NAVER Corporation (035420: Korea SE) and Xerox Corporation (NYSE:XRX) today announced an agreement for NAVER to acquire the Xerox Research Centre Europe in Grenoble, France. The French Works Council's consultation on this project has now been completed and the agreement is expected to close in the third quarter, subject to fulfillment of certain customary conditions.

Based in Seongnam, South Korea, NAVER is Korea's leading Internet company, operating the nation's top search portal "NAVER," and other innovative services in the global market such as the mobile messenger LINE, video messenger SNOW and community app BAND.

Founded in 1993, the Xerox Research Centre Europe is located just outside Grenoble, often dubbed the Silicon Valley of Europe. The centre has focused its research in artificial intelligence (AI), machine learning, computer vision, natural language processing and ethnography.

"The research expertise at the European centre is perfectly aligned with NAVER's. We expect immediate, powerful synergies," said Chang-hyeon Song, CTO of NAVER, and CEO of NAVER Labs. "XRCE's world class R&D achievements in AI technology, including computer vision and machine learning, will significantly strengthen NAVER Labs' research in 'ambient intelligence' including autonomous vehicles, AI/deep learning, intelligent 3D mapping, robotics and natural language processing."

With such a strong foothold in Europe, NAVER expects to considerably accelerate its development of ambient intelligence technologies around the globe and in particular in AI.

"Xerox is a company built on innovating the way the world works and we maintain a commitment to innovation in a wide variety of technical areas including both the future of print and the future of work," says Steve Hoover, Xerox's Chief Technology Officer. "The majority of research taking place at XRCE was supporting Xerox's business process outsourcing unit, now an independent company and no longer aligns with Xerox strategy. This transaction will allow us to better optimize our R&D investment, focusing in areas more aligned to our business."

"Research and innovation remain a critical element of Xerox's strategy and research in such areas as artificial intelligence, computer vision, machine learning, ethnography, inkjet and digital printing and digital manufacturing, will continue at our famed Silicon Valley based Palo Alto Research Center (PARC, A Xerox Company) and at the Xerox Research Center of Canada, as well as engineering for product development in locations throughout the globe," added Hoover.

Once the sale becomes final, all 80 plus researchers and administrative staff are expected to become part of NAVER. Xerox will maintain ownership of intellectual property and arrange licensing agreements with NAVER.

About Xerox

Xerox Corporation is an $11 billion technology leader that innovates the way the world communicates, connects and works. Our expertise is more important than ever as customers of all sizes look to improve productivity, maximize profitability and increase satisfaction. We do this for  small and mid-size businesseslarge enterprises, governments, graphic communications providers, and for our partners who serve them.

We understand what's at the heart of work - and all of the forms it can take. We embrace the increasingly complex world of paper and digital.  Office and mobile. Personal and social. Every day across the globe - in more than 160 countries - our  technology, software and people successfully navigate those intersections. We automate, personalize, package, analyze and secure information to keep our customers moving at an accelerated pace. For more information visit  www.xerox.com.

About NAVER

NAVER Corporation is Korea's leading internet company servicing Korea's number one search portal NAVER with annual revenue of more than 4 trillion Korean won in 2016. It has seen consistent growth and high net-profit rates every year since the company was founded in 1999. With accumulated know-how from decades of providing search engine services, NAVER also showcases innovative mobile services in the global market such as the mobile messenger LINE, video messenger SNOW and community app BAND. NAVER and NAVER group companies intend to strengthen their global capabilities and market presence by collaborating with IT startups and through the development of new technologies in NAVER Labs.

About NAVER LABS

NAVER LABS is an ambient intelligence company that develops future technologies including autonomous driving, robotics and artificial intelligence. Since its establishment as NAVER's R&D division in 2013, it has led NAVER's innovation in technology through products such as 'Papago', AI-based translation app, Whale, the omni-tasking web browser, and M1, the 3D indoor mapping robot.

Note: For NAVER company news, visit http://www.naverlabs.com/newsroom.html.

To receive Xerox RSS news feeds, visit https://www.news.xerox.com. For open commentary, industry perspectives and views visit  http://twitter.com/xerox, http://www.linkedin.com/company/xerox, http://connect.blogs.xerox.com, http://www.facebook.com/XeroxCorp, http://www.youtube.com/XeroxCorp. Xerox ® and Xerox and Design ® are trademarks of Xerox in the United States and/or other countries.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170626006251/en/

Copyright Business Wire 2010

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