BPO vendor EXL has acquired Overland Solutions for $53 million in cash to enhance BPaaS solutions for the property and casualty insurance (P&C) industry.
Overland Solutions works with 21 of the top 25 P&C insurers. The company also adds to EXL’s on-shore delivery capabilities with its nationwide footprint.
Rohit Kapoor, EXL Vice Chairman and Chief Executive Officer, said: “We see opportunities to develop new analytics solutions in underwriting analysis and loss control prediction.”
Overland’s Audit segment provides critical information on risk and exposures for carriers and their regulators. The Survey segment works with residential and commercial underwriters and managing general agents to understand underwriting risks, identify loss prevention opportunities and survey individual properties for replacement cost valuations.
Meanwhile, EXL said its third quarter revenue growth was flat at $122.5 million, while net income decreased to $6.1 million from $13.2 million.
For 2014, EXL revised its revenue guidance to $518 million from $503 million. The drivers of EXL guidance revision include the contribution of Overland Solutions, strong business performance, and higher revenue from transitioning clients.
Outsourcing services revenue for the quarter was $91.2 million compared to $99.7 million.
Transformation service revenue was $31.3 million compared to $22.6 million.
EXL added 7 new clients during the third quarter, including 5 transformation clients.
The resource base grew to 23,050 from 21,350 in September, 2013 and 23,100 in June, 2014.
EXL reported employee attrition 38 percent against 25.4 percent in September quarter, 2013 and 34.1 percent in June quarter, 2014.