Xerox posts 28% rise in profits

Xerox Corp's profits have risen 28% as it signed more long-term agreements to offer business services to firms.

There was a 33% year-on-year increase in signings for Xerox's services to $3.9 billion (£2.8 billion) during the third quarter of 2011.

Services offered by Xerox to various companies include payroll management and data analytics.

Xerox's largest ever takeover was the $6.4 billion (£4.6 billion) acquisition of business outsourcing company ACS.

Finance chief Luca Maestri said that Xerox managed to display a good performance in spite of the weak economic environment, thanks to the stronger services pipeline.

There had been concerns over poor corporate IT spending following the release of International Business Machines Corp's financial results.

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