EXL renews its outsourcing contract with Aviva in Noida

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ExlService Holdings, Inc. ("EXL") (NASDAQ: EXLS), a leading provider of transformation and outsourcing solutions, today made several key announcements with respect to its relationship with Aviva:

 

·        Aviva has confirmed its commitment to EXL by renewing its outsourcing contract with EXL to provide services from EXL's Noida facility through January 2012 including provisions relating to annual minimum volume commitments. The existing Noida contract with Aviva is in effect until July 2009.

 

·         Aviva has provided notice to EXL with respect to the exercise of the Build Operate Transfer (BOT) contract currently in place with EXL in Pune. The anticipated date of transfer of the Pune operations for Aviva is expected to be around August 9, 2008. Aviva is consolidating its captive operations and BOT contracts after conducting a commercial process for the sale of the assets.

 

Cathryn Riley, Chief Operating Officer of Aviva, stated: "We have enjoyed a long-term relationship with EXL which we look forward to continuing. EXL is a partner that we have come to rely on for excellent customer service and process reengineering and transformation skills. Extending the Noida contract makes absolute sense to us as we continue to enjoy the mutual benefit from Aviva's relationship with EXL."

 

Rohit Kapoor, President and CEO of EXL stated: "The extension of the Noida outsourcing contract clearly demonstrates that EXL's focus on service quality in the insurance domain remains valuable to our partners. We continue to maintain a strong leadership position in the insurance domain with unrivaled domain expertise, well honed transformational skill sets and significant process breadth. While we were ultimately not the successful bidder to acquire Aviva's consolidated BPO operations, we believe that our disciplined approach to this bidding process ultimately created a positive outcome for EXL that is in the best interests of our shareholders. EXL's balance sheet position is strong and with significantly improved customer diversification we will continue to focus our efforts on the growth of new and existing clients."

 

EXL will announce financial results for the second quarter ending June 30, 2008 on August 6, 2008 after market close. Following the release, EXL management will conduct a conference call at 10:00 a.m. (ET) on August 7, 2008 to discuss the company's financial and operating performance. 

 

Sourced From: Ogilvy Public Relations Worldwide