Cleveland and Rochester, N.Y.- By developing a unique multi-year agreement that engages a minority-owned business, KeyCorp (NYSE: KEY) and Xerox Corporation (NYSE: XRX), have created a business alliance that not only significantly expands Key's relationships with minority- and women-owned businesses, but also reduces the nationwide financial services company's significant document processing costs.

As a key component of a six-year managed services agreement with Xerox, Key will engage Overland Park, Kansas-based Evolv Solutions LLC -- a minority-owned document management and output solutions provider -- as a primary supplier. With this move, Key estimates its expenditures with minority- and women-owned business enterprises (MWBEs) have surpassed $100 million since 2001 when it launched a concerted effort to expand such relationships.

"This creative approach not only brings value to customers like Key," said Ron Harland, Sr., president of Evolv Solutions, "but it also exemplifies the value and strength of alliance relationships in bringing together firms like ours with corporate partners."

"The agreement is designed to streamline and upgrade Key's document and content management processes and equipment, and it will optimize our use of personal and network printers, simplify our business processes and reduce costs," said Deborah L. Manos, Key's senior vice president and chief sourcing officer. "Over the life of the contract, costs savings are estimated at approximately $6 million."

The Key and Xerox approach in this instance, however, extends the benefits of the agreement beyond operational efficiencies. Such support of successful minority business enterprises helps these businesses grow and thrive, which in turn contributes to the economic prosperity of communities through job creation and increased revenues, according to Poppie Parish, who directs Key's supplier diversity programs. "Creating solutions that support the growth of MWBE suppliers is a testament to the dedication companies such as Xerox and Evolv have for their customers and for the community," she added.

The new centralized printing plan combines Xerox products and software with KeyBank's existing technology infrastructure. It also includes on-site technical support and managed print services, such as project management, collections, and billing, to name a few, from Evolv Solutions LLC and Xerox Global Services. In the first two years of the contract, Xerox will replace existing equipment with about 1,100 new Xerox WorkCentrePro advanced multifunction systems and Phaser network printers.

"Key's story demonstrates that a managed and controlled print environment, optimized for efficiency, can have a positive impact on a company's bottom line," said Tom Dolan, president, Xerox Global Services. "It also illustrates an innovative approach to building relationships with new suppliers - an effort that benefits from Xerox's experience in diversity advocacy both inside and outside the company."

About KeyCorp
Cleveland-based KeyCorp (NYSE: KEY) is one of the nation's largest bank-based financial services companies, with assets of approximately $90 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally.

About Xerox Global Services
Xerox Global Services helps organizations streamline and digitize document processes such as invoices, policies and procedures, billing, training, and records management. Xerox consultants work closely with companies to identify, quantify and realize opportunities to save money, improve efficiencies, find new sources of value, mitigate risks, and simplify how work gets done.

About Evolv Solutions LLC
Evolv Solutions, LLC is a certified MWBE that provides document management and print solutions that improve document workflows and output infrastructures for small, medium and enterprise customers, seeking to implement high quality, world-class output strategies.

Note to Editors: For additional information, visit these Web sites: www.xerox.com/news; www.evolvsolutions.com; Key.com/newsroom.

For More Information Please Contact:

Staci J. White
KeyCorp
216.689.4432
staci_white@key.com

KeyBank

KeyBank

KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $176.2 billion at March 31, 2021. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,100 branches and more than 1,400 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC. 

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