The company, which provides human resources, procurement, and financial services outsourcing, would not comment on what it described as speculation, but it is known to have appointed investment banks Citigroup and UBS to handle the process and has also employed a financial PR firm.
The deal will allow private equity firm General Atlantic, which owns a majority of the shares, to realize some of the gains made on its investment in 1999. Reports claim that Xchanging, which analysts estimate to have made 400 pounds ($780m) revenue last year, is worth over 500m pounds ($976m).
Last month Xchanging acquired BAE Systems’ half share in the two companies’ human resources outsourcing joint venture for 10.1m pounds ($19.7m). As part of the deal, BAE Systems renewed its outsourcing deal with the JV, which was set up in 2001, for a further six years.
