Xchanging

Xchanging was founded in 1999, by David Andrews, a former partner in Andersen Consulting. Andrews came up with the idea at Andersen Consulting, to create joint ventures with multinational companies to outsource the processing of back-office transactions.[http://www.globalservicesmedia.com/Strategies-and-Best-Practices/Global-Sourcing/The-Power-of-Partnerships/24/47/0/general200705211356 The Power of Partnerships] {{webarchive |url=https://web.archive.org/web/20110711102358/http://www.globalservicesmedia.com/Strategies-and-Best-Practices/Global-Sourcing/The-Power-of-Partnerships/24/47/0/general200705211356 |date=11 July 2011 }}

In 2000, Xchanging and BAE Systems created the first of these 'Enterprise Partnerships',[http://www.carig.co.uk/pages/userdata/carig/bpoenterprisepartnership_teb.pdf BPO Enterprise Partnerships] {{webarchive |url=https://web.archive.org/web/20120312225716/http://www.carig.co.uk/pages/userdata/carig/bpoenterprisepartnership_teb.pdf |date=12 March 2012 }} for HR services (see also{{cite web|url=http://www.prnewswire.co.uk/cgi/news/release?id=188248|title=Xchanging Acquires BAE Systems' Remaining 50% Share in Jointly Owned HR Services Company|author=Xchanging UK Limited|date=17 January 2007|access-date=13 May 2016}}). A second followed soon after, again with BAE Systems, for indirect procurement.{{cite web|url=http://www.xchanging.com/Media/PressRelease.aspx?ID=67|title=News|work=Xchanging plc|access-date=13 May 2016}} In 2012, Xchanging entered the US Indirect Procurement market through an agreement with U.S. based BAE Systems representing $800 million in spend to be addressed over 7 years.{{cite web|url=https://www.reuters.com/article/2011/08/17/idUS168170+17-Aug-2011+BW20110817|archive-url=https://web.archive.org/web/20150613222612/http://www.reuters.com/article/2011/08/17/idUS168170+17-Aug-2011+BW20110817|url-status=dead|archive-date=13 June 2015|title=Xchanging and BAE Systems Inc Sign Seven Year US Procurement Outsourcing Services Contract|department=Editorial|date=17 August 2011|work=Reuters|access-date=13 May 2016}}

Two years later, Xchanging and Lloyd's of London created two more 'Enterprise Partnerships',[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] {{webarchive |url=https://web.archive.org/web/20110928120606/http://www.lloyds.com/Lloyds/Press-Centre/Press-Releases/2001/11/Lloyds_and_Xchanging_announce_deal_to_commercialise_Lloyds_claims_office |date=28 September 2011 }} one for claims processing, and one for the London Insurance market's back office system; the latter including the IUA{{cite web|url=http://www.iua.co.uk/AM/Template.cfm?Section=Home |title=IUA of London |access-date=13 May 2016 |url-status=unfit |archive-url=https://web.archive.org/web/20070626095602/http://www.iua.co.uk/AM/Template.cfm?Section=Home |archive-date=26 June 2007 }} as a partner too.

Further partnerships were signed with Deutsche Bank{{cite web|url=http://www.finextra.com/news/fullstory.aspx?newsitemid=11910|title=Xchanging takes majority stake in Deutsche Bank transaction subsidi...|work=Finextra Research|date=28 May 2004|access-date=13 May 2016}}{{cite web|url=http://annualreport.deutsche-bank.com/2004/ar/supplementaryinformations/corporategovernancereport/reportingandtransparency/relatedpartytransactions/transactionsxchanging.html|title=Deutsche Bank Annual Report 2004 - Transactions Xchanging|access-date=13 May 2016}} in 2004 (introducing Xchanging into the European financial market), Aon in 2006 (in broking services){{cite web|url=http://www.insurancejournal.com/news/international/2006/08/14/71401.htm|title=Aon Outsources London Market Processing Operations to Xchanging|date=14 August 2006|work=Insurance Journal|access-date=13 May 2016}} and Allianz GI{{cite web|url=https://www.telegraph.co.uk/finance/markets/2814592/Xchanging-in-270m-Allianz-deal.html|title=Xchanging in £270m Allianz deal|author=Sophie Brodie|date=24 August 2007|work=The Daily Telegraph|access-date=13 May 2016}}[http://www.globalservicesmedia.com/News/Home/Allianz-in-$600-Mn-Outsourcing-Deal-with-Xchanging/21/27/0/general200708232712 Allianz Outsoucring Deal] {{webarchive |url=https://web.archive.org/web/20110711102429/http://www.globalservicesmedia.com/News/Home/Allianz-in-$600-Mn-Outsourcing-Deal-with-Xchanging/21/27/0/general200708232712 |date=11 July 2011 }}[http://www.allianzglobalinvestors.com/en/aboutus/GlobalPresence/Europe/PresenceInGermany/Pages/FondsDepotBank.aspx Allianz Press release] {{webarchive |url=https://web.archive.org/web/20120301203614/http://www.allianzglobalinvestors.com/en/aboutus/GlobalPresence/Europe/PresenceInGermany/Pages/FondsDepotBank.aspx |date=1 March 2012 }} in 2007.

