Business was booming at Xerox (XRX) - Get Xerox Holdings Corporation Report on Tuesday with shares of the global business service and document technology company spiking about 15.7% during afternoon trading, as it completed a spinoff of its former business process services unit, Conduent. (CNDT) - Get Conduent, Inc. Report
Xerox CEO Jeff Jacobson joined CNBC's "Squawk on the Street" Wednesday morning to discuss the spinoff and the future of Xerox.
"What we do is we develop digital print technologies and manage document services for the largest corporate enterprises in the world; government agencies, school systems, the SMB market as well as graphic communication providers," Jacobson explained.
All of that translates into about an $85 billion market that Xerox finds itself in, and Jacobson said Xerox will continue to target growth opportunities.
"Print today is not just about print on paper, it's about electronic circuits. We still have 12,000 patents and are still one of the top-20 patent-producing companies in the world," he noted. "By separating, we believe that we are unlocking the value for our shareholders, and hopefully yesterday was an indication that the shareholders and the investment population has bought into our strategy."
Jacobson added that the company is currently embarking on three-year plan. "What we want to make sure is that we have a sustainable model. We are not trying to measure ourselves in one day, or one week or one month." he stated.
On that journey Xerox will play an intricate role in assisting business with cloud services, language translation, as well as document and communication management.
"They want to depend upon us for that so that they can focus on their core competencies," Jacobson said. "From the CEO throughout the entire organization, we're embed in the organization with our customers. This is all about how do we provide the best customer service and drive productivity."
Shares of Xerox were moving higher during mid-morning trading on Wednesday.