Fuji Xerox is set to change its business name to Fujifilm Business Innovation Corp next year, following the end of the former’s technology agreement with Xerox Corporation.
The move, which will be effective as of 1 April 2021, is pursuant to the expiration of the Fuji Xerox’s technology agreement with Xerox Corporation. The agreement’s expiration date is as of 31 March 2021.
Fuji Xerox is a Fujifilm Group company, established in Japan in 1962. The company became a wholly owned subsidiary of Fujifilm Holdings Corporation on November 8, 2019.
A joint statement by both companies said Fuji Xerox and Xerox Corporation have benefited from the shared use of technologies that each company independently developed.
“Today, however, thanks to improvements in the speed and level of Fuji Xerox’s product development, Fuji Xerox develops, manufactures and delivers its original products to Xerox Corporation based on Fuji Xerox’s unique technologies,” the statement read.
“As such, Fuji Xerox will continue to provide Xerox products based on Fuji Xerox technologies after the Technology Agreement with Xerox Corporation ends.”
Further, under the technology agreement, which provided the sales territories for each company, Fuji Xerox has been engaged in sales activities in the Asia-Pacific region with the Fuji Xerox brand, whereas Xerox Corporation has been engaged in sales with the Xerox brand in the other regions.
The decision to end the technology agreement is also said to result in the removal of such sales territory restrictions from April 2021, paving the way for Fuji Xerox to expand its business worldwide under a new brand.
Fuji Xerox president and representative director Kouichi Tamai said the business name change will “swiftly work to strengthen its document and adjacent businesses” and enable it to expand into new business areas.
“Fuji Xerox aims to foster innovation with the other companies in the Fujifilm Group by accelerating the market introduction of solutions and services that build on technologies related to the cloud, artificial intelligence, and the Internet of Things,” he said.
“Fuji Xerox is now strongly positioned to conduct businesses dynamically and with more liberty in a truly global manner.
“Today’s announcement of ending the technology agreement with Xerox Corporation opens doors for Fuji Xerox to, after April 2021, utilise our own technologies and synergise with technologies owned by other Fujifilm Group companies to produce/market products and solutions under our own new brand worldwide.
“Additionally, becoming a wholly-owned company of Fujifilm Holdings Corporation… enables us to make business decisions more efficiently regarding investing in new businesses, building alliances, and pursuing acquisitions with a worldwide perspective.
“These new exciting steps are for all our customers – both our current customers in the Asia-Pacific region as well as our future customers in the US/EU region. By continuously developing innovative products and solutions that improve efficiency, we will help them resolve their business challenges.”
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