Xerox expands services with $6B deal

NEW YORK » Xerox Corp. said yesterday it will buy Affiliated Computer Services Inc. for about $6.4 billion in cash and stock, joining the expensive race among technology companies to broaden their offerings.

Xerox said the deal will create a $22 billion business that combines Xerox's copiers, printers and document management services with the “;business process outsourcing”; of Dallas-based ACS. Outsourcers like ACS take on tasks for other companies, such as helping to manage payroll or run health care plans.

Xerox's offer amounted to a 33 percent premium over ACS's closing stock price on Friday, although the value fell as Xerox shares lost $1.29, or 14.4 percent, to close at $7.68 yesterday. ACS shares jumped $6.61, or 14 percent, to $53.84, hitting a 52-week high of $55.84 earlier in the session.

With the drop in Xerox's share price, the deal was worth roughly $5.7 billion.

HiBEAM hires new exec director

Hawaii Business and Entrepreneur Acceleration Mentors (HiBEAM), a nonprofit that provides mentoring and advice to early stage technology companies, has hired a new executive director.

Dr. Bee Leng Chua will succeed Rachel Ogdie, who served as director of the organization from 2006 until last month.

“;Joining HiBEAM gives me the opportunity to continue work that is important and meaningful — to connect entrepreneurs with the resources and innovative learning they need to succeed. And, to reach across the Pacific to establish additional, valuable networks for Hawaii's entrepreneurs,”; Chua said.

Hawaii's online demand increases

Hawaii online job demand rose in September and bucked the national trend, according to the Conference Board Help-Wanted Online Data Series.

Overall job demand fell by 101,800 to date this month and rose by 700 jobs to date in Hawaii, the data series showed.

While the trend nationally has averaged a 40,000-per-month gain over the last five months, the labor market continues to have a hard time gaining momentum, said Gad Levanon, senior economist at the Conference Board.

“;With a growing consensus of a weak recovery, businesses seem to be slow to boost advertising for vacant or new positions,”; Levanon said.

State to get unemployment grant

Hawaii will get $820,620 of the $164 million earmarked by the U.S. Department of Labor for state unemployment insurance technology infrastructure grants to help dislocated workers.

Funds will be available for a variety of projects, including such things as modernizing tax collection systems, helping consumers avoid debit card fees when collecting benefits, improving information technology and security plans.

ON THE MOVE

  Aloha United Way has hired Amy Fukuda as assistant vice president of finance. She has more than 20 years experience in financial accounting and taxation in multiple industries including service, retail and real estate development.

Century 21 has hired Steve De Mesa as director of its new commercial division. He previously worked with Coldwell Banker-Commercial.

Hawaii Medical Service Association has elected Kathleen Fujihara-Chong to its community board of directors. She is a senior executive vice president of Bank of Hawaii.