Xerox Corp. (XRX) announced that it has completed the acquisition of U.K.-based NewField IT. The acquisition will enable the company to expand in the managed print service (MPS) portfolio.

Xerox seeks to benefit from the new consulting and software services as it speeds up operations by almost four times, thereby allowing efficient implementation of MPS.

Headquartered in Twickenham, NewField IT provides consultancy services, software services and optimization tools to its customers. Post acquisition, the company will operate as a wholly owned independent subsidiary of Xerox.

Xerox is highly focused on expanding its business globally based on its well-knit distribution network and a number of successful acquisitions. The company has also identified huge potential in the domestic market as well as in the emerging markets for expanding its business.

 Xerox acquired four more companies this year including Iowa-based Midwest Business Solutions Inc. and Premier Office Equipment Inc., Illinois-based United Business Solutions and Pensacola-based Florida Imaging & Network Systems – all through its wholly owned subsidiary, Global Imaging Systems (GIS).

Fiscal 2010 proved to be quite fruitful for Xerox with revenues of $21.6 billion, up 42% from the year-ago level. The company’s net earnings were $1.30 billion or 94 cents per share compared with $613 million or 70 cents per share in the previous year. The company expects to witness better performance going forward based on its attempt to grow and expand its business, particularly Business Process Outsourcing.

Consequently, Xerox has projected adjusted earnings in the range of $1.05 to $1.10 per share for full-year 2011. However, intensifying competition and availability of substitutes for the company’s products have put the company on the back foot.

Thus, Xerox retains a Zacks#3 Rank, which translates into a short-term Hold rating.

 
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