EXL Service is a global analytics and digital solutions company serving industries including insurance, healthcare, banking and financial services, media, retail, and others. The company is headquartered in
New York
New York most commonly refers to:
* New York City, the most populous city in the United States, located in the state of New York
* New York (state), a state in the northeastern United States
New York may also refer to:
Film and television
* '' ...
and has more than 37,000 professionals in locations throughout the United States, Europe, Asia, Latin America, Australia and South Africa.
EXL was co-founded in 1999 by
Vikram Talwar
Vikram Talwar is an Indian businessman. He is now retired from the firm he co-founded and worked at for almost 15 years, EXL Service.
In 1970, Vikram obtained his M.B.A.( Postgraduation degree) from Indian Institute of Management (IIM), Ahmedab ...
and Rohit Kapoor.
After formation in 1999, Vikram Talwar served as
chief executive officer
A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...
(CEO) and
vice-chairman
The chairperson, also chairman, chairwoman or chair, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the group ...
.
Currently, Rohit Kapoor is serving as the company's CEO and vice-chairman.
Previously, Kapoor had held the position of
president
President most commonly refers to:
*President (corporate title)
*President (education), a leader of a college or university
*President (government title)
President may also refer to:
Automobiles
* Nissan President, a 1966–2010 Japanese ful ...
in the company.
In August 2001,
Conseco
CNO Financial Group, Inc. (formerly Conseco, Inc. (from Consolidated National Security Corporation)) is a financial services holding company based in Carmel, Indiana. Its insurance subsidiaries provide life insurance, annuity and supplemental he ...
acquired EXL and operated it as a
wholly owned subsidiary
A subsidiary, subsidiary company or daughter company is a company (law), company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company ...
. In 2002,
Oak Hill Capital Partners
Oak Hill Capital Partners is a private equity firm headquartered in New York City, with more than $19 billion of committed capital from entrepreneurs, endowments, foundations, corporations, pension funds and global financial institutions. Robe ...
and FTVentures acquired the company from Conseco.
The company's stock started trading on the
NASDAQ
The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...
exchange on October 20, 2006, under the symbol EXLS.
Shortly before EXL's debut on NASDAQ, it started down the path of growth through acquisitions with the purchase of the peer company Inductis.
This acquisition was aimed at diversifying the revenue stream for EXL; prior to acquisition, 90% of EXL's revenues were from business process outsourcing (BPO), while after, BPO accounted for 70% with the balance in research and analytics and advisory services.
In 2011, EXL expanded their delivery footprint in Eastern Europe and South East Asia through acquisition of
OPI.
In 2013, in reaction to the establishment of the
Affordable Care Act
The Affordable Care Act (ACA), formally known as the Patient Protection and Affordable Care Act and colloquially known as Obamacare, is a landmark U.S. federal statute enacted by the 111th United States Congress and signed into law by Presid ...
and its mandate that all Americans acquire health insurance, EXL was reported to have planned a major run of acquisitions in the United States
healthcare industry
The healthcare industry (also called the medical industry or health economy) is an aggregation and integration of sectors within the economic system that provides goods and services to treat patients with curative, preventive, rehabilitative, a ...
.
At the time of this report in 2013, EXL drew roughly 10% of its revenues from the healthcare industry.
In 2014, EXL expanded into Latin America through a strategic joint venture with CT&S through which EXL's technology experience would be combined with CT&S's local knowledge and brand image.
This joint venture also supported the growing customer base of EXL for Spanish-language services.
In 2018, EXL acquired SCIOInspire Holdings, expanding its healthcare analytics capabilities.
In 2021, EXL acquired Clairvoyant, adding scale in data, AI, and cloud engineering.
Fact sheet
Acquisition history
2021
EXL acquired Clairvoyant, a global data, AI, and cloud services firm, on December 20, 2021. Clairvoyant specializes in data engineering and cloud ennoblement, further supporting EXL's clients in insurance, healthcare, banking and financial services, and retail.
2018
EXL acquired SCIOInspire Holdings, a leading healthcare analytics solution and services company on July 2, 2018. The company, known as SCIO Health Analytics, specializes in healthcare data and analytics, with a focus on payment integrity and fraud, waste, and abuse.
2015
EXL acquired RPM Direct LLC and RPM Data Solutions, LLC (collectively, "RPM") on 23 March 2015. RPM specializes in analyzing large consumer-data sets to segment populations, predict response rates, forecast customer lifetime value, design and execute targeted, multi-channel marketing campaigns, especially in areas of healthcare and insurance. The purchase was made in $47 million cash plus contingent cash consideration of up to $23 million and about 122,131 shares of restricted stock.
2014
In July, EXL purchased the business process consultancy Blue Slate Solutions, which specialized in "optimizing business processes in the Healthcare industry".
In August, EXL acquired a
majority stake
A controlling interest is an ownership interest in a corporation with enough voting stock shares to prevail in any stockholders' motion. A majority of voting shares (over 50%) is always a controlling interest. When a party holds less than the major ...
(51%) in the business process outsourcing unit of
Carvajal Technologia y Servicios (CT&S), thereby establishing a joint-venture between the two companies which would directly provide services to clients in Latin America as well as oversee global delivery of EXL's Spanish-language services.
2012
In October, EXL acquired Landacorp, a provider of healthcare solutions and technology.
2011
In May, EXL had entered into a definitive agreement to acquire
Outsource Partners International for US$90 million,
one of the last standing
pure play A pure play company focuses solely on a particular product or activity. Investing in a pure play company can be considered as investing in a particular commodity or product of a company.
Pure play firms either specialize in a specific niche, or hav ...
Finance & Accounting Outsourcing (FAO) service providers.
Despite the reduction in pure play FAO service providers, at the time there were over 20 companies providing FAO services as part of their portfolio.
2010 and before
In July 2006, EXL acquired Inductis for $20 million.
Inductis and EXL both had expertise and services in the same areas, were similarly structured, and were headquartered in the United States with services delivered primarily out of India.
Locations
EXL has offices US, UK (London), India, Philippines, Czech Republic, Romania, Bulgaria, Colombia, Australia and South Africa.
Competition
Around 2006, EXL's primary competitors were
Genpact
Genpact is an American professional services firm legally domiciled in Bermuda with its headquarters in New York City, New York. The company currently employs more than 100,000 people and provides services to clients in over 30 countries worldwid ...
,
IBM and
Accenture
Accenture plc is an Irish-American professional services company based in Dublin, specializing in information technology (IT) services and consulting. A ''Fortune'' Global 500 company, it reported revenues of $61.6 billion in 2022. Accentur ...
.
, EXL was one of the three companies offering business process outsourcing services and listed on stock exchanges in the United States, the other two being
Genpact
Genpact is an American professional services firm legally domiciled in Bermuda with its headquarters in New York City, New York. The company currently employs more than 100,000 people and provides services to clients in over 30 countries worldwid ...
and
WNS Global Services
WNS (Holdings) Limited () is a global business process management company headquartered in Mumbai, India. The company has its expansion with 60 delivery centers worldwide.
History
WNS was founded in 1996 by British Airways as Speedwing World ...
.
WNS started trading in the United States in July 2006, three months before EXL joined the NASDAQ exchange.
See also
*
Outsourcing
Outsourcing is an agreement in which one company hires another company to be responsible for a planned or existing activity which otherwise is or could be carried out internally, i.e. in-house, and sometimes involves transferring employees and ...
References
External links
*
{{DEFAULTSORT:Exl
Technology companies established in 1999
Publicly traded companies based in New York City
Analytics companies
Companies listed on the Nasdaq
2006 initial public offerings
1999 establishments in New York (state)