18th Jan 2008 07:00
Xchanging PLC18 January 2008 Xchanging plc announces international expansion of Procurement OutsourcingServices with acquisition of Mercuris SA in France LONDON, 18 January 2008 - Xchanging, the pure-play business process outsourcingcompany, is pleased to announce that it has extended its procurement operationsin France with the acquisition of 100% of the share capital of Mercuris, aprocurement service provider based in Paris. Mercuris provides procurement outsourcing and advisory services to the Bankingand Insurance sectors in France and has gross assets of €1.7m. Mercuris wasfounded in 2000 by its management team and in 2003 Groupe Caisse d'Epargne, oneof the major universal banks in France, and the principal customer of Mercuris,acquired a majority stake in the business. Groupe Caisse d'Epargne has agreedto extend their outsourcing contract with Mercuris to 2011 representing acumulative spend value of €1.5bn over the life of the contract. This acquisition further strengthens Xchanging's position as the European marketleader in procurement outsourcing and provides a strong platform to target theopportunities in this exciting growth area in France. David Andrews, Xchanging CEO commented, "France is an important market forprocurement outsourcing for Xchanging. We are delighted to be able to welcomesuch a highly experienced management team and look forward to growing Mercurisfurther. Moreover, we are pleased to be entering into a long term relationshipwith such a prestigious financial institution." Amaury Fournial, Managing Director, Mercuris said, "We are excited about joiningXchanging and being part of an organisation that has so much experience inprocurement outsourcing and which can provide a wealth of opportunities for ouremployees." Enquiries:Xchanging plc David Andrews Tel: +44 (0) 20 7780 6999Richard Houghton Tulchan GroupDavid Allchurch Tel: +44 (0) 20 7353 4200Stephen Malthouse About Xchanging Xchanging is a fast-growing international, pure play business processoutsourcing company providing complex industry specific processing to thebanking and insurance industries such as securities processing, commercialinsurance premiums and claims processing. We also provide procurement, financeand accounting, and human resources services to customers across industries.www.xchanging.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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