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Xerox Corp. has penned an agreement with Schneider Electric for modernizing the latter’s IT infrastructure. The contract awarded to Xerox is worth $153 million and is slated to run for a period of 7 years.

Under the agreement, Xerox will upgrade the IT infrastructure operations in North America by consolidating the data centers of Schneider in a cost-effective manner. These data centers will be managed with state-of-the-art automated processes, which will act according to the fluctuating market conditions of the energy sector.

Xerox will also manage the help desk for Schneider employees where daily issues regarding their computers are addressed. In addition, the help desk support the remote employees who use mobile devices.

Xerox will not only support the company to improve the IT infrastructure but will also assist it to become consolidated, centralized and more virtual. The sustainable IT platform will make Schneider more agile and productive. The company will also be able to focus on emerging energy trends with the latest technologies.

Xerox, in the second quarter of 2012, reported adjusted earnings (excluding special items) of 26 cents per share, in line with the Zacks Consensus Estimate but lower than 27 cents registered in the prior year quarter. Revenues declined 1% (up 1% in constant currency) year over year to $5.54 billion, missing the Zacks Consensus Estimate of $5.58 billion.

Headquartered in Norwalk, Connecticut, Xerox Corporation is a leader in the development, manufacture, marketing, servicing and financing of document equipment across the world. Xerox, which competes with Canon Inc. and Hewlett-Packard Company , maintains a Zacks #3 Rank, which translates into a short-term (1 to 3 months) Hold rating. Currently, we have a long-term Neutral recommendation on the stock.

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