Productive Business Solutions Limited (PBS) has reached an agreement with Xerox Holdings Corporation (Xerox) to acquire its businesses in Peru and Ecuador.
Following the acquisition, PBS will become the exclusive distribution partner for Xerox in Peru and Ecuador.
Both companies will continue to operate as subsidiaries of PBS.
“This strategic expansion in Peru and Ecuador further solidifies our presence in Latin America, extends our footprint to a total of 24 countries and bolsters our workforce to over 3,000 IT professionals. We look forward to deepening our longstanding relationship with Xerox and welcome the talented teams in Peru and Ecuador to PBS.” said P.B. Scott, Chairman of PBS.
PBS said it has worked in partnership with Xerox for over two decades, “during which we have consistently delivered a comprehensive suite of products and professional services to our valued clients across Central America, the Caribbean and South America”.
The transaction is expected to close in the second quarter of 2024 pending authorization from the Ecuadorian competition authority.
PBS recently conclude a successful financial year, recording revenues of US$333.3 million for the year ended December 2023, an increase of US$21.3 million over 2022.
In its financials, the company indicated that it remained focused on solidifying its position as the leading Information Communication Technology (ICT) provider in the Caribbean and Central America.
Net profit for the full year was US$11.4 million, compared to US$8.5 million in the corresponding period in 2022.
