Xerox is a workplace technology company focused on print hardware, managed print services (MPS), and IT solutions. Its core print business spans three hardware categories: entry-level A4 desktop printers, mid-range A3 multifunction printers (MFPs), and high-end production presses for graphic communications and in-plant print shops. Alongside hardware, Xerox wraps a services layer around its print fleet through MPS, where Xerox manages a client's entire print infrastructure under a multi-year contract. These post-sale revenues — supplies, maintenance, and managed services — make up the majority of print revenue and are more stable than equipment sales; more than 60% of total print revenue is derived from long-term contracts. The core print business follows a "razor-and-blades" model: equipment placements pull through high-margin supplies and service revenue over the life of the machine. Xerox also finances customer purchases through its XFS leasing arm. In late 2024, Xerox acquired ITsavvy, an IT infrastructure solutions provider that forms the backbone of its IT Solutions segment (~22% of revenue), offering managed IT, cloud, and security services. The key strategic thesis is cross-selling IT services to Xerox's 200,000+ existing print clients. In July 2025, Xerox closed the Lexmark acquisition, adding ~$1B in annual revenue, A4 color hardware capabilities, APAC market exposure, and a manufacturing footprint that provides supply chain flexibility. Xerox targets more than $300M in run-rate cost synergies from Lexmark by end of 2027.