The lawsuit contended that some Xerox Corp directors and officers had abrogated their fiduciary duties in connection with the company's $6.4 billion acquisition of ACS in 2010. On July 29, 2016, the US District Court for the Southern District of New York dismissed the lawsuit pursued by Matthew Sciabacucchi. Xerox indicated that ITO did not line up with its vision of integration of BPO (business process outsourcing) and the legacy document handling concerns. On July 1, 2015, Xerox sold the IT Outsourcing business to Atos. In February 2010, following its acquisition by Xerox, ACS was replaced by Urban Outfitters on the Standard & Poor 500 Index. In 2009, ACS ranked #401 on the FORTUNE 500 list and employed about 74,000 people around the world who served thousands of commercial and government clients. In 2005, ACS was offered a buyout from TPG and in 2007 from Deason and Cerberus Capital Management. In 2003 the company sold their government solutions business to Lockheed Martin, focusing on BPO services to commercial clients. More recently, ACS was best known for its Transportation Solutions Group (TSG), which supported transportation services including electronic toll collection, management of cities’ parking systems, and photo traffic enforcement. By FY 1996 ACS became the fourth largest commercial outsource provider in the U.S. In 1995 ACS became a public company and divested bank data processing. The following year, the company acquired CIC/DISC, a New York based outsourcing business.ĪCS expanded beyond banking BPO services when it signed a 10-year data processing outsourcing contract with Southland Corporation ( 7-Eleven). In 1991 ACS sought to acquire BancPlus to enter the mortgage banking business but lost to another bid. Initially created as a data services provider to the financial services industry, Deason led ACS's expansion into the communications, education, financial services, government, healthcare, insurance, manufacturing, retail, and travel and transportation industries. Two key developments were the acquistion of OBS Companies, a service provider with 200 employees and an annual revenue of $25 million, and a contract for the digitization of the Los Angeles County food stamp program.īy 1990 the company had 1,300 employees that generated revenues of more than $120 million. Deason served as chairman and CEO while Young became president and COO.ĭeason's expansion strategy was strongly reliant on acquisitions, accounting for around 70% of early growth. MTech was sold to EDS for $345 million and in the same year Deason, together with a part of the MTech executive team, launched ACS. Deason had served as CEO at MTech and decided to launch another financial data processing firm after a management buyout bid of him and other executives had lost to another bid in 1988. Young, both former MTech Communications executives, in 1988. (ACS) was founded by Darwin Deason and Charles M. 1.3 Public listing and continued growthĬompany history Founding and early developments Īffiliated Computer Services, Inc.
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