CSC announced on Monday that the acquisition was accepted overwhelmingly by Xchanging shareholders, with approval by the CSC and Xchanging Boards and regulators.
Just last month, as reported by iTWire, CSC announced it had completed the acquisition of UXC Limited, Australia’s largest independent and publicly-owned IT services company, to form one of the region’s largest IT services companies.
Mike Lawrie, CSC chairman, president and CEO Mike Lawrie said the acquisition of Xchanging was a cornerstone of the company’s strategy “to lead clients on their digital journey with next-generation IT offerings” – and to leverage partners, industry software and deep domain expertise.
“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.”
Xchanging provides technology-enabled business solutions to organisations in global insurance and financial services, healthcare, manufacturing, real estate and the public sector, and CSC says the acquisition brings to the company:
• Market leading insurance software, Xuber, which has served the global complex commercial insurance market for over 40 years
• Deep domain expertise and leadership within the London insurance market, where Xchanging has been recognised as the number one provider of services and technology since 2001
• A leading position providing property and casualty insurance and wealth management business processing services.
Phil Ratcliff, vice president and general manager of CSC’s global insurance industry said that for CSC’s non-insurance clients, the addition of Xchanging will enable the company to offer access to a “broader, partner-enriched portfolio of services”.
“Our integrated organisation will now offer innovative, next-generation technology solutions and services to every segment of the insurance market globally.
“Together, we will innovate, design and deliver the most challenging insurance projects for our clients, transforming their businesses and the market.