Norwalk, Conn. — Xerox Holdings Corporation (NASDAQ: XRX) and PEAC Solutions have expanded their partnership for the provision of certain leasing and financial services programs to Xerox’s FITTLE network of independent dealers and resellers.
The FITTLE business and Xerox™ Financial Services (XFS) will return to captive lenders as the company focuses on core capabilities and offerings including print, IT and digital services. FITTLE and XFS will continue to offer financing for Xerox hardware, software, and solutions providing our clients with best-in-class services to help them succeed in today’s dynamic hybrid workplace.
PEAC Solutions is a multi-national asset finance platform and part of the Asset Value Funds portfolio sponsored and managed by leading global investment firm HPS Investment Partners.Under the terms of a recently completed agreement, PEAC Solutions will provide support on lease agreements originated by Xerox’s FITTLE network of independent dealers and resellers in the U.S.
The lease program allows end-user clients to secure economical payment options and more easily acquire products sold by office technology equipment dealers and resellers. The range of services provided by PEAC Solutions will include elements such as sales/origination support, credit underwriting, contract document review, funding and the administration of lease agreements, including accounts receivable and payment services.
“In January, Xerox announced its entry into a forward funding agreement with PEAC Solutions. This expansion brings the company’s processing power, digital tools and responsive customer service to our dealer and reseller partners extending the value of the business FITTLE has built over the last several years”, said Nicole Torraco, President, FITTLE. “This move also enables Xerox to focus on delivering more targeted and specialized financial services programs to the Xerox distribution network and their clients.”
Bill Stephenson, Global CEO of PEAC Solutions, commented, “This welcome expansion of the leasing program is a direct outcome of the strong collaboration that PEAC Solutions has developed with Xerox and FITTLE over the past year. It reflects their confidence in the execution capabilities, customer focus and innovative products of PEAC Solutions. We look forward to delivering further value to the dealers, resellers, and their clients, as we continue to grow this valued strategic relationship with Xerox.”
Xerox and PEAC Solutions are also exploring partnerships in Canada and EMEA.
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