Xchanging, which began life by taking over Lloyd’s back office processing last year, and has since become one of the UK’s leading business process outsourcing companies, announced that General Atlantic Partners, LLC has committed an additional £50 million ($79 million) in equity to fund the company’s international expansion.
General Atlantic is an investment partnership. One of its biggest investors is AIG which contributed $1 billion of its $4 billion initial capitalization. It previously invested £60 million ($95 million) in Xchanging.
Xchanging provides human resources, procurement, customer administration and accounting services to over 200 customers including BAE Systems, Lloyd’s and the London Insurance Market. It currently employs over 1,100 people.
David Andrews, the highly respected outsourcing expert, who founded Xchanging and is its CEO, said that the company’s goal was to build on its solid base in the U.K. to become a global outsourcing leader.
David Hodgson, a partner of General Atlantic and a board member of Xchanging commented, “Xchanging has a demonstrated track record of assisting multinational corporations in achieving best-in-class performance through outsourcing partnerships. We are pleased to be able to provide both funding and strategic assistance to Xchanging.”
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