Xchanging

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Xchanging - DXC Technology Company
Company typePublic (LSE: XCH)
IndustryTechnology
Founded1999
HeadquartersLondon, United Kingdom
Key people
Revenue£440.2 million (2015)[1]
Number of employees
7,000 (2015)[2]
ParentDXC Technology
Websitexchanging.com

Xchanging is a business process and technology services provider and integrator, owned by DXC Technology, providing business services to the commercial insurance industry. In outsourcing, Xchanging will typically take over a customer's business process, or back office function, and incorporate them into an existing platform.[3]

Xchanging employs over 7,000 people worldwide.[4] Xchanging offers IT outsourcing, infrastructure including network managed services, software products and application management. It also sells procurement services.

It was listed on the London Stock Exchange until it was acquired by CSC in May 2016. On 3 April 2017, DXC Technology announced that Xchanging was now part of the new company formed by the merger of CSC and HPE Enterprise Services.[5]

History[edit]

Xchanging was founded in 1999, by David Andrews, a former partner in Andersen Consulting. Andrews came up with the idea at Andersen Consulting, to create joint ventures with multinational companies to outsource the processing of back-office transactions.[6]

In 2000, Xchanging and BAE Systems created the first of these 'Enterprise Partnerships',[7] for HR services (see also[8]). A second followed soon after, again with BAE Systems, for indirect procurement.[9] In 2012, Xchanging entered the US Indirect Procurement market through an agreement with U.S. based BAE Systems representing $800 million in spend to be addressed over 7 years.[10]

Two years later, Xchanging and Lloyd's of London created two more 'Enterprise Partnerships',[11] one for claims processing, and one for the London Insurance market's back office system; the latter including the IUA[12] as a partner too. Further partnerships were signed with Deutsche Bank[13][14] in 2004 (introducing Xchanging into the European financial market), Aon in 2006 (in broking services)[15] and Allianz GI[16][17][18] in 2007.

In 2007,[19] Xchanging listed on the London Stock Exchange, entering the FTSE250.[20][21]

In 2009, Xchanging acquired a 75% stake in Cambridge Solutions,[22] another outsourcing business.[23]

In 2010,[24] Xchanging further expanded in the European financial sector by developing an eighth 'Enterprise Partnership' with Italian group, SIA-SSB.[25] As part of this deal Xchanging acquired 51% of Kedrios S.p.A. (Kedrios), the Italian subsidiary of SIA-SSB that specialises in securities processing and fund administration services for the Italian market.[26]

In mid 2010, Xchanging acquired security and technology communications company, Data Integration.[27] The company[28] is an IT services business in the United Kingdom. The company specialises in network security, application optimisation, mobility services, high performance networks, IP telephony and open access networks.

Based on a number of long-term Enterprise Partnerships and the acquisition of Cambridge Solutions, Xchanging reported a 35% revenue increase year-on-year to £750.4m, at the end of 2009.[29]

On 8 February 2011, Xchanging issued a profit warning and announced a £100 million write-off on goodwill. David Andrews stepped down with immediate effect and became "senior adviser to the chairman", Ken Lever assumed the role of Acting Chief Executive Officer in addition to his role as CFO.[30][31]

On 3 July 2014, Xchanging acquired Total Objects Ltd.

In May 2016, CSC acquired Xchanging plc in a deal valued at £480 million, or approximately US$720 million.[32]

Notable partners and customers[edit]

Xchanging's partners include Lloyd's of London, Deutsche Bank, Allianz AG, Aon SIA-SSB and others.

Operations[edit]

Xchanging works with large organisations in processing areas such as HR, accounting, technology, customer administration, and procurement. Also, industry specific processing includes securities processing and insurance claims processing and others.[33]

Locations[edit]

Xchanging has offices in ten principal locations - Australia - Insurance and Procurement, France - RTO and Nasdaq, Italy - Monetary Policy and Compensation, Germany, India, Japan, Malaysia, Singapore, the UK and the United States.[34]

Low-Carbon Shimoga Project[edit]

On Prime Minister David Cameron's visit to India[35][36] in July 2010, CEO David Andrews revealed plans to create a new low-carbon 1,000 person processing centre, with an option to scale to 2,000, in Shimoga,[37] a tier three town,[38] north-west of Bangalore."[39]

University Boat Race[edit]

Xchanging was the title sponsor of the Boat Race, an annual rowing competition between the Oxford and Cambridge universities from 2005 until 2012.[40][41][42]

References[edit]

