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Xerox Reports 2Q Services Growth as Govt Healthcare Drives BPO Gains

Xerox (NYSE: XRX) released financial results for its 2012 second quarter Friday, reporting total services revenue growth of 5 percent over the prior year period.

The company’s $2.806 billion in services revenue was buoyed by a 7 percent increase in business process outsourcing sales. BPO revenue represented 56 percent of total services revenue for the quarter.

Xerox said its government healthcare business helped drive the BPO increase, along with gains in its financial services, retail, travel and insurance businesses.

The company has recently won several healthcare contracts at the state level, including:

  • a close to five-year, $105 million award to manage and upgrade a Medicaid information system for the state of New Mexico
  • a $42 million prize to help Illinois process transactions for a supplemental nutrition program
  • a $68 million contract with a state-established corporation in Florida to manage a health insurance marketplace

Xerox said in May that it processes around $50 billion in Medicaid payments and more than 570 million Medicaid claims each year.

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