of "structural options for the company's portfolio."
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