digplanet beta 1: Athena
Share digplanet:

Agriculture

Applied sciences

Arts

Belief

Business

Chronology

Culture

Education

Environment

Geography

Health

History

Humanities

Language

Law

Life

Mathematics

Nature

People

Politics

Science

Society

Technology

ACS, A Xerox Company.
Type Subsidiary
Industry Information Technology Services
Founded 1988
Founder(s) 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]
Operating income Increase US$686 Million (FY 2009)[1]
Net income 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]
Employees 74,000 - (June 2009)[1]
Parent Xerox Corporation
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.

96 news items

 
Triangle Business Journal (blog)
Thu, 28 Aug 2014 13:15:00 -0700

Affiliated Computer Services, which was acquired by Xerox (NYSE: XRX) in 2010 for $6.4 billion, was a major Crescent Green tenant in Cary, and is the sole target of a federal investigation. Xerox changed its name from ACS to Xerox in 2012. Specifically ...

New York Times

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

Two senior executives of a Dallas-based information technology company now part of Xerox Corp. have agreed to pay nearly $675,000 to settle allegations that they mischaracterized transactions to inflate the company's revenue and mislead investors, the ...
 
Reuters
Thu, 28 Aug 2014 10:03:45 -0700

Aug 28 (Reuters) - Xerox Corp : * SEC says charges two information technology executives, Lynn Blodgett and. kevin kyser, with mischaracterizing resale transactions to increase revenue * SEC says blodgett and kyser, respectively the former CEO and ...
 
Rochester Democrat and Chronicle
Thu, 28 Aug 2014 12:15:48 -0700

... to pay more than $464,000 and a former business associate will pay more than $208,000 in charges and penalties stemming from a U.S. Securities and Exchange Commission investigation into accounting practices at Affiliated Computer Services Inc.
 
Los Angeles Times
Fri, 29 Aug 2014 20:20:33 -0700

The California attorney general's office has issued a subpoena to Gold Coast Health Plan for records related to its work with a Xerox unit, Affiliated Computer Services. Records show the attorney general's office sought documents on Gold Coast's ...
 
Wall Street Journal
Thu, 28 Aug 2014 11:13:48 -0700

The Securities and Exchange Commission said Lynn R. Blodgett, who at the time was chief executive at Affiliated Computer Services, and Kevin R. Kyser, chief financial officer, had arranged for an equipment manufacturer to redirect through ACS ACS.
 
Courthouse News Service
Fri, 29 Aug 2014 05:45:00 -0700

DALLAS (CN) - A Xerox executive and a former CFO of Dallas-based Affiliated Computer Services will pay $675,000 to settle claims that they inflated company revenue before ACS was purchased by Xerox, the SEC said Thursday. Lynn R. Blodgett, an ...

MarketWatch (blog)

MarketWatch (blog)
Fri, 29 Aug 2014 09:30:00 -0700

Luis Aguilar wasn't willing to go along with a settlement against Kevin Kyser, the former chief financial officer of Affiliated Computer Services. Aguilar pointed out that, per the SEC's own settlement, ACS had improperly reported about $125 million in ...
Loading

Oops, we seem to be having trouble contacting Twitter

Talk About Affiliated Computer Services

You can talk about Affiliated Computer Services with people all over the world in our discussions.

Support Wikipedia

A portion of the proceeds from advertising on Digplanet goes to supporting Wikipedia. Please add your support for Wikipedia!