EXL Services - NASDAQ bound

EXL Services has the distinction of being the first ever Indian BPO company to file for a listing in the NASDAQ. The company, in which Britain's largest life insurer Aviva recently picked up a strategic stake, has already filed with the Securities and Exchange Commission.

EXL is a provider of value-added offshore business process outsourcing solutions, primarily serving the needs of Global 1000 companies in the banking, financial services and insurance segment.

EXL was founded by Vikram Talwar, Vice Chairman and CEO, and Rohit Kapoor, President and CFO. Vikram Talwar had spent 26 years in the Bank of America earlier, while Rohit Kapoor was the former business head at Deutsche Bank.

EXL's largest clients are Norwich Union and Dell. Other clients include Allianz, Deloitte & Touche, IndyMac Bank FSB, Prudential Financial, one of the three largest US insurance companies and one of the three largest US banks.

As much as 77.4% of the company's revenues derive from the two largest clients, Norwich Union and Dell.

Headquartered in New York City, where most of its marketing team is located, EXL's BPO agents work out of Noida and Pune. EXL says it is committed to investing in an operations facility outside of India by the end of 2005.

EXL's core strengths as a domain and process-led, pure-play BPO company include a seasoned management and operations team

At present, EXL is among the few global BPO service providers to have migrated from single or discrete transaction processes to end-to-end functional solutions in BFSI segment.

EXL is one of the few offshore BPO service providers that provides third party administrator (TPA) insurance services in 44 states of the United States, having been licensed or exempted from, or not subject to, licensing in each of those states.