Turnaround Man - Black Enterprise
Black Enterprise Magazine July/August 2018 Issue

How did cash-strapped, debt-laden Xerox Corp. turn around its fortunes in six years to make a $1.5 billion cash acquisition of Global Imaging Systems Inc.? By investing in diverse talent.

In May, under the leadership of Kevin Warren , 44, the then senior vice president of Eastern sales operations, Xerox agreed to pay $29 in cash per share for Global Imaging Systems, a document management company that sells to and services the $16 billion small and mid-sized businesses market. Xerox, named one of BE’s 40 Best Companies for Diversity, wanted to expand distribution into that market, where installs of laser printers and multifunction products have been increasing at a compound annual rate of 15%. With more than $1 billion in revenues last year, GIS serviced nearly 200,000 non-Xerox U.S. customers. Xerox reported $15.9 billion in revenues in 2006.

“We didn’t have a strong presence. They did. It was a good match to bring them on to complement us in a space where we weren’t particularly strong,” says Warren.
“This is the most significant acquisition Xerox has made in the last 20 years,” says Warren, newly appointed senior vice president of the acquisition transition office at Xerox, responsible for managing the integration of GIS as a wholly owned subsidiary of Xerox.

“Xerox paid for a customer base that had a footprint already, so they didn’t have to start from scratch. It is a brilliant move,” adds Angèle Boyd, group vice president of imaging, printing, and document solutions at IDC, a global research and consulting firm covering the IT industry. “Now Xerox gets access to a network of partners across the country owned by Global. It makes their competitors sit up and take notice.”

Over the last five years, Xerox’s stock performance has steadily improved, rising to $19.25 per share on June 19 from $8.55 per share in early 2002, according to MorningStar.

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Marcia Wade Talbert

Marcia is a multimedia content producer focusing on technology at Black Enterprise Magazine. In this capacity she writes and assigns stories to educate readers about social media; digital integration; gadgets, apps, and software for business and professional development; minority tech startups; and careers in STEM (Science, Technology, Engineering, and Mathematics). In 2012, she received two Salute to Excellence Awards from the National Association of Black Journalists and was recognized by Blacks in Technology (BiT) as one of the Top 10 Black achievers in the tech arena for 2011 at SXSW in Austin, Texas. She has spoken about technology on panels for New York Social Media Week, at The 2012 Rainbow/PUSH Wall Street Summit, as well as at Black Enterprise’s Entrepreneurs Conference and Women of Power Summit. In 2011, SocialWayne.com chose her as one of 28 People of Color Impacting the Social Web, and through crowdsourcing she was listed as one of BlackWeb2.0's/HP's 50 Most Notable African American Tastemakers in Social Media and Technology for 2010. Since taking on the role of Tech editor in September 2010, she has conceived and produced five cover stories on Technology and/or STEM and countless articles, videos, and slideshows online. Before joining BlackEnterprise.com as an interactive general assignment reporter in 2008, she freelanced with Black Enterprise beginning in 2003 while working as the technical editor at Prepared Foods magazine. There she further honed her writing skills and became an authority on food ingredients, including ingredients used in food fortification and enrichment. Meanwhile, her freelancing with Black Enterprise and BlackEnterprise.com helped her stay current on issues pertaining to the financial and business welfare of African Americans. As a general reporter for Black Enterprise she attended and reported on the Democratic and Republican National Conventions, where she interviewed Valerie Jarrett, senior advisor and assistant to President Barack Obama and U.S. Attorney General Eric Holder. Marcia has a Bachelor of Science degree in Agriculture with an emphasis in food science from the University of Minnesota, and a Master of Science degree in journalism from Roosevelt University in Chicago. En route to her secondary degree, she served as the editor-in-chief of the Roosevelt University Torch, a weekly, student-run newspaper. An avid photographer and videographer, Marcia is one of several employees at BLACK ENTERPRISE who interned for the publishing company as a college student. She lives in New Jersey with her husband, a food scientist; her seventeen-month-old daughter; and “The Cat”, but still considers Chicago home.

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