Xerox Holdings announced about the donation of Palo Alto Research Center (PARC) to the non-profit institute SRI International. This will allow Xerox to fully focus on innovation in its own print, digital and IT services, and the PARC team to join a leading research institution and begin a new phase of development.
According to the agreements, Xerox will enter into a privileged research agreement Technology Exploration and Innovation Program. As part of it, SRI will provide contract research and development services to Xerox and its customers. Under the joint program, the parties will identify areas that relate to Xerox’s core businesses in print, digital and IT services to create roadmaps for their implementation.
At the same time, Xerox will also maintain the company’s innovation center at PARC, which will host meetings, demonstrations and annual conferences. The PARC transfer does not change Xerox’s management for this year.
“This decision allows both Xerox and PARC to focus on delivering innovations and solutions that align with their own strengths and capabilities. With this arrangement, PARC’s deep tech innovations will be sustained by SRI while allowing Xerox to simplify and optimize its operations and focus solutions on the continued evolution of hybrid work,” noted Xerox Chief Executive Officer Steve Bandrowczak.
He recalled that for more than half a century, PARC and its employees have been at the forefront of the world’s most important technological developments, and Xerox will always be proud of PARC’s role and its innovations.
For his part, SRI International CEO David Parekh welcomed PARC specialists to the institute’s team and expressed readiness to start a new chapter, together creating breakthrough technologies for the world and continuing cooperation with Xerox in the future.
We will remind that Xerox PARC was founded in 1970 and became an independent company in 2002. The organization pioneered many technological advances, including Ethernet, laser printing, graphical user interfaces, and more.