This indirect model with PBS will best support our clients in region while allowing Xerox to put greater focus on developing and deploying digital services capabilities to diversify our channel-ready offerings. We thank our dedicated Xerox employees for their commitment and hard work over the years and look forward to following their continued success," said John Bruno, president and chief operating officer at Xerox, in the news release. Xerox's sale of Xerox del Peru, SA and Xerox del Ecuador, SA comes amidst a sharp decline in financial performance over the last five years. In 2019, Xerox reported US$9.01 billion ($1.18 trillion) in consolidated revenue along with net profit from continuing operations of US$651 million ($84.49 billion). That year also saw Xerox dispose of its 25 per cent indirect equity interest in Fuji Xerox for US$2.2 billion and its indirect 51 per cent partnership interest in Xerox International Partners for US$23 million.