ExlService Holdings, Inc.

Overview

ExlService Holdings, Inc. (EXL) is a global data and AI company providing analytics, digital operations and business process services to organizations. Its work spans insurance, healthcare and life sciences, banking and capital markets, and other industries; it combines technology and data capabilities with operational services such as claims, healthcare administration and finance operations. EXL was founded in 1999 and is headquartered in New York.[1]+4

The company describes its guiding principle as “there is always a better way to do things.” [6] EXL reports operations across six continents and more than 68,000 employees as of July 2026.[7] Revenue was $2.09 billion in fiscal 2025; revenue for the six months ended June 30, 2026 was $1.17 billion.[8][9] [1]+8

Products & services

ExlService Holdings offers industry-specific platforms and managed services. Its proprietary agentic AI platform coordinates data, digital, and domain-specialized AI capabilities for business operations. Named insurance products include Insurance LLM, a generative-AI platform for claims, underwriting, and subrogation; LifePRO® and Life Digital Suite, SaaS platforms for life and annuity policy administration; and Subrosource®, a business-process-as-a-service platform for property-and-casualty subrogation and claims recovery.[10]+5

Service offerings include insurance claims and policy administration, underwriting support, actuarial and risk analytics, billing and collections, and customer service. In healthcare, EXL provides payer payment-integrity audits and analytics, claims recovery, care management and patient navigation, as well as provider revenue-cycle management, analytics, digital transformation, and contact-center services. Its technology capabilities include generative AI, conversational AI, robotic process automation, cloud data management, and transaction automation; EXL Smart Platform for Health supports payment-integrity use cases.[16]+2

The company reports revenue by industry segment rather than by individual product or service, so its filings do not identify product-level revenue or performance percentages.[19] [10]+9

Geographic presence

EXL attributes revenue to the geographic markets where the customer operations it serves are located [20]. For the six months ended June 30, 2026, North America accounted for 82.6% of revenue and the U.K. and Europe for 14.8% [21]. Its named operations centers span India, the U.S., the Philippines, South Africa, Colombia, Bulgaria, Romania, the U.K., the Czech Republic, Mexico and the Republic of Ireland [22]. Sales and client-management teams operate primarily from the U.S., India, the U.K., Ireland and Australia [23].

The company reports teams across six continents and more than 50 offices worldwide. Its largest employee concentrations in FY2025 were India (approximately 43,200), the Philippines (13,400), South Africa (4,100) and the U.S. (2,900), with approximately 1,500 employees in other countries [24]. These workforce locations are distinct from revenue geography, which is based on where customers’ operations are located. [20]+4

Business segments

ExlService Holdings reports four operating and reportable segments, aligned with its Industry Market Units. Its former Analytics segment is no longer reported separately; analytics is integrated across the business units. The four-segment structure was still reported in the second quarter of 2026.[25]+2

For FY2025, **Insurance** generated about 34.0% of revenue ($710.6 million), serving insurers, brokers, reinsurers and insurtech companies across property and casualty, life, disability, annuity and retirement markets.[28]+2

**Healthcare and Life Sciences** contributed about 25.5% ($532.5 million), serving healthcare payers, providers, pharmacy benefit managers and life-sciences organizations. **Banking, Capital Markets and Diversified Industries** contributed about 23.1% ($482.4 million), spanning financial services as well as industries including utilities, retail, communications and travel.[31]+6

**International Growth Markets** contributed about 17.3% ($362.2 million), providing services across multiple industries and regions outside North America. Percentages are approximate shares of FY2025 revenue and may not sum to 100% due to rounding.[37][30] [25]+15

Company history

ExlService Holdings, Inc. traces its founding to 1999, when Rohit Kapoor and Vikram Talwar established the business; the present parent company was incorporated in Delaware in 2002. EXL opened its first India delivery center in 2000, went public in 2006, and that year acquired Inductis, expanding its data and analytics capabilities.[38]+2

Kapoor succeeded Talwar as CEO in 2008. The company broadened its operations through acquisitions including OPI and Trumbull in 2011, RPM Direct in 2015, banking analytics firm IQR in 2016, and healthcare analytics company SCIO Health Analytics in 2018.[41]+4

From 2021 onward, EXL added data, AI, cloud engineering, digital engagement and data-management capabilities through acquisitions and business integrations, including Clairvoyant in 2021, Inbound Media Group in 2022, and ITI Data in 2024. In 2023, the company reported that revenue had exceeded $1 billion.[45]+3

In 2024, Kapoor also became board chair, while Vikram Pandit was appointed lead independent director. EXL agreed to acquire iMerit in June 2026 and announced completion of the acquisition in August 2026.[48]+2

Sources

• ExlService Holdings, Inc. — Full financial report (2025 Y)
  20 citations

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• ExlService Holdings, Inc. — Full financial report (2026 Q 2)
  10 citations

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• ExlService Holdings, Inc. — Press release (2026 Q 2)[7][27]
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• ExlService Holdings, Inc. — Press release (2025 Y)[30]
• www.exlservice.com[38]
• www.sec.gov[39]
• www.sec.gov[40]
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• www.exlservice.com[42]
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• www.exlservice.com[45]
• www.exlservice.com[46]
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• www.exlservice.com[48]
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