XRX - Xerox enters forward funding agreement for FITTLE business
- Xerox ( NASDAQ: XRX ) has entered a forward funding agreement with PEAC Solutions to drive the continued growth of Xerox’s FITTLE business.
- FITTLE is a global provider of equipment leasing and financing solutions for businesses.
- Under the agreement, FITTLE has the option to sell eligible pools of lease receivables, which PEAC Solutions is committed to purchase on a monthly basis.
- Xerox expects proceeds from the Forward Funding Agreement to more than offset a use of free cash flow to fund continued year-over-year growth of FITTLE originations in 2023.
- “Our new strategic partnership with FITTLE demonstrates PEAC Solutions’ innovative leasing capabilities, identifying us as a leading partner to both vendors and captive finance providers. This new partnership represents an exciting opportunity for both FITTLE and PEAC and is one more step in executing PEAC’s growth initiatives,” said Global CEO of PEAC Solutions Bill Stephenson.
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Xerox enters forward funding agreement for FITTLE business