Xerox to acquire ITsavvy for $440M, sees accretion

Xerox announced it has agreed to acquire ITsavvy, an Oak Brook, Illinois-based provider of integrated IT products and associated services, for $400M consisting of a $180M cash payment and secured promissory notes totaling $220M, 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. Founded in 2004, ITsavvy has grown its revenue to more than $400M on a trailing twelve-month basis by offering a comprehensive suite of lifecycle, deployment, and managed IT services to assist with clients’ most critical networking, cloud migration and workplace productivity needs. The acquisition is expected to be immediately accretive to adjusted earnings per share and free cash flow. Xerox management will further discuss the acquisition during its third quarter 2024 results.