The new CareAR service experience management platform is valued at $700 million and attracts a $10 million investment from ServiceNow.
Xerox Holdings Corporation (NYSE: XRX) announced the formation of CareAR, A Xerox Company, which combines CareAR, Inc, DocuShare® and XMPie under a single holding company called CareAR Holdings. CareAR received a $700 million valuation following a $10 million investment from ServiceNow, the leading digital workflow company that makes workflows more efficient for people.
CareAR will be led by Steve Bandrowczak, president and chief operations officer of Xerox, who will also serve as CareAR's chairman going forward, and Sam Waicberg, the original founder of CareAR, Inc, who will be named CareAR's president.
The enhanced CareAR Service Experience Platform is created by combining the DocuShare content management system with XMPie's cross-media platform and the Xerox PARC Alto AI engine. Based on this, the platform supports service workers with visual tools and access to data. Both in combination are needed to deliver end-to-end quality service experiences to service workers and end customers, while reducing service providers' operational costs and greenhouse gas emissions. The backbone of the new CareAR® platform is augmented reality technology, which Xerox acquired through the acquisition of CareAR, Inc. announced earlier this year. It integrates with ServiceNow® Field Service Management and enables service technicians to leverage the knowledge of experienced technicians through live AR-based training.
CareAR's Service Experience Management platform is industry agnostic and integrates seamlessly with the platform of leading digital workflow provider, ServiceNow. This ensures an end-to-end approach to work orders, enquiries and incident reporting, and delivers high quality customer satisfaction and service experiences for businesses across a range of industries. The company's augmented reality technology is revolutionising the service ecosystem and addressing key sustainability and workforce challenges, including:
Empowering support workers with visual tools and access to data to deliver consistently high quality service to service workers and end customers, while reducing operating costs and greenhouse gas emissions from service providers.
Helping to address skilled labour issues - especially those related to workforce retirements. When larger parts of the current workforce are about to retire, service companies can no longer rely on traditional training formats alone, which has supported service companies for decades. CareAR will help make more efficient use of experienced employees' time and allow less experienced employees to draw from a body of knowledge curated by CareAR's predictive AI capabilities.
Support service providers' sustainability and social responsibility goals. CareAR facilitates preventive and maintenance-based actions remotely, reducing technician call-outs. Fewer call-outs mean fewer transport trips and therefore lower carbon emissions for service companies. And better trained employees make for a safer workplace.
"Xerox has positioned CareAR to create opportunities that service-intensive industries need: Real-time instructions, visual tools and data access at the touch of a button, all powered by predictive artificial intelligence," commented John Visentin, vice chairman and CEO of Xerox. "We believe that by creating a platform that is intuitive to a digitally savvy workforce, and with ServiceNow's investment, CareAR will redefine and expand the service experience management category, transforming industries at a time when it is needed most."
"Our customers have never been more in need of workflows that deliver greater operational efficiency, better customer and environmental outcomes, and improved security," adds John Ball, senior vice president of customer workflows at ServiceNow. "Our investment reflects our belief that CareAR has the potential to deliver world-class augmented reality to businesses. Customers using CareAR's augmented reality to drive their work through ServiceNow's leading workflow platform can more easily resolve incidents remotely, reducing turnaround times and the need for on-site visits, which in turn dramatically reduces carbon emissions. Together, we are enabling powerful service experiences for the new world of work."
Xerox was advised by Mizuho Securities USA and Willkie Farr & Gallagher LLP in connection with the transaction.
www.xerox.com