  1. ^ "Xchanging Business Processing, Procurement and Technology Services Provider" (PDF). Xchanging plc. Retrieved 13 May 2016.
  2. ^ "Download Area" (PDF). Xchanging plc. Retrieved 13 May 2016.
  3. ^ Annual Report 2009 Archived 14 April 2010 at the Wayback Machine, page 4
  4. ^ "Investing in Xchanging". Xchanging plc. Retrieved 13 May 2016.
  5. ^ "Xchanging becomes part of DXC Technology". xchanging.com. Retrieved 25 January 2021.
  6. ^ The Power of Partnerships Archived 11 July 2011 at the Wayback Machine
  7. ^ BPO Enterprise Partnerships Archived 12 March 2012 at the Wayback Machine
  8. ^ Xchanging UK Limited (17 January 2007). "Xchanging Acquires BAE Systems' Remaining 50% Share in Jointly Owned HR Services Company". Retrieved 13 May 2016.
  9. ^ "News". Xchanging plc. Retrieved 13 May 2016.
  10. ^ "Xchanging and BAE Systems Inc Sign Seven Year US Procurement Outsourcing Services Contract". Editorial. Reuters. 17 August 2011. Archived from the original on 13 June 2015. Retrieved 13 May 2016.
  11. ^ Lloyd's Press Release Archived 28 September 2011 at the Wayback Machine
  12. ^ "IUA of London". Archived from the original on 26 June 2007. Retrieved 13 May 2016.{{cite web}}: CS1 maint: unfit URL (link)
  13. ^ "Xchanging takes majority stake in Deutsche Bank transaction subsidi..." Finextra Research. 28 May 2004. Retrieved 13 May 2016.
  14. ^ "Deutsche Bank Annual Report 2004 - Transactions Xchanging". Retrieved 13 May 2016.
  15. ^ "Aon Outsources London Market Processing Operations to Xchanging". Insurance Journal. 14 August 2006. Retrieved 13 May 2016.
  16. ^ Sophie Brodie (24 August 2007). "Xchanging in £270m Allianz deal". The Daily Telegraph. Retrieved 13 May 2016.
  17. ^ Allianz Outsoucring Deal Archived 11 July 2011 at the Wayback Machine
  18. ^ Allianz Press release Archived 1 March 2012 at the Wayback Machine
  19. ^ "News". Xchanging plc. Retrieved 13 May 2016.
  20. ^ "Xchanging plans to float for £1bn". The Guardian. 1 January 2002. Archived from the original on 19 September 2016.
  21. ^ "Xchanging Prepares IPO". Insurance Journal. 27 March 2007. Retrieved 13 May 2016.
  22. ^ "Xchanging to acquire Cambridge for 83 mn pounds". The Economic Times. 5 October 2008. Retrieved 13 May 2016.
  23. ^ "Xchanging acquires 75% stake in Cambridge Solutions". Finextra Research. 6 October 2008. Retrieved 13 May 2016.
  24. ^ "News". Xchanging plc. Retrieved 13 May 2016.
  25. ^ "Xchanging completes SIA-SSB deal". Finextra Research. 2 August 2010. Retrieved 13 May 2016.
  26. ^ "Europe goes mad over outsourcing". The Register. Retrieved 13 May 2016.
  27. ^ "Xchanging snaps up network security business Data Integration for up to £9 million". Proactiveinvestors UK. 21 June 2010. Retrieved 13 May 2016.
  28. ^ "Data Integration". Retrieved 13 May 2016.
  29. ^ "Xchanging PLC, XCH:LSE financials". Retrieved 13 May 2016.
  30. ^ Fletcher, Nick (9 February 2011). "Outsourcing group Xchanging halves in value after profit warning". The Guardian.
  31. ^ "Xchanging PLC - Trading Statement". Retrieved 13 May 2016.
  32. ^ "CSC Makes Cash Offer for Xchanging Plc". Computer Sciences Corporation. Retrieved 25 February 2016.
  33. ^ Business World, We are Fairly Industry Agnostic Archived 9 August 2010 at the Wayback Machine
  34. ^ "Xchanging Geographic Reach". Xchanging plc. Retrieved 13 May 2016.
  35. ^ "British PM David Cameron gifts 2,000 jobs to Shimoga". dna. 29 July 2010. Retrieved 13 May 2016.
  36. ^ Watt, Nicholas (27 July 2010). "David Cameron seeks to impress India with his massive delegation". The Guardian. London.
  37. ^ "Sleepy Shimoga to go global". Deccan Herald. Retrieved 13 May 2016.
  38. ^ "Economy". EGOV Monitor. Archived from the original on 12 March 2012. Retrieved 13 May 2016.
  39. ^ "News". Xchanging plc. Retrieved 13 May 2016.
  40. ^ Rachel Quarrell (20 November 2009). "University Boat Race to have title sponsorship from 2010 onwards". The Daily Telegraph. London. Archived from the original on 5 May 2013.
  41. ^ "Xchanging becomes title sponsor of The Boat Race". The Boat Race Company. Archived from the original on 21 November 2009. Retrieved 20 November 2009.
  42. ^ "Latest news". University of Cambridge. Retrieved 13 May 2016.
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