Headlines: Leading News Stories from January 2024
Here’s what unfolded as we began a fresh journey in January
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Like time, the news never stops. Staying up to date with all the goings-on and happenings is, at the very least, beneficial from an educational standpoint—but it can be very difficult to keep up with. Thanks to our News Service (which is updated every business day), we cover everything from print to managed IT to smart workplace and beyond. Here, to provide you with a recap of the month that was, we offer up…
Xerox Releases Financial Results
Xerox reported a decrease in revenue to $1.77 billion for Q4 and $6.89 billion for the full year, representing year-over-year declines. The company experienced a GAAP net loss of $58 million in Q4, contrasting with a minimal GAAP net income for the full year, amidst restructuring costs and workforce reduction efforts.
Related to that, Xerox’s new Reinvention Strategy focuses on three priorities: streamlining core print business, driving efficiency, as well as increasing focus on its emerging digital and IT services. This tactical shift is aimed at enhancing support for the company's overall strategic execution.
Ricoh Enhances Finishing Capabilities
Ricoh has acquired Albyco, a Dutch company specializing in finishing solutions for print-related products, enhancing Ricoh’s production print capabilities across Europe. This move speaks to the company’s strategy in the graphics industry offering an extended range of solutions and reaffirming its commitment to innovation and customer service.
Kofax Is Now Tungsten Automation
Kofax has rebranded to Tungsten Automation, reflecting its evolution from document capture to a global provider of artificial intelligence (AI)-powered intelligent workflow automation solutions. This transformation signifies the company’s expansion in intelligent document processing and cloud-choice, Gen-AI-powered solutions.
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