25 April 2007
The London Stock Exchange is delighted to welcome Xchanging to the Main Market.
Xchanging is a leading international, pure play business process outsourcing company providing industry specific processing to the banking and insurance industries and procurement, finance and accounting and human resources services to customers across industries.
Its unique Enterprise Partnership model aims to turn cost centres into profit making businesses. With customers in 34 countries and over 3,800 employees, Xchanging operates in 7 countries. Customers include Aon, BAE Systems, Boots the Chemists, Citibank, Deutsche Bank, the IUA, Lloyd’s, National Australia Group, Sal. Oppenheim, United Biscuits and University Hospital Birmingham NHS foundation Trust.
The proceeds of listing on the Main Market will be used primarily to establish new Enterprise Partnerships, develop other delivery methods and for selective acquisitions.
The offer price range implies a market capitalisation of £500 million at the mid-point, before any over allotment, on a fully diluted basis.
Xchanging CEO and founder, David Andrews, commented:
“We are delighted to be announcing this next stage in the development of Xchanging. Since we founded this business in 1999, we have demonstrated sustained high growth and developed what we believe to be one of the leading international pure-play BPO companies. Being a public company will enable us to take even greater advantage of the exciting opportunities available to us as our markets continue to develop.”
Citigroup is sole Sponsor of the Global Offer. Citigroup and UBS are Joint Global Co-ordinators and Joint Bookrunners of the Global Offer. Jefferies and Bridgewell are co-lead managers of the Global Offer.