US-based printing technology producer Xerox has announced details of its plans to launch innovation and corporate development divisions through a reorganisation involving the formation of a $250m corporate venturing arm.
Xerox’s Corporate Development group will engage in investments and merger and acquisition deals as well as deploying the recently announced $250m fund.
The unit is yet to be launched but will invest in mid-sized, growth-stage companies aligned with Xerox’s strategic interests. It will be led by executive vice-president Louie Pastor, who has also been appointed chief corporate development officer and chief legal officer.
The company had set up a dedicated corporate venturing subsidiary called Xerox Technology Ventures in 1988 with $30m in capital, but would later close the unit.
Xerox has also appointed Naresh Shanker, senior vice-president and chief technology officer, to lead its Parc Innovation division, essentially an expansion of the Palo Alto Research Center (Parc) centre it opened in 1970 that will include scientists and engineers from several US and Canadian facilities.
Parc Innovation will support the commercialisation of Xerox technology currently under development. Parc developed the laser printer and in recent years has researched technologies including 3D liquid metal, industrial the internet-of-things and clean technology.
The corporate is also forming two other dedicated subsidiaries. Xerox Financial Services will provide global payment services to small and medium-sized businesses while Xerox Software will include company products such as augmented reality support platform Career and content management system provider DocuShare.
John Visentin, Xerox’s chairman and chief executive, said: “We are focused on increasing the breadth of our offerings to better reach new and existing clients and drive organic growth.
“Our plan to stand up three separate businesses by 2022 will provide greater focus, flexibility and visibility as we position Xerox for the future.”