EXL acquires Overland Solutions

Nasdaq-listed outsourcing firm EXL Services has acquired US-based audit services firm Overland Solutions for $53 million in cash.

The acquisition will help EXL enhance its position in the property and casualty insurance (P&C) industry, while Overland Solutions will also add to EXL's onshore delivery capabilities with its nationwide footprint.

''Overland Solutions brings a talented team of professionals with an impressive wealth of P&C insurance knowledge. Its 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,'' said EXL vice chairman and CEO Rohit Kapoor.

''EXL's heritage lies in the insurance industry and we have many clients in common, making the combination extremely compelling.  Leveraging EXL's operations management expertise will assist our clients with enhancing productivity and give them access to a broader array of service offerings,'' said Michael Ferguson, president and CEO of Overland Solutions. 

Overland's audit segment provides critical information on risk and exposures for carriers and their regulators.

Its 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.

The company has funded the acquisition from its cash resources. The transaction is expected to be immediately accretive to adjusted EPS and contribute approximately $10 million of revenue in the fourth quarter, it said in a statement.

Overland Solutions is a provider of premium audit services such as inspection surveys, high value residential surveys and loss control consulting solutions. It serves clients in all 50 states in the US and has about 750 employees and a network of 1,000 independent contractors.