As per the latest update, EXL has announced acquisition of Overland Solutions. Overland Solutions will enhance EXL’s position in the property and casualty insurance (P&C) industry with its leading domain expertise, proprietary technology, and client relationships which include 21 of the top 25 P&C insurers. Overland Solutions also adds to EXL's on-shore delivery capabilities with its nationwide footprint.
Rohit Kapoor, EXL Vice-Chairman & Chief Executive Officer, stated, "The acquisition of Overland Solutions is aligned with EXL’s strategy of being a leader in operations management and analytics in select industry verticals and underscores our commitment to the insurance industry. Overland Solutions brings a talented team of professionals with an impressive wealth of P&C insurance knowledge. Their products greatly enhance EXL’s suite of end-to-end BPaaS solutions for P&C insurers, and we see opportunities to develop new analytics solutions in underwriting analysis and loss control prediction."
"We are delighted to be joining EXL with its strong market position, global delivery, and domain expertise in the property and casualty business. "EXL’s heritage lies in the insurance industry and we have many clients in common, making the combination extremely compelling.
Leveraging EXL's world-class operations management expertise will assist our clients with enhancing productivity and give them access to a broader array of service offerings. We have high regard for the quality of the management team and we are excited to join EXL," said Michael Ferguson, President & Chief Executive Officer, Overland Solutions.
The merger consideration of $53 million in cash was funded from existing cash resources on our balance sheet. The transaction is expected to be immediately accretive to adjusted EPS and contribute approximately $10 million of revenue in the fourth quarter.
