EXL Acquires Overland Solutions, a Leader in Underwriting Support Services for the P&C Insurance IndustryThursday, October 30, 2014
EXL (NASDAQ: EXLS), a leading business process solutions company, today announced the acquisition of Overland Solutions, Inc., a leading provider of underwriting support services including premium audit, commercial and residential underwriting surveys and outsourced loss control services. Overland Solutions will enhance EXL’s position in the property and casualty insurance (P&C) industry with its leading domain expertise, proprietary technology, and client relationships which include 21 of the Top 25 P&C insurers. Overland Solutions also adds to EXL’s on-shore delivery capabilities with its nationwide footprint.
Rohit Kapoor, EXL Vice Chairman and Chief Executive Officer stated, “The acquisition of Overland Solutions is aligned with EXL’s strategy of being a leader in operations management and analytics in select industry verticals and underscores our commitment to the Insurance industry. Overland Solutions brings a talented team of professionals with an impressive wealth of P&C insurance knowledge. Their products greatly enhance EXL’s suite of end-to-end BPaaS solutions for P&C insurers, and we see opportunities to develop new analytics solutions in underwriting analysis and loss control prediction.”
“We are delighted to be joining EXL with its strong market position, global delivery, and domain expertise in the property and casualty business” said Michael Ferguson, President and Chief Executive Officer of Overland Solutions. “EXL’s heritage lies in the Insurance industry and we have many clients in common, making the combination extremely compelling. Leveraging EXL’s world-class operations management expertise will assist our clients with enhancing productivity and decreasing cost. We have high regard for the quality of the management team and we are excited to join EXL.”
“By leveraging proprietary workflow technology alongside transaction-based pricing models, Overland’s platforms are well-aligned to clients’ demand for BPaaS outsourcing solutions in P&C insurance,” said Vikas Bhalla, EXL Executive Vice President and Head of Insurance. “Overland also expands EXL’s U.S. presence and its rich data set enhances our EXLerator framework, which delivers significant business impact and a return on outsourcing, a unique delivery model in the industry.”
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. By leveraging its scale and expertise to perform these services for its clients, Overland Solutions helps clients increase their revenue and manage their operational costs.
The merger consideration of $53 million in cash was funded from existing cash resources on our balance sheet. The transaction is expected to be immediately accretive to adjusted EPS and contribute approximately $10 million of revenue in the fourth quarter.
About Overland Solutions
Overland Solutions, based in Overland Park, KS, is a leading provider of premium audit services, inspection surveys, high value residential surveys and loss control consulting solutions. The company’s products include Auditstream, OSI Premium Audit, Safety Resources, Castle High Value Surveys and Overland Surveys. Its predecessor company was founded in 1951 and the company currently serves clients in all 50 states through regional offices strategically positioned throughout the country, with approximately 750 employees and a network of 1,000 independent contractors nationwide. For more information, visit http://www.overlandsolutionsinc.com/