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Further partnerships were signed with [[Deutsche Bank]]<ref>[ http://www.finextra.com/news/fullstory.aspx?newsitemid=11910]</ref><ref>[http://annualreport.deutsche-bank.com/2004/ar/supplementaryinformations/corporategovernancereport/reportingandtransparency/relatedpartytransactions/transactionsxchanging.html] Deutsche Bank Annual Report</ref> in 2004 (launching Xchanging into the European financial market), [[Aon]] in 2006 (in broking services<ref>[ http://www.insurancejournal.com/news/international/2006/08/14/71401.htm]</ref>) and [[Allianz|Allianz GI]]<ref>[ http://www.telegraph.co.uk/finance/markets/2814592/Xchanging-in-270m-Allianz-deal.html] Telegraph, Xchanging in 270m Allianz Deal</ref><ref>[ http://www.globalservicesmedia.com/News/Home/Allianz-in-$600-Mn-Outsourcing-Deal-with-Xchanging/21/27/0/general200708232712] Allianz Outsoucring Deal</ref><ref>[ http://www.allianzglobalinvestors.com/en/aboutus/GlobalPresence/Europe/PresenceInGermany/Pages/FondsDepotBank.aspx] Allianz Press release</ref> in 2007.
Further partnerships were signed with [[Deutsche Bank]]<ref>[ http://www.finextra.com/news/fullstory.aspx?newsitemid=11910]</ref><ref>[http://annualreport.deutsche-bank.com/2004/ar/supplementaryinformations/corporategovernancereport/reportingandtransparency/relatedpartytransactions/transactionsxchanging.html] Deutsche Bank Annual Report</ref> in 2004 (launching Xchanging into the European financial market), [[Aon]] in 2006 (in broking services<ref>[ http://www.insurancejournal.com/news/international/2006/08/14/71401.htm]</ref>) and [[Allianz|Allianz GI]]<ref>[ http://www.telegraph.co.uk/finance/markets/2814592/Xchanging-in-270m-Allianz-deal.html] Telegraph, Xchanging in 270m Allianz Deal</ref><ref>[ http://www.globalservicesmedia.com/News/Home/Allianz-in-$600-Mn-Outsourcing-Deal-with-Xchanging/21/27/0/general200708232712] Allianz Outsoucring Deal</ref><ref>[ http://www.allianzglobalinvestors.com/en/aboutus/GlobalPresence/Europe/PresenceInGermany/Pages/FondsDepotBank.aspx] Allianz Press release</ref> in 2007.
In 2007<ref>[ http://www.xchanging.com/Media/PressRelease.aspx?ID=113] Xchanging Press Release</ref> Xchanging on the London Stock Exchange, entering the FTSE250<ref>[ http://www.guardian.co.uk/business/2002/jan/01/baesystemsbusiness] Guardian Article</ref><ref>[ http://www.insurancejournal.com/news/international/2007/03/27/78130.htm] Insurance Journal</ref>.
In 2007<ref>[ http://www.xchanging.com/Media/PressRelease.aspx?ID=113] Xchanging Press Release</ref> Xchanging listed on the London Stock Exchange, entering the FTSE250<ref>[ http://www.guardian.co.uk/business/2002/jan/01/baesystemsbusiness] Guardian Article</ref><ref>[ http://www.insurancejournal.com/news/international/2007/03/27/78130.htm] Insurance Journal</ref>.
In 2009, Xchanging acquired<ref>[ http://www.tradingmarkets.com/.site/news/Stock%20News/2266265]</ref> a 75% stake in [[Cambridge Solutions]]<ref>[ http://www.cambridgeworldwide.com]</ref>, a totally integrated, global service delivery system that offers a complete array of IT and business process outsourcing. This acquisition was to deliver greater scale, broader international reach, and a number of platforms for future growth<ref>[ http://www.finextra.com/news/announcement.aspx?pressreleaseid=23766]</ref>.
In 2009, Xchanging acquired<ref>[ http://www.tradingmarkets.com/.site/news/Stock%20News/2266265]</ref> a 75% stake in [[Cambridge Solutions]]<ref>[ http://www.cambridgeworldwide.com]</ref>, a totally integrated, global service delivery system that offers a complete array of IT and business process outsourcing. This acquisition was to deliver greater scale, broader international reach, and a number of platforms for future growth<ref>[ http://www.finextra.com/news/announcement.aspx?pressreleaseid=23766]</ref>.

