EXL

Founding and executive history

EXL was co-founded in April 1999 by Vikram Talwar after serving as the India country manager for Bank of America.

After formation in 1999, Vikram Talwar served as chief executive officer (CEO) and vice-chairman of the company. As of 2013, the company's CEO and vice-chairman was Rohit Kapoor. Kapoor had previously held the position of president in the company.

As of 2007, the holders of selected executive positions were: chief financial officer, Matthew W. Appel; chairman, Steven Gruber; chief sales and marketing officer, Pramode Metre; general counsel, Amit Shashank.

As of 2014, the vice-president of EXL Services Private Limited was Sanjeev Punn.

Corporate history and business models

EXL has been described as being part of a "fourth wave of BPO start-ups" in India, characterized by backing from American venture capitalists experimenting with remote service delivery.

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, making it as third party pure-play business process outsourcing service provider. The company stock started trading on the NASDAQ 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.

As of 2010, EXL's best recognized activities were in providing insurance-related services to British and American companies.

In 2011, EXL expanded their delivery footprint in Eastern Europe and South East Asia through acquisition of OPI. This acquistion was also a play to increase the scale at which EXL could deliver services.

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. At the time of this report in 2013, EXL drew ~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.

2016

Oct. 27, 2016 : EXL acquired Datasource Consulting, LLC, a Denver-based company specializing in Enterprise Data Management and Business Intelligence.

September 2016: EXL acquired IQR Consulting a U.S.-based provider of marketing and risk analytics solutions for the banking industry.

July 2016: EXL acquired LISS Systems Limited, a London-based provider of digital customer acquisition and policy administration solutions for the insurance industry. Applicable in both Life & Annuity and Property & Casualty segments, LISS automates the end-to-end new business process, from quote to underwriting to issuance.

2015

March 2015: EXL acquired RPM Direct LLC and RPM Data Solutions, LLC (collectively, "RPM") on 23 March 2015. RPM is a technology enabled company that 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 outsourcing start-up Blue Slate Solutions, which specialized in business process optimization.

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.

October 2014: EXL acquired Overland Solutions which provides premium audit, underwriting surveys and loss control consulting for more than 400 P&C insurers.

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 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.

EXL acquired Trumbull, the company which provides Subrogation solutions,a patented business method developed to maximize recovery processing with advanced product suite : SubroSource. Trumbull also developed MedConnection.

2010 and before

In 2010, EXL acquired PDMA, Inc., the developer of LifePRO policy administration platform for life, health and annuity insurance.

Also in 2010, EXL acquired American Express’ Global Travel Service Center operations in Gurgaon, India.

In 2009, EXL acquired the back-office operations of Schneider Logistics, SRO. in Olomouc, Czech Republic.

In July 2006, EXL acquired Inductis for $20 million. Inductis and EXL were peers in that both had expertise and services in the same areas, were similarly structured, and both were headquartered in the United States with services delivered primarily out of India.

Locations

EXL has offices in US (Headquarters), UK, India, Philippines, Czech Republic, Romania, Bulgaria, Malaysia, Singapore, Latin America, Australia and South Africa. The majority of its staff are employed in India and Philippines.

Competition

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

As of 2013, EXL was one of three Indian companies offering business process outsourcing services and listed on stock exchanges in the United States, the other two being Genpact and WNS Global Services. WNS started trading in the United States in July 2006, three months before EXL joined the NASDAQ exchange.