Xchanging
Xchanging is a business-process and technology-services provider focused particularly on outsourced operations for the commercial insurance industry.
Last updated August 26, 2026
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Overview
Xchanging was a British business-process outsourcing and technology-services company established in 1999 by David Andrews, a former Andersen Consulting partner. Its original model was to form long-term enterprise partnerships with large corporations, taking responsibility for defined back-office or operational processes and running them through shared platforms, specialist staff, and technology. Rather than selling only conventional consulting or software, Xchanging typically assumed responsibility for recurring transaction processing, administration, infrastructure, and related support functions. The company developed partnerships across several sectors. Early arrangements with BAE Systems covered human-resources services and indirect procurement. It later entered financial-services operations through a partnership with Deutsche Bank, broking services through Aon, and investment-management services through Allianz Global Investors. Its most important industry position was in commercial insurance and the London insurance market. Partnerships with Lloyd's of London supported claims processing and a back-office platform for the London market, with the latter also involving the International Underwriting Association. These activities made insurance administration, claims processing, and related market infrastructure central to the Xchanging proposition. Xchanging's broader portfolio included information-technology outsourcing, managed networks and infrastructure, application management, software products, procurement services, human-resources administration, accounting and customer administration. Its international footprint included operations or offices in the United Kingdom, United States, Australia, France, Italy, Germany, India, Japan, Malaysia, and Singapore. The company also expanded through acquisitions, including a 75 percent stake in Cambridge Solutions in 2009, a controlling interest in Italian securities-processing and fund-administration company Kedrios in 2010, Data Integration in 2010, and Total Objects in 2014. The company became publicly listed in London in 2007 and entered the FTSE 250. In 2009 it reported revenue of £750.4 million, representing a reported year-on-year increase of 35 percent, although later financial difficulties affected its strategy and leadership. In February 2011, Xchanging issued a profit warning and announced a £100 million goodwill write-off. Founder and chief executive David Andrews stepped down from the chief executive role, while finance director Ken Lever became acting chief executive. Xchanging was acquired by Computer Sciences Corporation in May 2016 in a transaction valued at approximately £480 million. Following CSC's merger with HPE Enterprise Services, DXC Technology announced in April 2017 that Xchanging had become part of the new DXC organization. The Xchanging name and capabilities therefore continued within a larger technology-services group rather than as an independent listed company. Its principal legacy is as an early large-scale provider of industry-specific business-process outsourcing, especially for insurance and financial-market operations.
History
Xchanging was founded in 1999 by David Andrews, who had previously been a partner at Andersen Consulting. Andrews developed the concept of creating enterprise partnerships in which a service provider would take over selected administrative or back-office processes from a large organization and operate them through a dedicated, technology-enabled service model. The approach combined outsourcing, shared operations, and industry-specific integration rather than treating technology implementation as a standalone consulting assignment. In 2000, Xchanging and BAE Systems established the first of these enterprise partnerships, covering human-resources services. A second BAE Systems relationship followed in indirect procurement. These arrangements helped establish the company's practice of embedding operational services within long-term corporate relationships. In 2004, a partnership with Deutsche Bank extended Xchanging into European financial services. Aon followed in 2006 through a broking-services relationship, and Allianz Global Investors became another partner in 2007. Insurance became one of Xchanging's most significant areas. In 2002, the company and Lloyd's of London created partnerships covering claims processing and the back-office system for the London insurance market. The latter arrangement also included the International Underwriting Association. Through these relationships, Xchanging supported processing activities involving major insurance-market participants and developed a strong association with commercial insurance administration. The company went public on the London Stock Exchange in 2007 and entered the FTSE 250. It expanded organically through additional enterprise partnerships and geographically through acquisitions. In 2009, Xchanging acquired 75 percent of Cambridge Solutions, another outsourcing company. In 2010, it formed a further enterprise partnership with Italian group SIA-SSB and acquired 51 percent of Kedrios S.p.A., its Italian subsidiary specializing in securities processing and fund administration. During the same year it acquired Data Integration, a United Kingdom IT-services business focused on network security, application optimization, mobility, high-performance networks, IP telephony, and open-access networks. Xchanging also announced plans for a low-carbon processing center in Shimoga, India, during the 2010 visit of British prime minister David Cameron. The acquisition-led and partnership-based expansion produced substantial reported growth. For 2009, Xchanging reported revenue of £750.4 million, described as a 35 percent increase from the previous year. However, the company encountered pressure in the following period. On 8 February 2011, it issued a profit warning and announced a £100 million goodwill write-off. David Andrews stepped down immediately as chief executive and became senior adviser to the chairman; finance director Ken Lever assumed the acting chief executive role while retaining his finance responsibilities. Xchanging continued to add specialist capabilities, including the acquisition of Total Objects Ltd in July 2014. Its service portfolio by then included outsourced processing for human resources, accounting, procurement, customer administration, securities, and insurance claims, together with software, application management, infrastructure, and managed network services. The company operated internationally, with locations or activities in the United Kingdom, United States, Australia, France, Italy, Germany, India, Japan, Malaysia, and Singapore. Computer Sciences Corporation acquired Xchanging plc in May 2016 for a reported transaction value of approximately £480 million, ending Xchanging's independent existence as a London-listed company. In April 2017, DXC Technology announced that Xchanging had become part of DXC following the merger of CSC and HPE Enterprise Services. Xchanging's business therefore continued within DXC's technology and business-services structure, particularly through its insurance and industry-specific outsourcing capabilities. The company also had a public-marketing presence through sponsorship of the Oxford–Cambridge University Boat Race from 2005 to 2012.