Revision as of 12:26, 23 August 2010

Xchanging
Company typePublic (LSE: XCH)
IndustryBusiness processing
Founded1999
HeadquartersLondon, United Kingdom
Key people
Nigel Rich (Chairman)
David Andrews (CEO)
Revenue£750.4 million (2009)[1]
£63.9 million (2009)[1]
£12.9 million (2009)[1]
Number of employees
8000 (2010)[2]
Websitewww.xchanging.com

About Xchanging

Xchanging plc (LSE: XCH[3]) is a business processing company, with a wide range of multinational customers in 42 countries. It employs over 8,000 people worldwide[4]. It is listed on the London Stock Exchange and is in the FTSE 250 Index. Xchanging is also a member of the FTSE4Good[5] index.

History & Growth

Xchanging was founded in 1999, by David Andrews, a former partner in Andersen Consulting. Andrews hit upon a unique idea whilst at Andersen Consulting, to create commercially minded joint ventures with large multinationals, for processing back-office transactions[6].

In 2000, Xchanging and BAE Systems created the first of these 'Enterprise Partnerships'[7] , for HR services (see also[8]). A second followed soon after, again with BAE Systems, for indirect procurement[9].

Two years later, Xchanging and Lloyd’s of London created two more 'Enterprise Partnerships'[10], one for claims processing, and one for the London Insurance market’s back office system; the latter including the IUA[11] as a partner too. Further partnerships were signed with Deutsche Bank[12][13] in 2004 (launching Xchanging into the European financial market), Aon in 2006 (in broking services[14]) and Allianz GI[15][16][17] in 2007.

In 2007[18] Xchanging listed on the London Stock Exchange, entering the FTSE250[19][20].

In 2009, Xchanging acquired[21] a 75% stake in Cambridge Solutions[22], a totally integrated, global service delivery system that offers a complete array of IT and business process outsourcing. This acquisition was to deliver greater scale, broader international reach, and a number of platforms for future growth[23].

In 2010[24], Xchanging further expanded in the European financial sector by developing an eighth 'Enterprise Partnership' with Italian group, SIA-SSB[25]. As part of this 'Enterprise Partnership', Xchanging acquired 51% of Kedrios S.p.A. (Kedrios), the Italian subsidiary of SIA-SSB that specialises in securities processing and fund administration services for the Italian market. With this, Xchanging entered the Italian market. This market is the one of the larger outsourcing markets in Europe[26].

In mid 2010, Xchanging snapped up security and technology communications company, Data Integration[27].The company[28] is one of the UK's leading networking, security and communication technology providers. The company specialises in network security, application optimisation, mobility solutions, high performance networks, IP telephony and open access networks. Data Integration serves more than 300 customers in the UK, spanning the private and public sectors.

Based on a number of long-term Enterprise Partnerships and the acquisition of Cambridge Solutions, Xchanging reported a 35% revenue increase year-on-year to £750.4m, at the end of 2009[29].

Notable partners and customers

Xchanging's Enterprise Partnerships are formed with BAE Systems, Lloyd's of London, Deutsch Bank, Allianz GI, Aon and SIA-SSB.

Other notable partnerships that Xchanging have developed include deals with CAD IT[30][31] in Italy, Alexander Mann Solutions[32], and Pegasystems[33].

Customers include Boots[34], Cooper Gay[35] , CHEP[36], SELEX Galileo[37], QBE[38], Birds Eye[39], American Express[40] and the London Metal Exchange[41].

Operations

Xchanging operates on a unique Enterprise Partnership model forming joint ventures with large organisations in processing areas such as HR, Accounting and Procurement, as well as industry specific processing such as securities processing and insurance claims processing. Although the list of back-office processes which could be transformed is non-exhaustive[42].The distinctive mode of engagement can create new value for both the customer and service provider. The Enterprise Partnership model engenders a different set of motivations and behaviours than a simple fee-for-service arrangement, and is a unique approach to handling large and complex business processes that re-shifts the emphasis back towards the notion of a partnership[43] .

Xchanging provides Procurement, Finance & Accounting, Human Resources, Technology and Customer Administration services across industries.

