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ACS, A Xerox Company.
Subsidiary
Industry Information Technology Services
Founded 1988
Founder Darwin Deason
Headquarters Dallas, Texas, USA
Area served
Worldwide
Key people
Darwin Deason
(Chairman of the Board)
Lynn R. Blodgett
(President), (CEO) & (Director)
Products Service Provider, ITO/BPO Outsourcing
Revenue Increase US$6.52 Billion (FY 2009)[1]
Increase US$686 Million (FY 2009)[1]
Increase US$350 Million (FY 2009)[1]
Total assets Increase US$6.90 Billion (FY 2009)[1]
Total equity Increase US$2.62 Million (FY 2009)[1]
Number of employees
74,000 – (June 2009)[1]
Parent Xerox Corporation
Slogan Expertise in Action
Website ACS-Inc.com

Affiliated Computer Services Inc. (ACS) provides information technology services as well as business process outsourcing solutions to businesses, government agencies, and non-profit organizations. ACS is based in Dallas, Texas and the current CEO is Lynn Blodgett. ACS is ranked at number 341 on the 2010 Fortune 500 list.[2] Founded in 1988, by Darwin Deason, ACS now operates in nearly 100 countries, generating over $6 billion annually. As of September 2009, ACS employs approximately 74,000 people.[3]

On September 28, 2009, Xerox Corporation announced plans to acquire ACS in a $6.4 billion transaction.[4][5] The deal closed on February 8, 2010.[6]

Company history[edit]

Affiliated Computer Services, Inc. (ACS) was founded by Darwin Deason in 1988. Initially created as a data services provider to the financial services industry, Deason led ACS’ expansion into the communications, education, financial services, government, healthcare, insurance, manufacturing, retail, and travel and transportation industries.

ACS expanded beyond banking BPO services when it signed a 10-year data processing outsourcing contract with Southland Corp. (7-Eleven). In 1995 ACS became a public company and divested bank data processing. By FY1996 ACS became the fourth largest commercial outsourcer in the U.S. Currently, ACS is best known for its Transportation Solutions Group (TSG), which supports transportation services including electronic toll collection, management of cities’ parking systems, and photo traffic enforcement.

In 2009, ACS ranked #401 on the FORTUNE 500 list and employs about 74,000 people around the world who serve thousands of commercial and government clients.

In February 2010, following its acquisition by Xerox, ACS was replaced by Urban Outfitters on the Standard & Poor 500 Index.

SEC Investigation[edit]

In 2006, the Securities and Exchange Commission (SEC) notified ACS that they were conducting an informal investigation into certain stock option grants made by the company from October 1998 through March 2005.[7] This was due to the improper and unethical practice of back-dating stock options to specific low points in the stock value. ACS said the executives improperly backdated the price of options grants during a period from 1994 to 2005. During that time, ACS said the executives deliberately chose days on which ACS's stock took a dip as the effective date for the options, making them more valuable when exercised. Rich, King, and Edwards "used hindsight to select favorable grant dates," ACS said in a statement.[8] CEO Mark King and CFO Warren Edwards, both implicated in the wrongdoing, resigned immediately. The former CEO Jeff Rich retired in the beginning of the year, taking an $18.4 million buyout of his backdated options. The $18.4 million buyout of his backdated options resulted in no bonuses to be handed out to the entire company. Also, Jeff Rich announced his intention to resign in September 2005 because of growing personal problems and the fear of being caught for backdating stock options. He received counsel to resign from his Young Presidents Organization.[9]

References[edit]

External links[edit]


Original courtesy of Wikipedia: http://en.wikipedia.org/wiki/Affiliated_Computer_Services — Please support Wikipedia.
This page uses Creative Commons Licensed content from Wikipedia. A portion of the proceeds from advertising on Digplanet goes to supporting Wikipedia.

1196 news items

 
Burlington County Times
Wed, 04 Mar 2015 03:48:45 -0800

Aside from his jobs in higher education, Drayton has held positions as vice president of Affiliated Computer Services in Washington, D.C. and chief executive officer of Delaware River Port Authority. Drayton is a graduate of Villanova University School ...
 
Fortune
Tue, 02 Sep 2014 12:30:00 -0700

In a surprising dissent last week, Luis Aguilar broke ranks with three other commissioners over a punishment meted out to the former CEO and CFO of Affiliated Computer Services. Before we read anymore into the case, it's worth revisiting the facts of ...

New York Times

New York Times
Mon, 23 Feb 2015 15:26:12 -0800

Ms. White also withdrew from an accounting case against two former executives at Affiliated Computer Services, an information technology company bought by Xerox, long a Cravath client. Without Ms. White, the remaining commissioners fought over whether ...

DailyFinance

DailyFinance
Fri, 20 Feb 2015 02:18:45 -0800

Burns has also received her share of criticism for underperforming as a CEO. Xerox's 2010 acquisition of Affiliated Computer Services has failed to reach expectations for critics and investors, but Burns and Xerox recently touted a strong finish to ...

New York Times

Dallas Morning News (blog)
Thu, 28 Aug 2014 13:11:40 -0700

The settlement involves Affiliated Computer Services then-CEO Lynn R. Blodgett and then-CFO Kevin R. Kyser. Xerox acquired ACS in 2010. Both individuals did not admit or deny the SEC charges in the settlement. The SEC said ACS arranged for an ...
 
Alaskajournal.com
Thu, 19 Feb 2015 10:33:19 -0800

This followed a series of delays for the launch date after Xerox bought Affiliated Computer Services, the company that had secured the 2007 contract to build and maintain an updated, Internet-dependent MMIS. Alaska paid around $32 million for the ...

Bisnow

Bisnow
Wed, 11 Feb 2015 18:37:30 -0800

The vacant 12-story office building was once home to Xerox and Affiliated Computer Services. Baltimore-based Control Demolition oversaw the building implosion. The demolition involved 553 pounds of explosives and cost about $1.5M, sources tell us.

WRAL.com

WRAL.com
Tue, 03 Feb 2015 10:11:30 -0800

In 2007, officials paid more than $16 million after terminating a contract with Affiliated Computer Services to replace the state's Medicaid billing system. The state's new system, NCTracks, finally launched in July 2013. Its estimated cost is almost ...
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