Affiliated Computer Services (ACS) provides information technology services as well as business process outsourcing solutions to businesses, government agencies, and non-profit organizations. ACS is based in Dallas, Texas and the current CEO is Lynn Blodgett. ACS is ranked at number 341 on the 2010 Fortune 500 list.Founded in 1988, by Darwin Deason, ACS now operates in nearly 100 countries, generating over $6 billion annually. As of September 2009, ACS employs 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

Affiliated Computer Services, Inc. (ACS) was founded by Darwin Deason in 1988. Initially created as a data services provider to the financial services industry, Deason led ACS’ expansion into the communications, education, financial services, government, healthcare, insurance, manufacturing, retail, and travel and transportation industries.


ACS expanded beyond banking services when it signed a 10-year data processing outsourcing contract with Southland Corp. (7-Eleven). In 1995 ACS became a public company and divested bank data processing. By FY1996 ACS became the fourth largest commercial outsourcer in the U.S. Currently, ACS is best known for its Transportation Solutions Group (TSG), which supports transportation services including electronic toll collection, management of cities’ parking systems, and photo traffic enforcement.

In 2006, the Securities and Exchange Commission (SEC) notified ACS that they are conducting an informal investigation into certain stock option grants made by the Company from October 1998 through March 2005. This was due to the improper and unethical practice of back-dating stock options to specific low points in the stock value. ACS said the executives improperly backdated the price of options grants during a period from 1994 to 2005. During that time, ACS said the executives deliberately chose days on which ACS's stock took a dip as the effective date for the options, making them more valuable when exercised. Rich, King, and Edwards "used hindsight to select favorable grant dates," ACS said in a statement. CEO Mark King and CFO Warren Edwards, both implicated in the wrongdoing, resigned immediately. The aptly-named former CEO Jeff Rich retired in the beginning of the year, taking an $18.4 million buyout of his backdated options.
In 2009, ACS ranked #401 on the FORTUNE 500 list and employs about 74,000 people around the world who serve thousands of commercial and government clients.

In February 2010, Urban Outfitters replaced ACS on the Standard & Poor 500 Index.

Reference:
http://en.wikipedia.org/wiki/Affiliated_Computer_Services