Xchanging
| File:Xchanging brand.png | |
| Company type | Public (LSE: XCH) |
|---|---|
| Industry | Business processing |
| Founded | 1999 |
| Headquarters | London, 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] |
| Website | www.xchanging.com |
Xchanging plc (LSE: XCH) is a business processing company, with a wide range of multinational customers in 42 countries and employing over 8,000 people worldwide. It is listed on the London Stock Exchange and is in the FTSE 250 Index. Xchanging is also a member of the FTSE4Good index.
History & Growth
Xchanging was founded in 1999, by David Andrews, a former partner in Andersen Consulting. Xchanging was first listed on the London Stock Exchange[3] and entered the FTSE250, in 2007. In 2009, it completed the acquisition of a 75% of Cambridge Solutions, an international business processing outsourcing company and IT services provider [4]
Based on a number of long-term Enterprise Partnerships[5]and the acquisition of Cambridge Solutions, Xchanging reported a 35% revenue increase year-on-year in revenue to £750.4m [6], at the end of 2009.
Operations
Xchanging operates in nine principal locations - Australia, France, Germany, India, Japan, Malaysia, Singapore, the UK and USA.[7]
Xchanging operates on a unique Enterprise Partnership model [8], forming joint ventures with large organizations for processing areas such as HR, Accounting, Procurement as well as industry specific processing such as securities processing, claims processing etc. It is a distinctive mode of engagement that can create new value for both client 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 partnership.
Xchanging provides Procurement, Finance & Accounting, Human Resources, Technology and Customer Administration services across industries.[9]
- 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 specific outcomes for industries[10] such as:-
- 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 US and Asia-Pacific
University Boat Race
Xchanging has been the title sponsor of the historic, annual boat race between the Oxford and Cambridge universities for the 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’ [11], after the sponsors who will continue to support the event till 2012.
The first Xchanging Boat Race, won by Cambridge after a gap of two years, drew record viewership[12] on TV, online and along the river Thames with thousands of spectators lining the banks.
References
'We are fairly industry-agnostic'