  • Procurement – Managing direct & indirect spend and sourcing strategies
  • Finance & Accounting - Processing of receipts and payments, net settlement and clearance
  • Human Resources - Providing employment services from recruitment through to payroll and pensions payment, back-to-work and medical compensation schemes
  • Technology – Design, build and run IT infrastructure and software
  • Customer Administration - B2B and B2C services to support customer’s customer

Xchanging provides industry specific processing[44] for:-

  • Banking & Securities – Processing securities transactions and retail investment accounting
  • Insurance – Processing of insurance policies, premiums & claims, and broker annuity
  • Other Financial Services - IT systems & hosting for exchanges, processing services for fund managers, investors, as well as SWIFT managed infrastructure services to banks
  • Industrial, Commercial & Public – Including retail, real estate, manufacturing and logistics as well as services for the public sector in the USA and Asia-Pacific.

Locations

Xchanging has offices in ten principal locations - Australia, France, Italy, Germany, India, Japan, Malaysia, Singapore, the UK and the USA[45].

Low-Carbon Shimoga Project

On Prime Minister David Cameron’s visit to India in July 2010, CEO David Andrews revealed plans to create a new low-carbon state-of-the-art 1000 person processing centre, with an option to scale to 2000, in Shimoga, a tier three town[46], north-west of Bangalore. Speaking on the Shimoga project, British Prime Minister, Mr. David Cameron said, “I welcome this latest news from David and his team in Karnataka which showcases the very best of UK and Indian ingenuity and creativity. My government is keen to lay the foundations of an enhanced relationship between Britain and India for the decades to come, and Xchanging has demonstrated here in India what can be achieved by British companies when successfully opening up new markets around the world”[47]

Chief Minister of Karnataka, Mr. BS Yeddyurappa stated, “Entry of a multi-national in Shimoga is an indication of the potential of tier 2 and tier 3 cities of Karnataka. Xchanging’s association in joint development of the SEZ IT Park at Shimoga would usher in IT penetration in Tier 2 and Tier 3 cities. I congratulate Xchanging for this initiative”[48].

University Boat Race

Xchanging has been the title sponsor of the historic, annual boat race between the Oxford and Cambridge universities for 5 years, starting 2005. And with the 156th race, held on April 3rd 2010, the boat race officially came to be called the ‘Xchanging Boat Race’[49] .

The first Xchanging Boat Race, won by Cambridge after a gap of two years, drew record viewership[50] on TV, online and along the river Thames with thousands of spectators lining the banks.