In 2007,{{cite web|url=http://www.xchanging.com/Media/PressRelease.aspx?ID=113|title=News|work=Xchanging plc|access-date=13 May 2016}} Xchanging listed on the London Stock Exchange, entering the FTSE250.{{cite web |title=Xchanging plans to float for £1bn |date=2002-01-01 |website=The Guardian |archive-url=https://web.archive.org/web/20160919044012/https://www.theguardian.com/business/2002/jan/01/baesystemsbusiness |archive-date=2016-09-19 |url-status=live |url=https://www.theguardian.com/business/2002/jan/01/baesystemsbusiness}}{{cite web|url=http://www.insurancejournal.com/news/international/2007/03/27/78130.htm|title=Xchanging Prepares IPO|date=27 March 2007|work=Insurance Journal|access-date=13 May 2016}}

In 2009, Xchanging acquired a 75% stake in Cambridge Solutions,{{cite web|url=http://articles.economictimes.indiatimes.com/2008-10-05/news/27699657_1_cambridge-solutions-ramesh-vangal-share-capital|archive-url=https://web.archive.org/web/20151002150125/http://articles.economictimes.indiatimes.com/2008-10-05/news/27699657_1_cambridge-solutions-ramesh-vangal-share-capital|url-status=dead|archive-date=2 October 2015|title=Xchanging to acquire Cambridge for 83 mn pounds|date=5 October 2008|work=The Economic Times|access-date=13 May 2016}} another outsourcing business.{{cite web|url=http://www.finextra.com/news/announcement.aspx?pressreleaseid=23766|title=Xchanging acquires 75% stake in Cambridge Solutions|work=Finextra Research|date=6 October 2008|access-date=13 May 2016}}

In 2010,{{cite web|url=http://www.xchanging.com/Media/PressRelease.aspx?ID=201|title=News|work=Xchanging plc|access-date=13 May 2016}} Xchanging further expanded in the European financial sector by developing an eighth 'Enterprise Partnership' with Italian group, SIA-SSB.{{cite web|url=http://www.finextra.com/news/announcement.aspx?pressreleaseid=35043|title=Xchanging completes SIA-SSB deal|work=Finextra Research|date=2 August 2010|access-date=13 May 2016}} As part of this deal 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.{{cite web|url=https://www.theregister.co.uk/2007/07/13/outsourcing_demand_rises/|title=Europe goes mad over outsourcing|website=The Register |access-date=13 May 2016}}

In mid 2010, Xchanging acquired security and technology communications company, Data Integration.{{cite web|url=http://www.proactiveinvestors.co.uk/companies/news/17901/xchanging-snaps-up-network-security-business-data-integration-for-up-to-9-million-17901.html|title=Xchanging snaps up network security business Data Integration for up to £9 million|date=21 June 2010|work=Proactiveinvestors UK|access-date=13 May 2016}} The company{{cite web|url=http://www.dataintegration.com/|title=Data Integration|access-date=13 May 2016}} is an IT services business in the United Kingdom. The company specialises in network security, application optimisation, mobility services, high performance networks, IP telephony and open access networks.

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.{{cite web|url=http://markets.ft.com/tearsheets/financialsSummary.asp?s=XCH:LSE|title=Xchanging PLC, XCH:LSE financials |access-date=13 May 2016}}

On 8 February 2011, Xchanging issued a profit warning and announced a £100 million write-off on goodwill. David Andrews stepped down with immediate effect and became "senior adviser to the chairman", Ken Lever assumed the role of Acting Chief Executive Officer in addition to his role as CFO.{{cite journal|url=https://www.theguardian.com/business/marketforceslive/2011/feb/09/xchanging-halves-profit-warning|title=Outsourcing group Xchanging halves in value after profit warning|first=Nick|last=Fletcher|journal=The Guardian|date=9 February 2011}}{{cite web|url=http://online.hemscottir.com/ir/xch/ir.jsp?page=news-item&item=583915836314522|title=Xchanging PLC - Trading Statement|access-date=13 May 2016}}

On 3 July 2014, Xchanging acquired Total Objects Ltd.

