The Offer price range has been set at 210 pence to 240 pence per Ordinary Share with an expected total Offer size of approximately 86 million Ordinary Shares (before any exercise of the over-allotment option) implying gross proceeds of the Offer of approximately £193 million and a market capitalisation of approximately £500 million, in each case at the midpoint of the Offer price range. Book-building will commence today.

Included within the Offer size of 86 million Ordinary Shares are approximately 38 million existing Ordinary Shares being sold by General Atlantic representing approximately 35% of its aggregate shareholdings (before any exercise of the over-allotment option). General Atlantic will grant the bookrunners an over-allotment option in connection with the Offer which may result in the sale of 13 million additional Ordinary Shares at the Offer Price.

Further, the Company is seeking to raise gross proceeds of approximately £75 million through the issue of new Ordinary Shares. The proceeds will be primarily used to fund the continuing growth of the business through establishing new Enterprise Partnerships, developing its business through its other delivery methods and selective acquisitions.

Under the Offer, the Ordinary Shares will be sold at the Offer price which will be determined by the Company in consultation with Citigroup and UBS. The Offer price, which is expected to be within the Offer price range, and the Offer size is anticipated to be announced and dealings in the Ordinary Shares are expected to commence on a conditional basis on or around 25 April 2007. Admission to the Official List of the FSA is expected to occur and unconditional dealings in the Ordinary Shares are expected to commence on or around 30 April 2007. The Offer is being made to institutional and other investors in the UK and certain other markets.

Citigroup has been appointed sole Sponsor of the Global Offer. Citigroup and UBS have been appointed Joint Global Co-ordinators and Joint Bookrunners of the Global Offer. Jefferies and Bridgewell have been appointed as co-lead managers of the Global Offer.

Commenting on today's announcement, David Andrews, Chief Executive of Xchanging, said: "We are delighted to be announcing the next stage in our planned flotation and we look forward to becoming a public company which will help us to further capitalise on the many growth opportunities in our markets.'