Over the holidays, Xerox agreed to buy Lexmark from its current owners for $1.5 billion. Here’s why:
- Strategic fit: Xerox and Lexmark have complementary sets of operations, offering strengths and end-market exposures. Combined, the companies form a vertically integrated manufacturer, distributor and provider of print equipment and MPS, covering all geographies and client types with a well-rounded portfolio of print and print services offerings.
- Growth opportunities: Lexmark is a leader in the large, growing A4 color print and supplies market and has an opportunity to expand its OEM platform within the A3equipment category. Once combined, Xerox expects to have a more comprehensive portfolio of products to enhance its offerings and reinforce its value proposition to clients, enabling growth across the portfolio of equipment and MPS, as well as incremental opportunities to increase penetration of its advanced Digital Services and IT Solutions.
- Financial benefits: The transaction is expected to be immediately accretive to earnings per share and free cash flow. Xerox expects this transaction to accelerate the realization of its Reinvention financial targets of revenue stabilization and double-digit adjusted operating income through an improved competitive position and exposure to faster-growing segments within print, as well as more than $200 million of identifiedcost synergies to be realized within two years of transaction close.
- Improved balance sheet: The transaction will immediately reduce Xerox pro forma gross debt leverage ratio, from 6.0x as of Sept. 30, 2024, to approximately 5.4x before synergies. Pro forma gross debt leverage will be reduced to approximately 4.4x with the benefit of $200 million of cost synergies. With improved free cash flow and a priority of repaying debt, Xerox expects to reduce its gross debt leverage ratio to below 3.0x over the medium term.
There’s a catch though. Bloomberg says that American and Chinese regulators must approve the purchase as Lexmark is currently owned by a Chinese company. Given the political tensions that are sure to appear the nanosecond that Donald Trump becomes president of the US, that may not happen. But I am free to be surprised. This will be something to watch in 2025 as these are two iconic brands that have agreed to merge. And the world will be watching to see how this goes.

Xerox Printer Vulnerability Could Enable Windows Active Directory Credentials Exploit
Posted in Commentary with tags Xerox on February 18, 2025 by itnerdResearchers have uncovered vulnerabilities in Xerox Versalink C7025 Multifunction printers (MFPs) that could have enabled pass-back attacks. This pass-back style attack leverages a vulnerability that allows a malicious actor to alter the MFP’s configuration and cause the MFP device to send authentication credentials back to the malicious actor which could have been used to capture authentication data.
You can read the details here: https://www.rapid7.com/blog/post/2025/02/14/xerox-versalink-c7025-multifunction-printer-pass-back-attack-vulnerabilities-fixed/
Martin Jartelius, CISO at Outpost24 had this comment:
“While the vulnerabilities in the Xerox VersaLink C7025 printer are important to address, they do not pose a high risk in most corporate environments, as these printers are typically not accessible from the internet.
However, capturing authentication credentials could allow an attacker to move laterally within the organization, which becomes a concern if the network lacks proper segmentation.
The solution lies in strengthening security by restricting access to the printer’s administrative settings and ensuring the printer is configured correctly.
“The first step is to prevent unauthorized access by locking down the configuration page. Additionally, FTP and LDAP credentials both rely on plain-text protocols, which are outdated and vulnerable; even without changing any settings on the printer, a network tap could expose this information. To improve security, use authentication protocols that are inherently more secure and avoid using older protocols like FTP (defined in 1971) and LDAP (defined in 1997).
“The correct approach to mitigating these risks is universal, regardless of the printer model or software used: set a complex password for the admin account, avoid using Windows authentication accounts with elevated privileges (such as domain admin accounts for LDAP or scan-to-file SMB services), and prevent enabling the remote-control console for unauthenticated users. Implementing strong network security practices, including proper segmentation, will help protect critical systems and limit unnecessary connections between devices.”
Regardless of the risk, any organization that has one of these printers should take a look at this to get the update that addresses this issue. And they should do so ASAP as now that this is out there, threat actors are going to use it to pwn the unsuspecting.
UPDATE: Jim Routh, Chief Trust Officer at Saviynt adds this:
“Both of the vulnerabilities identified related to administering Xerox printers and obtaining administrator credentials (CVE 2024-12510 and CVE 2024-12511) are indicative of the preference of cyber criminals today to pursue the acquisition of user credentials as the preferred method of attack on enterprises. In this case, threat actors focus on the administration of multifunction printers connected to enterprise networks that also have internet connectivity for users and administrators. In certain configurations with LDAP, user credentials to Windows Active Directory can be harvested for criminal activity. Both vulnerabilities are dependent on specific enterprise configuration settings and the potential for exploitation will vary from enterprise to enterprise.
Reducing the need for credentials (passwordless options) is the most effective way to shrink this specific attack surface. Other methods include adjustments to configuration settings for LDAP and Windows device administration settings.”
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