Xerox Donates Palo Alto Research Center to SRI International
Xerox Holdings Corporation (NASDAQ: XRX) announced the donation of the Palo Alto Research Center (PARC) to SRI International, a nonprofit research institute behind some of the world’s most impactful deep tech advancements. The move enables Xerox to focus entirely on delivering new innovations around its own print, digital and IT service offerings, while allowing the PARC team to join a leading research institution to usher in its next evolution of growth.
Xerox PARC was founded in 1970 and established as an independent company in 2002. The organization has pioneered numerous technological advancements, including Ethernet, laser printing, the graphical user interface and ubiquitous computing. Xerox's donation of PARC to SRI will open new doors of opportunity for both organizations. With its rich history rooted in scientific excellence, SRI is the optimal partner to usher in the next evolution of growth for PARC.
“Our clients are at the heart of everything we do,” said Steve Bandrowczak, chief executive officer at Xerox. “This decision allows both Xerox and PARC to focus on delivering innovations and solutions that align with their own strengths and capabilities. With this arrangement, PARC’s deep tech innovations will be sustained by SRI while allowing Xerox to simplify and optimize its operations and focus solutions on the continued evolution of hybrid work.”
“SRI International and PARC can be credited with developing many of the world's most defining innovations through the last decades,” said David Parekh, CEO of SRI International. “We are thrilled to welcome PARC’s world-class talent to our team and launch a new chapter together delivering breakthrough technology to the world, and to continue collaborating with Xerox in the future.”
“For more than half a century, PARC and its employees have been at the forefront of some of the world’s most important technological developments,” added Bandrowczak. “Xerox will forever be proud of PARC's role in our history and its continued innovation that solves 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, in which SRI will provide contracted research and development services to Xerox and its clients. Through the collaborative program, Xerox and SRI will identify topic areas relevant to Xerox’s core print, digital and IT Services business, with the final goal of creating proofs-of-concept and roadmaps to implementation. Xerox will also retain a branded Innovation Hub at PARC to host meetings, demonstrations and annual conferences for its clients.
The donation of PARC does not change Xerox’s guidance for the year.
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