View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
October 9, 2008updated 06 Sep 2016 2:58pm

Xchanging pays $145m for 75% of Cambridge Solutions

UK-based outsourcing services provider Xchanging has agreed to acquire 75% stake in India-based BPO and IT services provider Cambridge Solutions for £83m ($145m). It will retain Cambridge's listing for the outstanding 25% of its shares.

By CBR Staff Writer

Cambridge Solutions has approximately 4,500 employees at offices in eight countries across four continents. It reported revenue of INR1.23 billion ($258m) for fiscal 2007-08.

Xchanging said it expects the acquisition to be accretive to earnings before one-off costs in the first full year after completion.

David Andrews, chief executive at Xchanging said: This is a unique opportunity to accelerate our strategy to create a global business processor at a time when our industry is internationalizing. We will be able to offer customers both global reach and a proven track record in business processing and IT.

The companies have been working together for the past two years as part of an outsourcing contract for US insurance broker Aon.

Xchanging was founded in 1999 and headquartered in London. The company has over 4,000 employees working at offices the UK, US, France, Germany, India, Malaysia and Australia. Xchanging sponsors the annual University boat race between Oxford and Cambridge, raced along the Thames River in London.

The BPO company operates in the banking and insurance industry as well as offering cross industry processing in Procurement, Finance and Accounting and Human Resources. It reported revenue of £468m in 2007 with a net income of £31.6m in the same period.

In a statement, Scandent Holdings, the majority shareholder of Cambridge Solutions, said: “This offer is a very positive development. Cambridge and Xchanging are complementary businesses that together create a global business processing and IT services leader.”

Content from our partners
Scan and deliver
GenAI cybersecurity: "A super-human analyst, with a brain the size of a planet."
Cloud, AI, and cyber security – highlights from DTX Manchester

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.