Xerox HR Services started the new year with a new name — Conduent — and a new life as an independent company, formally separating from its parent, Xerox Corp.
A provider of defined contribution record keeping, health benefits management and other human resources functions, Conduent began trading Jan. 3 under the symbol CNDT on the New York Stock Exchange. Conduent contains several other former Xerox business units, including those in health care, transportation and financial services.
That's almost 12 months to the day when Xerox executives announced a spinoff to divorce Xerox's document technology business from its human resources services.
According to Pensions & Investments' Research Center, Xerox HR Services was the ninth-largest DC record keeper — $185.1 billion in assets — as of Sept. 30, 2015, based on the latest available comparative data. It ranked 11th in the number of participants with 2.66 million.
Conduent has more than 93,000 employees in 43 countries, and it had revenue of about $7 billion in 2015, according to data provided by the company.
Conduent is based in Basking Ridge, N.J.
This article originally appeared in the January 9, 2017 print issue as, "Xerox HR changes name to Conduent".