Computer Sciences Corporation (CSC) has completed the acquisition of the UK-based Xchanging, for an equity value of £480m.
Xchanging offers technology-enabled business solutions to organizations in global insurance and financial services, healthcare, manufacturing, real estate and the public sector.
The deal enables to CSC to combine its knowledge in insurance, business process outsourcing (BPO) and IT services with Xchanging’s specific expertise and software applications to provide better services for commercial insurance industry.
The acquisition adds insurance software Xuber, which served the global complex commercial insurance market for around 40 years.
According to CSC, the deal also allows the company to expand property and casualty insurance and wealth management business processing services.
CSC chairman, president and CEO Mike Lawrie said: "The addition of Xchanging is another step toward our goal of becoming a leader in the key geographies and markets we serve.
"Xchanging’s people and offerings portfolio are a complement to CSC’s existing business, which will allow us to demonstrate our commitment to areas such as the London market and the commercial insurance industry."
CSC global insurance industry general manager and vice president Phil Ratcliff said: "Our integrated organization will now offer innovative, next-generation technology solutions and services to every segment of the insurance market globally."
CSC provides software, services and outsourcing to the insurance industry. It serves commercial and international public sector organizations across the globe.
Image: CSC chairman, president and CEO Mike Lawrie. Photo: courtesy of Computer Sciences Corp.