Xchanging
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| Public (: ) | |
| Industry | Technology |
| Founded | 1999 |
| Headquarters | London, United Kingdom |
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Key people
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Geoff Unwin (Chairman) Craig Wilson (CEO) David Bauernfeind (CFO) |
| Revenue | £440.2 million (2015) |
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Number of employees
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7,000 (2015) |
| Website | www.xchanging.com |
Xchanging PLC is a business process and technology services provider and integrator, owned by CSC, with a wide range of multinational customers across many industries in 48 countries.
Xchanging provides technology-enabled business solutions to the global 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 in an attempt to provide better and cheaper handling of administrative tasks.
Xchanging employs over 7,000 people worldwide. Xchanging offers IT outsourcing, infrastructure including network managed services, software products and application management. It also sells procurement services.
It was listed on the until it was acquired by CSC in May 2016.
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 large multinationals to outsource the processing of back-office transactions.
In 2000, Xchanging and BAE Systems created the first of these 'Enterprise Partnerships', for HR services (see also). A second followed soon after, again with BAE Systems, for indirect procurement. 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.
Two years later, Xchanging and Lloyd's of London created two more 'Enterprise Partnerships', one for claims processing, and one for the London Insurance market's back office system; the latter including the IUA as a partner too. Further partnerships were signed with Deutsche Bank in 2004 (launching Xchanging into the European financial market), Aon in 2006 (in broking services) and Allianz GI in 2007.
In 2007 Xchanging listed on the London Stock Exchange, entering the FTSE250.
In 2009, Xchanging acquired a 75% stake in Cambridge Solutions, another outsourcing business. This acquisition was to deliver greater scale, broader international reach, and a number of platforms for future growth.
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Wikipedia