Xerox Corp. (XRX) recently secured a five-year contract worth $100 million from The Texas Department of Transportation (TxDOT) to provide customer service and toll operations to the state of Texas. The business process and document management company will also assume responsibility for the physical maintenance of the toll plaza buildings and will provide roadway assistance.
Xerox will establish a new customer service operation in Austin, Texas. It will be required to process approximately 8 million monthly toll transactions and manage over 750,000 accounts at the same time. Xerox was handed the contract to ensure efficient and accurate transaction processing in TxDOT while providing a safe and pleasant trip to the travellers.
The customer service operations likely to be offered by Xerox will include transaction processing, license plate image review, invoicing, collections, transponder sales and management. Also, Xerox will have to maintain the toll plaza buildings while working on Courtesy Patrol on the TxDOT toll roads in Austin.
Headquartered in Norwalk, Conn., Xerox is a leader in the development, manufacture, marketing, servicing and financing of document equipment across the world. The company has three operating segments - Technology, Services and Others. Xerox serves clients in 160 countries, providing business services, printing equipment and software for commercial and government organizations.
Xerox is looking forward to expand its offerings through inorganic measures and new acquisitions to add more clients to its portfolio. In the last reported quarter, Xerox reported total revenue of $5.4 billion.
Xerox currently has a Zacks Rank #3 (Hold). Other stocks that look promising in the industry and are worth a look now include Nitto Denko Corporation (NDEKY), with a Zacks Rank #1 (Strong Buy), and Canon Inc. (CAJ) and Harris Corporation (HRS), both carrying a Zacks Rank #2 (Buy).