Affiliated Computer Services Inc. (ACS) was a company that provided information technology services as well as business process outsourcing solutions to businesses, government agencies, and non-profit organizations. ACS was based in Dallas, Texas. ACS was ranked at number 341 on the 2010 Fortune 500 list. Founded in 1988, by Darwin Deason, ACS operated in nearly 100 countries, generating over $6 billion annually. As of September 2009, ACS employed approximately 74,000 people. On September 28, 2009, Xerox Corporation announced plans to acquire ACS in a $6.4 billion transaction. The deal closed on February 8, 2010. Company history Founding and early developments Affiliated Computer Services, Inc. (ACS) was founded by Darwin Deason and Charles M. Young, both former MTech Communications executives, in 1988. Deason had served as CEO at MTech and decided to launch another financial data processing firm after a management buyout bid of him and other executives had lost to another bid in 1988. MTech was sold to EDS for $345 million and in the same year Deason, together with a part of the MTech executive team, launched ACS. Deason served as chairman and CEO while Young became president and COO. Deason's expansion strategy was strongly reliant on acquisitions, accounting for around 70% of early growth. Two key developments were the acquisition of OBS Companies, a service provider with 200 employees and an annual revenue of $25 million, and a contract for the digitization of the Los Angeles County food stamp program. By 1990 the company had 1,300 employees that generated revenues of more than $120 million. Initially created as a data services provider to the financial services industry, Deason led ACS's expansion into the communications, education, financial services, government, healthcare, insurance, manufacturing, retail, and travel and transportation industries. Growth as a private company In 1991 ACS sought to acquire BancPlus to enter the mortgage banking business but lost to another bid. The following year, the company acquired CIC/DISC, a New York based outsourcing business. ACS expanded beyond banking BPO services when it signed a 10-year data processing outsourcing contract with Southland Corporation (7-Eleven). Public listing and continued growth In 1995 ACS became a public company and divested bank data processing. By FY 1996 ACS became the fourth largest commercial outsource provider in the U.S. More recently, ACS was best known for its Transportation Solutions Group (TSG), which supported transportation services including electronic toll collection, management of cities’ parking systems,