Xchanging acquires RebusIS
13 February 2004 | 808 views | 0
Xchanging, a leading process outsourcing and back-office service provider, has acquired RebusIS, a leading global insurance technology provider, for an undisclosed consideration. RebusIS' commercial and technological expertise will help Xchanging expand further into the global insurance market. The combined group will have revenues of $360 million and will employ 1,800 people in the UK, USA, Bermuda, Continental Europe, India, Malaysia and Thailand.
General Atlantic Partners, a private equity firm with over $5 billion in capital under management, was a significant shareholder in RebusIS and is a major shareholder in Xchanging.
Richard Houghton, Finance Director of Xchanging said, "This acquisition gives Xchanging the opportunity to expand further internationally and builds on our world-class expertise in the support services sector. RebusIS, which returned to profit last year, will form a separate business unit within the Xchanging Group under the continued leadership of Robert Gogel and his executive team. RebusIS' technology product and service offerings coupled with their international presence allows us to take advantage of the changing dynamics of the global insurance market and further enhance the service we provide to our clients."
Robert Gogel, Chief Executive of RebusIS commented, "Our position as a leading insurance technology supplier, combined with Xchanging's proven business process expertise, will allow us to increase bottom-line value to our clients. Being part of a larger group will further enhance existing client service and allow for increased spending and the development of the current product portfolio. Our employees will benefit from expanded opportunities within Xchanging."
The acquisition allows Xchanging to offer an expanded range of products and services - its current offerings of HR, procurement, accounting & settlement, and customer administration together with RebusIS' technology solutions for the global insurance market.
Prior to its acquisition, RebusIS was a joint portfolio investment of two leading private equity firms, General Atlantic Partners and Warburg Pincus.