The Conduent separation happened at the beginning of 2017. There were some dribs and drabs that were transferred to Conduent because they seemed to be services and not copiers, but most of it was the former ACS.
For perspective (if the numbers I just looked up are right), Conduent has 85,000 employees but averages less than $18K in revenue per employee.
This is essentially a move for two companies in similar segments that see a slow death on the horizon to combine to cut costs and hope for a successful pivot. It makes sense as well, since the market for printers is already too small for two major players and is just shrinking every year.
According to their annual report:
https://www.xerox.com/downloads/usa/en/x/Xerox-2018-Annual-R...
2018
- Revenues: $9.8B
---- Sales: $3.97B
---- Services, maintenance and rentals: $5.59B
They also do document conversion, although I'm unsure of what the business is called publicly (maybe this [1]). They take documents in practically any format and do language conversion, whilst maintaining formatting (a super hard problem). As I understand they get a considerable amount of business from converting technical documents.
As margins fell in hardware businesses most of the manufacturers shifted to selling what used to be included in the product as separate service. This then gets extended out to related domains. It's quite common for a corporation to outsource their whole print room to a company like Xerox.
Unfortunately Xerox it's also common to shut down your print room and send more emails instead.
Sadly, less printers = less document management so things are really bad at those places now.
Meanwhile in manufacturing, we still use printers and nobody makes a good laser with a rear paper exit anymore