EXL Service 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 40,000 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
After formation in 1999, Vikram Talwar served as chief executive officer (CEO) and vice-chairman.[6][7] Currently, Rohit Kapoor is serving as the company's CEO and vice-chairman.[8] Previously, Kapoor had held the position of president in the company.[6][9]
Acquisitions
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]
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
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
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
In October, EXL acquired Landacorp, a provider of healthcare technology.[24]
2011
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
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
EXL has offices US, UK (London), India, Philippines, Czech Republic, Romania, Bulgaria, Colombia, Australia, Ireland and South Africa.[25]
As of 2013[update], 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]
US$1.12 billion (2021)