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NEW YORK, July 10, 2008 - ExlService Holdings,
Inc. (“EXL”) (NASDAQ: EXLS), a leading
provider of transformation and outsourcing solutions,
today made several key announcements with respect
to its relationship with Aviva:
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Aviva has confirmed its commitment to EXL by renewing its outsourcing contract with
EXL to provide services from EXL’s Noida facility through January 2012 including
provisions relating to annual minimum volume commitments. The existing Noida contract
with Aviva is in effect until July 2009. |
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Aviva has provided notice to EXL with respect to the exercise of the Build Operate
Transfer (BOT) contract currently in place with EXL in Pune. The anticipated date of
transfer of the Pune operations for Aviva is expected to be around August 9, 2008. Aviva
is consolidating its captive operations and BOT contracts after conducting a commercial
process for the sale of the assets. |
Cathryn Riley, Chief Operating Officer of Aviva, stated: “We have enjoyed a long-term
relationship with EXL which we look forward to continuing. EXL is a partner that we have come to
rely on for excellent customer service and process reengineering and transformation skills.
Extending the Noida contract makes absolute sense to us as we continue to enjoy the mutual
benefit from Aviva’s relationship with EXL.”
Rohit Kapoor, President and CEO of EXL stated: “The extension of the Noida outsourcing
contract clearly demonstrates that EXL’s focus on service quality in the insurance domain
remains valuable to our partners. We continue to maintain a strong leadership position in the
insurance domain with unrivaled domain expertise, well honed transformational skill sets and
significant process breadth. While we were ultimately not the successful bidder to acquire Aviva’s
consolidated BPO operations, we believe that our disciplined approach to this bidding process
ultimately created a positive outcome for EXL that is in the best interests of our shareholders.
EXL’s balance sheet position is strong and with significantly improved customer diversification we
will continue to focus our efforts on the growth of new and existing clients.”
EXL will announce financial results for the second
quarter ending June 30, 2008 on August 6, 2008 after
market close. Following the release, EXL management
will conduct a conference call at 10:00 a.m. (ET)
on August 7, 2008 to discuss the company's financial
and operating performance.
About ExlService Holdings, Inc.
ExlService Holdings, Inc. (Nasdaq: EXLS) is a recognized
business solutions provider. EXL's service offerings
provide a competitive edge to its clients by transforming
and outsourcing business processes. Transformation
services enable continuous improvement of client
processes by bringing together EXL's capabilities
in reengineering, including Six Sigma process improvement,
research & analytics, and risk advisory services.
EXL's outsourcing services include a full spectrum
of business process services from offshore delivery
centers requiring ongoing process management skills.
Headquartered in New York, EXL primarily serves
the needs of Global 1000 companies in the banking,
financial services, insurance, utilities, healthcare,
telecommunications and transportation sectors. Find
additional information about EXL at www.exlservice.com
.
This press release contains forward-looking statements.
You should not place undue reliance on those statements
because they are subject to numerous uncertainties
and factors relating to EXL's operations and business
environment, all of which are difficult to predict
and many of which are beyond EXL's control. Forward-looking
statements include information concerning EXL's
possible or assumed future results of operations,
including descriptions of its business strategy.
These statements often include words such as "may,"
"will," "should," "believe,"
"expect," "anticipate," "intend,"
"plan," "estimate" or similar
expressions. These statements are based on assumptions
that we have made in light of management's experience
in the industry as well as its perceptions of historical
trends, current conditions, expected future developments
and other factors it believes are appropriate under
the circumstances. You should understand that these
statements are not guarantees of performance or
results. They involve known and unknown risks, uncertainties
and assumptions. Although EXL believes that these
forward-looking statements are based on reasonable
assumptions, you should be aware that many factors
could affect EXL's actual financial results or results
of operations and could cause actual results to
differ materially from those in the forward-looking
statements. These factors are discussed in more
details in EXL's filings with the Securities and
Exchange Commission. These risks could cause actual
results to differ materially from those implied
by forward-looking statements in this release.
You should keep in mind that any forward-looking
statement made herein, or elsewhere, speaks only
as of the date on which it is made. New risks and
uncertainties come up from time to time, and it
is impossible to predict these events or how they
may affect EXL. EXL has no obligation to update
any forward-looking statements after the date hereof,
except as required by federal securities laws.
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