References

  1. ^ a b c Preliminary Results 2009
  2. ^ Xchanging explained
  3. ^ [ http://www.londonstockexchange.com/exchange/prices-and-news/stocks/summary/company-summary.html?fourWayKey=GB00B1VK7X76GBGBXSTMM] XCH stock listing
  4. ^ [ http://www.xchanging.com/AboutUs] Xchanging Website
  5. ^ [ http://www.ftse.com/Indices/FTSE4Good_Index_Series/index.jsp] FTSE4Good
  6. ^ [ http://www.globalservicesmedia.com/Strategies-and-Best-Practices/Global-Sourcing/The-Power-of-Partnerships/24/47/0/general200705211356] The Power of Partnerships
  7. ^ [ http://www.carig.co.uk/pages/userdata/carig/bpoenterprisepartnership_teb.pdf]BPO Enterprise Partnerships
  8. ^ [ http://www.prnewswire.co.uk/cgi/news/release?id=188248]
  9. ^ [ http://www.xchanging.com/Media/PressRelease.aspx?ID=67] BAE Press Release
  10. ^ [ http://www.lloyds.com/Lloyds/Press-Centre/Press-Releases/2001/11/Lloyds_and_Xchanging_announce_deal_to_commercialise_Lloyds_claims_office] Lloyd's Press Release
  11. ^ [ http://www.iua.co.uk/AM/Template.cfm?Section=Home]
  12. ^ [ http://www.finextra.com/news/fullstory.aspx?newsitemid=11910]
  13. ^ [1] Deutsche Bank Annual Report
  14. ^ [ http://www.insurancejournal.com/news/international/2006/08/14/71401.htm]
  15. ^ [ http://www.telegraph.co.uk/finance/markets/2814592/Xchanging-in-270m-Allianz-deal.html] Telegraph, Xchanging in 270m Allianz Deal
  16. ^ [ http://www.globalservicesmedia.com/News/Home/Allianz-in-$600-Mn-Outsourcing-Deal-with-Xchanging/21/27/0/general200708232712] Allianz Outsoucring Deal
  17. ^ [ http://www.allianzglobalinvestors.com/en/aboutus/GlobalPresence/Europe/PresenceInGermany/Pages/FondsDepotBank.aspx] Allianz Press release
  18. ^ [ http://www.xchanging.com/Media/PressRelease.aspx?ID=113] Xchanging Press Release
  19. ^ [ http://www.guardian.co.uk/business/2002/jan/01/baesystemsbusiness] Guardian Article
  20. ^ [ http://www.insurancejournal.com/news/international/2007/03/27/78130.htm] Insurance Journal
  21. ^ [ http://www.tradingmarkets.com/.site/news/Stock%20News/2266265]
  22. ^ [ http://www.cambridgeworldwide.com]
  23. ^ [ http://www.finextra.com/news/announcement.aspx?pressreleaseid=23766]
  24. ^ [ http://www.xchanging.com/Media/PressRelease.aspx?ID=201]
  25. ^ [ http://www.finextra.com/news/announcement.aspx?pressreleaseid=35043]
  26. ^ [ http://www.theregister.co.uk/2007/07/13/outsourcing_demand_rises/] The Register, Outsourcing Demand Rises
  27. ^ [ http://www.proactiveinvestors.co.uk/companies/news/17901/xchanging-snaps-up-network-security-business-data-integration-for-up-to-9-million-17901.html] Xchanging snaps up Data Integration for up to 9 million
  28. ^ [ http://www.dataintegration.com/] Data Integration
  29. ^ [ http://markets.ft.com/tearsheets/financialsSummary.asp?s=XCH:LSE] Financial Times, Xchanging
  30. ^ [ http://www.prnewswire.co.uk/cgi/news/release?id=189543]
  31. ^ [ http://www.xchanging.com/Media/PressRelease.aspx?ID=51] Xchanging Press Release
  32. ^ [ http://www.recruiter.co.uk/ams-forms-strategic-alliance-with-xchanging/1002290.article] The Recruiter, AMS forms strategic alliance with Xchanging
  33. ^ [ http://www.euroinvestor.co.uk/news/story.aspx?id=11051636]
  34. ^ [ http://www.hroeurope.com/news/3101/xchanging-and-boots-sign-seven-year-400-million-outsourcing-contract]
  35. ^ [ http://www.coopergay.com/index.php?option=com_content&view=article&id=355:cooper-gay-signs-outsourcing-contract-with-xchanging&catid=1:latest-news&Itemid=51] CooperGay Press Release
  36. ^ [ http://www.xchanging.com/Media/PressRelease.aspx?ID=180] Xchanging Press Release
  37. ^ [ http://www.xchanging.com/Media/PressRelease.aspx?ID=179] Xchanging Press Release
  38. ^ [ http://www.xchanging.com/Media/PressRelease.aspx?ID=163] Xchanging Press release
  39. ^ [ http://www.xchanging.com/Media/PressRelease.aspx?ID=136] Xchanging Press Release
  40. ^ [ http://www.crainscleveland.com/article/20090630/FREE/906309966/1003/MAN]
  41. ^ [ http://www.lme.com/] The London Metal Exchange
  42. ^ [ http://www.businessworld.in/bw/2010_07_30_We_Are_Fairly_Industry_Agnostic.html] Business World, We are Fairly Industry Agnostic
  43. ^ [ http://www.xchanging.com/AboutUs/Howwedoit.html] Xchanging Website, About Us
  44. ^ [ http://www.xchanging.com/CustomerSolutions/IndustrySpecificSolutions.html]
  45. ^ [ http://www.xchanging.com/AboutUs/Ourglobalpresence.html] Xchanging Website, Global Presence
  46. ^ [ http://www.egovmonitor.com/node/37721]
  47. ^ [ http://www.xchanging.com/Media/PressRelease.aspx?ID=199] Xchanging Press Release
  48. ^ [ http://www.xchanging.com/Media/PressRelease.aspx?ID=199] Xchanging Press Release
  49. ^ [ http://www.telegraph.co.uk/sport/othersports/rowing/6608733/University-Boat-Race-to-have-title-sponsorship-from-2010-onwards.html] Telegraph, University Boat Race to have title sponsorship from 2010 onwards
  50. ^ [ http://www.admin.cam.ac.uk/news/dp/2010040802] Cambridge University Website Press Release
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