PARC will continue to work on developing breakthrough technologies while Xerox focuses on core print, digital and IT services to meet customers' hybrid workplace needs.
Xerox Holdings Corporation (NASDAQ: XRX) last week announced the donation of the Palo Alto Research Center (PARC) to SRI International. The non-profit research institute is behind some of the world's most significant deep-tech advances. The move will allow Xerox to fully focus on developing new innovations around its own print, digital and IT service offerings, while at the same time the PARC team will become part of a leading research institution to usher in the next evolution of growth.
Xerox PARC was founded in 1970 and established as an independent company in 2002. The company has driven numerous technological advances, including Ethernet, laser printing, the graphical user interface and ubiquitous computing. Xerox's donation of PARC to SRI will open up new opportunities for both organisations. With its rich history rooted in scientific excellence, SRI is the optimal partner to launch the next growth evolution for PARC.
"Our customers are at the heart of everything we do," said Steve Bandrowczak, Xerox Chief Executive Officer. "This decision will allow both Xerox and PARC to focus on delivering innovation and solutions that are aligned with their own strengths and capabilities. With this agreement, PARC's deep-tech innovations will be supported by SRI in the future, while enabling Xerox to simplify and optimise its operations and focus on the continued development of solutions for hybrid work."
"SRI International and PARC have developed many of the world's most significant innovations over the past decades," said David Parekh, CEO of SRI International. "We are delighted to welcome PARC's top talent to our team as we embark on a new chapter together to deliver breakthrough technologies to the world, and to continue our collaboration with Xerox into the future."
"For more than half a century, PARC and its people have been at the forefront of some of the world's most important technological developments," Bandrowczak added. "Xerox will always be proud of PARC's role in our history and its continued innovation in helping solve the world's most pressing challenges."
As part of the donation, Xerox will enter into a preferred research agreement called the Technology Exploration and Innovation Program, under which SRI will provide contracted research and development services to Xerox and its customers. Under the collaborative programme, Xerox and SRI will identify topic areas relevant to Xerox's core print, digital and IT services businesses, with the goal of creating proofs-of-concept and roadmaps for implementation. Xerox will also maintain a brand innovation hub at PARC to host meetings, demonstrations and annual conferences for its customers.
PARC's donation does not change Xerox's forecast for the year.
