CANADA—Earlier this year, Xerox announced that it would separate into two independently publicly traded companies serving its respective industries: Document Technology and Business Process Outsourcing (BPO). Now, the company has announced the names for these two companies.

BPO will be named Conduent Inc., and the Document Technology company will continue under the name Xerox Corporation. 

"Conduent will begin its next chapter as a standalone company with a name that conveys the vital business we conduct every day," Ursula Burns, chairman and chief executive officer of Xerox, said. "Conduent is well-positioned to build on its strong heritage as a leader in business process services and will carry forward the values and culture of innovation, diversity and integrity from Xerox."

Conduent will be a Fortune 500 scale business, with approximately $7 billion in revenue for 2015 and 96,000 employees worldwide. The company will provide expertise in transaction-intensive processing, analytics and automation. It claims that it will have the second largest market share in the business process outsourcing industry.

As for the Document Technology retaining the Xerox name, Burns had this to say, "With unparalleled brand equity in printing and imaging, there is no better name for our document technology and document outsourcing businesses than Xerox,” she said. “Building on its deep understanding of how the world works, communicates and shares content, the new Xerox will continue to help clients improve their workflow, productivity, and business performance, no matter where they are on their digital journey.”

Xerox has approximately $11 billion in revenue for 2015 and approximately 39,000 employees. The Fortune 500 company has a diverse portfolio of hardware, software and services supporting governments and commercial enterprises from small to large.