EXL Service Acquires Inductis

Combination creates a leader in knowledge services involving strategy, analytics, and technology
New York, July 6th, 2006 – ExlService Holdings, Inc., a leading offshore business process outsourcing company, announced today the acquisition of Inductis, a leading strategy and analytics company serving the financial services and insurance industries, as it continues to invest in world-class offshore analytical outsourcing and strategic solution delivery capabilities.

As a result of the acquisition, Inductis will become a wholly owned and independently branded subsidiary of EXL, focusing on Consulting and Research and Analytics. EXL’s existing Research and Analytics business will be combined with Inductis to create a new leader in this exciting growth area and provide a full spectrum of knowledge services to EXL’s clients. In 2005, Inductis achieved revenues of approximately $20 million. Inductis is one of the largest and most successful analytics players with a global delivery model in the marketplace today with 250 employees based in offices in Gurgaon, New York, New Jersey, and Singapore.

“The Inductis and EXL combination will create a company equally strong in creating solutions and delivering them. This will allow the combined company to effectively compete with much larger companies in delivering value to our respective clients. For Inductis, we will now have the platform to grow faster and further invest in training and development of our people, client relationships, and intellectual property. There is a winning chemistry between our management teams that is going to provide ongoing benefits to our combined client base for many years to come.,” says Sandeep Tyagi, Managing Principal and Founder of Inductis.

In discussing the diverse capabilities of the new combined knowledge services organization, EXL’s Head of Operations, Pavan Bagai states, “The combination of Inductis’ strong capabilities in quantitative analytics and knowledge of business intelligence platforms, with EXL’s existing base of services and clients in asset management, investment banking, and private equity, makes for a formidable and compelling business proposition. We believe that by integrating all of our research and analytics capabilities under the Inductis subsidiary, we will create the best atmosphere for growth and development of our employees and provide world-class intellectual capital deployment for our combined client base.”

In discussing the strategic rationale behind the transaction, EXL’s CEO and Vice-Chairman, Vikram Talwar states, “The days of BPOs focusing only on cost reduction are over. With this acquisition, EXL plans to further our investment in assisting clients with positively impacting the top-line and helping grow revenues by leveraging offshore research and analytics. The impressive team Inductis has assembled, both onshore and offshore, combined with their modeling capabilities and domain expertise, will be a huge competitive advantage for our clients in the marketplace.”

“In evaluating the universe of high-end research and analytic companies, we found Inductis to have the critical mass of talent, as well as the management team and delivery capabilities for complex strategic solutions to effectively serve our clients’ needs as they think about BPO more strategically. We plan on building together the industry leader in strategic solutions and research & analytics that will change the industry’s perception of the complexity of work that can be delivered offshore,” says EXL’s President, Rohit Kapoor.

Inductis focuses on analytical consulting, management consulting, and analytical services. Key analytical consulting focus areas include marketing analytics such as customer acquisition and retention, credit risk analytics, customer data integration and fraud detection. Management consulting offerings include marketing strategy, product and service strategy, re-engineering, global resource optimization and outsourcing. Analytic services offerings include analytics staff augmentation, lead generation and marketing campaign management, collections analytics services, primary and secondary research, data management and analysis. Inductis offerings emphasize unique domain expertise in financial services and insurance, complemented by advanced quantitative modeling techniques and knowledge of relevant technology platforms such as SAS and business intelligence toolsets. Inductis counts three of the top 5 credit card issuers, two major retail brokerage and asset management companies, a top 25 FTSE bank, a large commercial insurer, and a top 5 health insurer among its many clients.

Inductis has won several awards in the analytics space. Most recently Inductis was ranked joint #1 in the data mining challenge organized with the ECML / KDD conference in Berlin in June 2006. Earlier, Inductis was a runner-up in the PAKDD data mining competition held in Singapore. Also, last year, Inductis was a finalist in a DMReview competition in data integration.

About Inductis:
Inductis is a global professional services firm that helps large companies leverage strategy, analytics and technology to make better decisions. Inductis was founded by an experienced team of finance, technology, marketing and operations professionals with years of consulting, data analysis, technology and outsourcing experience. Inductis specializes in identifying high-impact problems and opportunities where they can generate results quickly, creating immediate and lasting value. Inductis has served some of the largest and most sophisticated companies in the world across a range of industries, including financial services (credit cards, retail lending, and asset management), insurance, information services, entertainment and travel. Inductis is headquartered in New Jersey and has offices in New York, Gurgaon, and Singapore. The name, Inductis, comes from inductive logic – proceeding from particular facts to a general conclusion – and from the Latin induco: to bring forward, to induce, to lead.

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