In May 2016, CSC acquired Xchanging plc in a deal valued at £480 million, or approximately US$720 million.{{Cite web

| url = http://www.csc.com/newsroom/press_releases/135745-csc_makes_cash_offer_for_xchanging_plc

| title = CSC Makes Cash Offer for Xchanging Plc.

| website = Computer Sciences Corporation

| access-date = 25 February 2016

}}

Xchanging's partners include Lloyd's of London, Deutsche Bank, Allianz AG, Aon SIA-SSB and others.

Xchanging works with large organisations in processing areas such as HR, accounting, technology, customer administration, and procurement. Also, industry specific processing includes securities processing and insurance claims processing and others.[http://www.businessworld.in/bw/2010_07_30_We_Are_Fairly_Industry_Agnostic.html Business World, We are Fairly Industry Agnostic] {{webarchive |url=https://web.archive.org/web/20100809110433/http://www.businessworld.in/bw/2010_07_30_We_Are_Fairly_Industry_Agnostic.html |date=9 August 2010 }}

Xchanging has offices in ten principal locations - Australia - Insurance and Procurement, France - RTO and Nasdaq, Italy - Monetary Policy and Compensation, Germany, India, Japan, Malaysia, Singapore, the UK and the United States.{{cite web|url=http://www.xchanging.com/AboutUs/Ourglobalpresence.html|title=Xchanging Geographic Reach|work=Xchanging plc|access-date=13 May 2016}}

On Prime Minister David Cameron's visit to India{{cite web|url=http://www.dnaindia.com/bangalore/report_british-pm-david-cameron-gifts-2000-jobs-to-shimoga_1416102|title=British PM David Cameron gifts 2,000 jobs to Shimoga|date=29 July 2010|work=dna|access-date=13 May 2016}}{{cite news| url=https://www.theguardian.com/politics/wintour-and-watt/2010/jul/27/davidcameron-india | location=London | work=The Guardian | first=Nicholas | last=Watt | title=David Cameron seeks to impress India with his massive delegation | date=27 July 2010}} in July 2010, CEO David Andrews revealed plans to create a new low-carbon 1,000 person processing centre, with an option to scale to 2,000, in Shimoga,{{cite web|url=http://www.deccanherald.com/content/84508/sleepy-shimoga-go-global.html|title=Sleepy Shimoga to go global|work=Deccan Herald|access-date=13 May 2016}} a tier three town,{{cite web|url=http://www.egovmonitor.com/node/37721 |title=Economy |work=EGOV Monitor |access-date=13 May 2016 |url-status=dead |archive-url=https://web.archive.org/web/20120312091830/http://www.egovmonitor.com/node/37721 |archive-date=12 March 2012 }} north-west of Bangalore."{{cite web|url=http://www.xchanging.com/Media/PressRelease.aspx?ID=199|title=News|work=Xchanging plc|access-date=13 May 2016}}

Xchanging was the title sponsor of the Boat Race, an annual rowing competition between the Oxford and Cambridge universities from 2005 until 2012.{{cite news |newspaper=The Daily Telegraph |date=20 November 2009 |author=Rachel Quarrell |title=University Boat Race to have title sponsorship from 2010 onwards |url=https://www.telegraph.co.uk/sport/othersports/rowing/6608733/University-Boat-Race-to-have-title-sponsorship-from-2010-onwards.html |archive-url=https://archive.today/20130505053531/http://www.telegraph.co.uk/sport/othersports/rowing/6608733/University-Boat-Race-to-have-title-sponsorship-from-2010-onwards.html |url-status=dead |archive-date=5 May 2013 |location=London}}{{cite web|title=Xchanging becomes title sponsor of The Boat Race |publisher=The Boat Race Company |url=http://www.theboatrace.org/article/newsandmedia/latestnews/xchangingtitlesponsor |access-date=20 November 2009 |url-status=dead |archive-url=https://web.archive.org/web/20091121135734/http://www.theboatrace.org/article/newsandmedia/latestnews/xchangingtitlesponsor |archive-date=21 November 2009 }}{{cite web|url=http://www.admin.cam.ac.uk/news/dp/2010040802|title=Latest news|publisher=University of Cambridge|access-date=13 May 2016}}

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