In an effort to remain not just relevant but vital in an ever-evolving business economy, Xerox announced plans this morning to split into two companies, each of them publicly traded.

The new companies have not been named — nor has leadership been established — though their intents are clear.

The existing Xerox will focus on documents technology and “continue to be a global leader in document management and outsourcing,” according to a company statement. The new company, meanwhile, will focus on business process outsourcing, helping clients “improve the flow of work by leveraging its expertise in managing transactions-intensive processes and applying innovations to automate and simplify business processes.”

Xerox cited the need for greater agility and flexibility, the ability to innovate and adapt technology, and a more focused and efficient approach to operations. The areas now served by the two new companies “serve distinct client needs, have different growth drivers, and require customized operating models and capital structures.”

The decision comes from the company’s review of its portfolio and capital allocation options, which was initially announced in October. The Xerox board unanimously approved the plan to separate the company.

“Xerox is taking further affirmative steps to drive shareholder value by announcing it will separate into two strong, independent, publicly traded companies,” Xerox CEO and chairman Ursula Burns said in a statement. “These two companies will be well positioned to lead in their respective rapidly evolving markets and capitalize on the opportunities that now exist to expand margins and increase market share.”

The separation should be finished by the end of 2016.

Xerox also announced plans to save about $2.4 billion across all segments over the next three years, with about $700 million in annualized savings in 2016.