IT services provider, CSC, has completed the acquisition of software and service provider, Xchanging.
The company said the acquisition will enable it to be a leader in technology and business process services for the global insurance industry, in addition to expanding its market coverage and enhancing the range of services to clients of both companies.
The deal will see about 350 Xchanging employees join the CSC team in Australia and New Zealand.
CSC A/NZ managing director, Seelan Nayagam, said the latest purchase builds on its acquisition of UXC, giving Australian insurance customers access to a range of capabilities in Oracle, Microsoft, Service Now and SAP.
"Xchanging brings a range of skills and capabilities to CSC’s well established Insurance practice in A/NZ. For more than 40 years CSC has provided the underpinning systems for a number of Australian insurers and has invested and evolved with the industry," Nayagam said.
"Xchanging is the next stage of this transformation, and will enable CSC to provide not only the digital transformation of insurance through technology, but to go beyond into business process outsourcing."
Xchanging's client base also stretches across financial services, healthcare, manufacturing, real estate and public sector.
“The acquisition is a cornerstone of the company’s strategy to lead clients on their digital journey with next-generation IT offerings," CSC chairman, president and CEO, Mike Lawrie, said.
"That strategy leverages partners, industry software and deep domain expertise. The addition of Xchanging is another step toward our goal of becoming a leader in the key geographies and markets we serve.
"Xchanging’s people and offerings portfolio are a complement to CSC’s existing business, which will allow us to demonstrate our commitment to markets and the commercial insurance industry.”
In addition, Lawrie said for CSC’s non-insurance clients, the addition of Xchanging will enable the company to offer access to a broader, partner-enriched portfolio of services.
The acquisition was accepted by Xchanging shareholders, with approval from both boards and regulators.