XEROX AND HP ANNOUNCED THE EXPANSION OF THEIR BUSINESS RELATIONSHIP.

HP Inc. and Xerox Corporation today announced an expansion of the companies’ business relationship.

Xerox will source from HP certain A4 and entry-level A3 products with the majority running on Xerox’s award-winning Connect Key^® controller software, and Xerox will supply toner to HP for these and other products. The laser multifunction printers will be based primarily on the laser printing technology HP acquired from Samsung in 2017.  

In addition, the companies have agreed to partner in the Device as a Service market. Xerox will become a DaaS specialist in HP’s Partner First program in the U.S.  Xerox’s services capabilities and customer reach in the small to midsize business market, combined with HP’s award-winning DaaS PC offerings, will allow both companies to meet a wider range of customer needs. Xerox will be authorized to sell HP PCs, displays and accessories to its commercial customers through DaaS. HP will also make Xerox’s cloud-based content management platform DocuShare^® Flex available on its commercial PCs distributed in the U.S.

“This announcement broadens our portfolio of products, software and services, expands the reach of DocuShare Flex, increases productivity in our toner facilities, strengthens ConnectKey’s position in our printer family, and makes us a formidable player in the IT Solutions business especially with the small to midsize business we know so well,” said Steve Bandrowczak, President and Chief Operations Officer, Xerox.

“This arrangement is an extension of our existing relationship and creates incremental opportunities for HP in several important areas,” said Enrique Lores, President, Imaging and Printing, HP Inc. “It further demonstrates the strength of HP’s differentiated IP and portfolio and positions the business for growth over time in both office printing and DaaS.”

The companies will announce release dates for the relevant A4 and entry-level A3 printers closer to product launches. Xerox expects to begin offering HP DaaS to U.S. customers in the second half of 2019.

About HP Inc.

HP Inc. creates technology that makes life better for everyone, everywhere. Through our product and service portfolio of personal systems, printers and 3D printing solutions, we engineer experiences that amaze. More information about HP Inc. is available at hp.com.

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About Xerox

In the era of intelligent work, we’re not just thinking about the future, we’re making it. Xerox corporation is a technology leader focused on the intersection of digital and physical. We use automation and next-generation personalisation to redefine productivity, drive growth and make the world more secure. Every day, our innovative technologies and intelligent work solutions—Powered by Xerox^®—help people communicate and work better. 

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HP Forward-looking statements

This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of HP Inc. and its consolidated subsidiaries (“HP”) may differ materially from those expressed or implied by such forward-looking statements and assumptions.

All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to any projections of net revenue, margins, expenses, effective tax rates, net earnings, net earnings per share, cash flows, benefit plan funding, deferred taxes, share repurchases, foreign currency exchange rates or other financial items; any projections of the amount, timing or impact of cost savings or restructuring and other charges; any statements of the plans, strategies and objectives of management for future operations, including, but not limited to, our sustainability goals, the execution of restructuring plans and any resulting cost savings, net revenue or profitability improvements; any statements concerning the expected development, performance, market share or competitive performance relating to products or services; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on HP and its financial performance; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief, including with respect to the timing and expected benefits of acquisitions and other business combination and investment transactions; and any statements of assumptions underlying any of the foregoing.

Risks, uncertainties and assumptions include the need to address the many challenges facing HP’s businesses; the competitive pressures faced by HP’s businesses; risks associated with executing HP’s strategy; the impact of macroeconomic and geopolitical trends and events; the need to manage third-party suppliers and the distribution of HP’s products and the delivery of HP’s services effectively; the protection of HP’s intellectual property assets, including intellectual property licensed from third parties; risks associated with HP’s international operations; the development and transition of new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; the execution and performance of contracts by HP and its suppliers, customers, clients and partners; the hiring and retention of key employees; integration and other risks associated with business combination and investment transactions; the results of the restructuring plans, including estimates and assumptions related to the cost (including any possible disruption of HP’s business) and the anticipated benefits of the restructuring plans; the impact of changes in tax laws, including uncertainties related to the interpretation and application of the Tax Cuts and Jobs Act of 2017 on HP's tax obligations and effective tax rate; the resolution of pending investigations, claims and disputes; and other risks that are described or updated from time to time in HP’s filings with the Securities and Exchange Commission. HP assumes no obligation and does not intend to update these forward-looking statements.

Xerox Forward-Looking Statements

This release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “will”, “should”, "targeting", "projecting", "driving" and similar expressions, as they relate to us, our performance and/or our technology, are intended to identify forward-looking statements. These statements reflect management’s current beliefs, assumptions and expectations and are subject to a number of factors that may cause actual results to differ materially. Such factors include but are not limited to: our ability to address our business challenges in order to reverse revenue declines, reduce costs and increase productivity so that we can invest in and grow our business; our ability to attract and retain key personnel; changes in economic and political conditions, trade protection measures, licensing requirements and tax laws in the United States and in the foreign countries in which we do business; the imposition of new or incremental trade protection measures such as tariffs and import or export restrictions; changes in foreign currency exchange rates; our ability to successfully develop new products, technologies and service offerings and to protect our intellectual property rights; the risk that multi-year contracts with governmental entities could be terminated prior to the end of the contract term and that civil or criminal penalties and administrative sanctions could be imposed on us if we fail to comply with the terms of such contracts and applicable law; the risk that partners, subcontractors and software vendors will not perform in a timely, quality manner; actions of competitors and our ability to promptly and effectively react to changing technologies and customer expectations; our ability to obtain adequate pricing for our products and services and to maintain and improve cost efficiency of operations, including savings from restructuring actions; the risk that confidential and/or individually identifiable information of ours, our customers, clients and employees could be inadvertently disclosed or disclosed as a result of a breach of our security systems due to cyber-attacks or other intentional acts; reliance on third parties, including subcontractors, for manufacturing of products and provision of services; the exit of the United Kingdom from the European Union; our ability to manage changes in the printing environment and expand equipment placements; interest rates, cost of borrowing and access to credit markets; funding requirements associated with our employee pension and retiree health benefit plans; the risk that our operations and products may not comply with applicable worldwide regulatory requirements, particularly environmental regulations and directives and anti-corruption laws; the outcome of litigation and regulatory proceedings to which we may be a party; any potential termination or restructuring of our relationship with Fujifilm Holdings Corporation; the proposed holding company reorganization; the occurrence and timing of any closing of the proposed holding company reorganization; the shared services arrangements entered into by the Company as part of Project Own It; any potential strategic transaction involving our customer financing business and/or related assets; and other factors that are set forth in the “Risk Factors” section, the “Legal Proceedings” section, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section and other sections of our Quarterly Reports on Form 10-Q and our 2018 Annual Report on Form 10-K, as well as our Current Reports on Form 8-K filed with the Securities and Exchange Commission (SEC). Our forward-looking statements are also subject to the risks that we may not obtain the expected benefits of the holding company reorganization, the holding company reorganization may result in substantial direct and indirect costs whether completed or not, the holding company will be dependent on the operations and funds of its subsidiaries, and our business relationships may be subject to disruption due to uncertainty resulting from the holding company reorganization and subsequent investments or strategic transactions undertaken by the holding company outside of the legacy Xerox business.   These forward-looking statements speak only as of the date of this report or as of the date to which they refer, and Xerox assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.

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