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EXL Service

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ExlService Holdings, Inc.
Company typePublic
FoundedApril 1999; 25 years ago (1999-04)
Founders
Headquarters
New York City
,
U.S.
Key people
Rohit Kapoor (chairman and CEO)
ServicesData analytics and digital operations and solutions company
RevenueIncrease US$1.630.7 billion (2023)
Number of employees
54,000+
Websitewww.exlservice.com

Exlservice Holdings, Inc. is a global analytics and digital solutions[clarification needed] company serving industries including insurance, healthcare, banking and financial services, media, retail, and others.[1] The company is headquartered in New York and has more than 54,000 professionals in locations throughout the United States, Europe, Asia, Latin America, Australia and South Africa.[2][3][4]

EXL was co-founded in 1999 by Vikram Talwar and Rohit Kapoor.[5]

Leadership

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After formation in 1999, Vikram Talwar served as Chief executive officer (CEO) and vice-chairman.[6][7] Currently, Rohit Kapoor serves as the company's Chairman and CEO.[8] Previously, Kapoor had held the position of vice chairman and president in the company.[6][9]

Acquisitions

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In August 2001, Conseco acquired EXL and operated it as a wholly owned subsidiary. In 2002, Oak Hill Capital Partners and FTVentures acquired the company from Conseco.[7] The company's stock started trading on the NASDAQ exchange on October 20, 2006, under the symbol EXLS.[7]

Shortly before EXL's debut on NASDAQ, it started down the path of growth through acquisitions with the purchase of the peer company Inductis.[9] 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.[9]

In 2011, EXL expanded their delivery footprint in Eastern Europe and South East Asia through acquisition of OPI.[10]

In 2013, in reaction to the establishment of the Affordable Care Act 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.[8] At the time of this report in 2013, EXL drew roughly 10% of its revenues from the healthcare industry.[8]

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.[2] This joint venture also supported the growing customer base of EXL for Spanish-language services.[2]

In 2018, EXL acquired SCIOInspire Holdings, expanding its healthcare analytics capabilities.[11]

In 2021, EXL acquired Clairvoyant, adding scale in data, AI, and cloud engineering.[12]

Fact sheet

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Year Revenue

(million $)

Employees
2003 9 (est)[7]
2005 27.7[7]
2006 5,500[13]
2007 8,200[6]
2012 443[8] 20,000
2014 525
2015 628.5[14]
2016 686.0[15] 25,000
2017 762.3[16] 28,000
2018 883.1[17] >29,000
2019 991.3[18] >31,000
2021 1,120.0[19] >37,000
2022 1,412 >45,000
2023 1,631 >54,000

Acquisition history

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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.[20]

2018

EXL acquired SCIOInspire Holdings, a healthcare analytics 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.[21]

2015

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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.[22] 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.[23]

2014

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In July, EXL purchased the business process consultancy Blue Slate Solutions, which specialized in "optimizing business processes in the Healthcare industry".[2]

In August, EXL acquired a majority stake (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.[2]

2012

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In October, EXL acquired Landacorp, a provider of healthcare technology.[24]

2011

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In May, EXL had entered into a definitive agreement to acquire Outsource Partners International for US$90 million,[8] one of the last standing pure play Finance & Accounting Outsourcing (FAO) service providers.[10] 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.[10]

2010 and before

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In July 2006, EXL acquired Inductis for $20 million.[9] 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.[9]

Locations

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EXL has offices US, UK (London), Dublin, Ireland, India, Philippines, Czech Republic, Romania, Bulgaria, Colombia, Australia, Ireland and South Africa.[25]

Competition

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Around 2006, EXL's primary competitors were Genpact, IBM and Accenture.[9]

As of 2013, 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 and WNS Global Services.[8] WNS started trading in the United States in July 2006, three months before EXL joined the NASDAQ exchange.[7]