- 2017
Integration into DXC Technology
[1]DXC Technology announced that Xchanging was part of the company formed by the CSC and HPE Enterprise Services merger.
- 2016
CSC acquisition
[1]Computer Sciences Corporation acquired Xchanging plc for approximately £480 million.
- 2014
Total Objects acquisition
[1]Xchanging acquired Total Objects Ltd.
- 2011
Profit warning and leadership transition
[1]The company announced a profit warning and £100 million goodwill write-off; David Andrews left as chief executive and Ken Lever became acting chief executive.
- 2010
Kedrios and Data Integration expansion
[1]Xchanging acquired 51 percent of Kedrios in Italy and acquired United Kingdom IT-services company Data Integration.
- 2009
Cambridge Solutions acquisition
[1]Xchanging acquired a 75 percent stake in Cambridge Solutions.
- 2007
London Stock Exchange listing
[1]Xchanging listed in London and entered the FTSE 250.
- 2002
Lloyd's insurance partnerships
[1]Xchanging and Lloyd's of London established partnerships for claims processing and London insurance-market back-office services.
- 2000
First BAE Systems enterprise partnership
[1]Xchanging and BAE Systems created an enterprise partnership for human-resources services.
- 1999
Xchanging is founded
[1]David Andrews founded Xchanging around a model of enterprise partnerships and outsourced back-office operations.
Products and positioning
An industry-focused business-process outsourcing and technology-services provider that combines long-term enterprise partnerships, managed operations, and specialist platforms. Its strongest differentiation was in commercial insurance, London insurance-market administration, claims processing, and other regulated financial-market processes.
Commercial insurance outsourcing · 2002
Insurance processing services
Outsourced operational services for commercial insurance organizations, including claims processing and administration associated with the London insurance market. These services were delivered through long-term partnerships and shared processing platforms serving insurers, brokers, and market institutions.
Technology services
IT outsourcing and managed infrastructure
Technology outsourcing covering infrastructure, managed networks, application management, network security, application optimization, mobility, high-performance networks, IP telephony, and related enterprise connectivity services.
Business-process outsourcing · 2000
Procurement services
Outsourced procurement and indirect-procurement operations for large organizations. Xchanging developed this capability through enterprise partnerships, including its early relationship with BAE Systems and later expansion into the United States.
Financial-services outsourcing · 2010
Securities processing and fund administration
Specialist processing and administration services for securities and investment funds, including capabilities associated with Kedrios in the Italian market and the company's broader expansion into European financial services.
Administrative outsourcing · 2000
Human-resources and administrative processing
Back-office administration for human resources, accounting, customer administration, and related recurring business processes. The model involved Xchanging operating functions on behalf of enterprise partners through shared platforms and service teams.
Controversies
2020
DXC discloses ransomware attack affecting Xchanging systems
DXC Technology disclosed that certain systems of its subsidiary Xchanging had experienced a ransomware attack. DXC said it had no indication at that time that data had been compromised or lost. It reported containment and remediation measures and said it was working with affected customers to restore access.
Marketing campaigns
- 2005Xchanging Boat Race sponsorship
United Kingdom
Xchanging became title sponsor of the annual Oxford–Cambridge University Boat Race, linking the company with one of the United Kingdom's best-known sporting events.
Outcome. The sponsorship continued through 2012.
Brand decisions
2016
Sale to Computer Sciences CorporationM&ABackground
Xchanging was a London-listed outsourcing and technology-services company with established insurance and financial-services operations.
Action taken
CSC acquired Xchanging plc for approximately £480 million.
Aftermath
Xchanging ceased to operate as an independent listed company and later became part of DXC Technology after the CSC–HPE Enterprise Services merger.
Acquisition value. Approximately £480 million (May 2016)
2011
Response to profit warning and goodwill impairmentStrategyBackground
Xchanging reported deteriorating performance and announced a £100 million write-off of goodwill.
Action taken
The company issued a profit warning, David Andrews stepped down as chief executive, and Ken Lever assumed the acting chief executive role while remaining chief financial officer.
Aftermath
The leadership change marked a significant transition during a period of financial and strategic pressure.
Goodwill write-off. £100 million (2011)
Recent events
Reported
DXC discloses ransomware attack affecting Xchanging systems[2]
DXC Technology disclosed that certain systems of its subsidiary Xchanging had experienced a ransomware attack. DXC said it had no indication at that time that data had been compromised or lost. It reported containment and remediation measures and said it was working with affected customers to restore access.
Sources2 sources
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