September 2, 2021
Xerox Holdings Corporation announced the formation of CareAR, A Xerox Company, which consolidates CareAR, Inc., DocuShare and XMPie under a single holding company named CareAR Holdings.
CareAR received a $700 million (€591 million) post-money valuation following a $10 million (€8.43 million) equity investment from ServiceNow, a leading digital workflow company.
Xerox said that CareAR?will be led by Xerox President and Chief Operations Officer Steve Bandrowczak, who will expand his current role to also serve as CareAR’s Chairman, and Sam Waicberg, the original founder of Care, Inc., who will serve as CareAR’s President.
Now combining DocuShare’s content management system, XMPie’s cross-media platform, and Xerox’s PARC Alto AI artificial intelligence engine, the expanded CareAR service experience platform will support service workforces with the visual tools and access to data that are needed to consistently deliver service experiences for service employees and end-customers, all while lowering the operating costs and greenhouse gas emissions of service providers.
The backbone of the new CareAR platform is the augmented reality technology Xerox gained through the acquisition of CareAR, Inc., announced earlier this year, which integrates with ServiceNow Field Service Management and allows service technicians to tap into the knowledge of more experienced technicians through live, AR assisted instruction.
“Xerox has positioned CareAR to deliver capabilities that service-intensive industries need, with real-time instruction, visual tools and access to data at the tip of any user’s fingertips, all driven by predictive artificial intelligence,” said Xerox Vice Chairman and CEO John Visentin. “By creating a platform that is intuitive to a digitally native workforce, and with investment from ServiceNow, we believe CareAR will define and grow the Service Experience Management category, disrupting industries at a time when it’s needed most.”
“Our customers have never more urgently needed workflows that deliver greater operational efficiencies, better customer and environmental outcomes, and improved safety,” said John Ball, Senior Vice President of Customer Workflows at ServiceNow. “Our investment reflects our belief that CareAR has the potential to deliver world-class, enterprise-grade augmented reality. Customers using CareAR’s augmented reality to route work through ServiceNow’s leading workflow platform can better solve problems remotely, speeding resolution times and reducing the need for expensive on-site visits, which also reduces carbon emissions dramatically. Together, we’re delivering powerful enterprise service experiences for the new world of work.”
Xerox was advised by Mizuho Securities USA and Willkie Farr & Gallagher LLP in connection with the transaction.
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