See also

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References

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  1. ^ "The place to be". The Economist. 11 November 2004.
  2. ^ a b c d e Ammachchi, Narayan (4 August 2014). "EXL Teams up With Carvajal and Expands into Latin America". Nearshore Americas. Retrieved 1 January 2017.
  3. ^ Winkler, Deborah (2009). Services Offshoring and Its Impact on the Labor Market: Theoretical Insights, Empirical Evidence, and Economic Policy Recommendations for Germany. Stuttgart, Germany: Physica-Verlag (Springer). p. 131. ISBN 978-3-7908-2198-7. OCLC 310400925 – via Google Books.
  4. ^ "About EXL".
  5. ^ "Vikram Talwar to Retire From EXL Board of Directors". 18 December 2013.
  6. ^ a b c Plunkett, Jack W., ed. (2007). Plunkett's Outsourcing & Offshoring Industry Almanac 2008. Houston, Texas: Plunkett Research, Ltd. EXL Service Holdings Inc. ISBN 9781593920883. OCLC 953538961 – via Google Books.
  7. ^ a b c d e f Gelsi, Steve (20 October 2006). "EXL Service rallies more than 20% in debut". IPO Report. MarketWatch. Retrieved 1 January 2017.
  8. ^ a b c d e f Shivapriya, N (4 October 2013). "EXL services eyeing US healthcare acquisitions". The Economic Times. Retrieved 1 January 2017.
  9. ^ a b c d e f Agarwal, Sapna (10 July 2006). "EXL Service acquires KPO firm Inductis". Business Standard. Retrieved 1 January 2017.
  10. ^ a b c Menon, Abhishek (3 May 2011). "EXL Service Acquires OPI". Everest Group. Retrieved 1 January 2017.
  11. ^ "StackPath". www.hcinnovationgroup.com. 3 July 2018. Retrieved 11 April 2022.
  12. ^ "EXL Adds Scale In Data, AI, And Cloud Engineering By Acquiring Clairvoyant". Analytics India Magazine. 22 December 2021. Retrieved 11 April 2022.
  13. ^ DQI Bureau (20 November 2006). "Rank 13 – EXL Service: Growth Gaps". Dataquest. Retrieved 1 January 2017.
  14. ^ "EXL Reports 2015 Fourth Quarter and Full Year Results". exlservice. 23 February 2016. Retrieved 1 January 2017.
  15. ^ "EXL Reports 2016 Fourth Quarter and Full Year Results". exlservice. 28 February 2017. Retrieved 1 January 2017.
  16. ^ "EXL Reports 2017 Fourth Quarter and Full Year Results". exlservice. 27 February 2018. Retrieved 1 January 2017.
  17. ^ "EXL Reports 2018 Fourth Quarter and Full Year Results". exlservice. 28 February 2019. Retrieved 1 January 2017.
  18. ^ "EXL Reports 2019 Fourth Quarter and Full Year Results". exlservice. 27 February 2020. Retrieved 1 January 2017.
  19. ^ "EXL Reports 2021 Fourth Quarter, Issues 2022 Guidance and Updates Its Medium Term Financial Targets | EXL". ir.exlservice.com. Retrieved 12 April 2022.
  20. ^ "EXL Adds Scale In Data, AI, And Cloud Engineering By Acquiring Clairvoyant". Analytics India Magazine. 22 December 2021. Retrieved 12 April 2022.
  21. ^ "StackPath". www.hcinnovationgroup.com. 3 July 2018. Retrieved 12 April 2022.
  22. ^ "EXL service to buy analytics company RPM Direct for Rs 460 crore". The Economic Times. 26 February 2015. Archived from the original on 29 March 2015. Retrieved 1 September 2015.
  23. ^ "EXL Completes Acquisition of Analytics Firm RPM Direct" (Press release). EXL. 23 March 2015. Retrieved 1 September 2015.
  24. ^ "Exl Acquires Landacorp To Provide A Comprehensive Suite Of Operations, Analytics And Technology Solutions For The Healthcare Industry" (Press release). Landacorp. 15 October 2012. Archived from the original on 9 March 2013. Retrieved 19 October 2012.
  25. ^ "Locations". EXL.
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