Xerox donates Palo Alto Research Center to nonprofit

Norwalk-headquartered Xerox Holdings Corp. (NASDAQ: XRX) is donating its California-based Palo Alto Research Center (PARC) to SRI International, a nonprofit research institute.

Xerox PARC was founded in 1970 and established as an independent company in 2002. According to a press statement from Xerox, the organization has “pioneered numerous technological advancements, including Ethernet, laser printing, the graphical user interface and ubiquitous computing.”

Xerox added that the donation will enable the company “to focus entirely on delivering new innovations around its own print, digital and IT service offerings, while allowing the PARC team to join a leading research institution to usher in its next evolution of growth.”

As part of the donation, Xerox will enter into a preferred research agreement, called the Technology Exploration and Innovation Program, in which SRI will provide contracted research and development services to Xerox and its clients in topic areas relevant to Xerox”™s core businesses. Xerox will also retain a branded Innovation Hub at PARC to host meetings, demonstrations and annual conferences for its clients.

Xerox added the donation of PARC does not change its guidance for the year.