EXL

Overview

ExlService Holdings, which trades as EXL, reported 2025 revenues of US$2.09 billion^[39]. It was founded in 1999 and is headquartered in New York^[39]. At 31 December 2025 it had more than 65,000 employees on six continents^[39]. EXL began as a business process outsourcer for insurers and banks. It now describes itself as a data analytics and AI company that also runs digital operations for clients in insurance, healthcare, banking and capital markets, retail, communications and media, and energy^[39]. Its IT services work, which covers data engineering, cloud migration and AI model development, is usually sold together with process outsourcing rather than as standalone infrastructure management.

EXL strengths and limitations

Strengths

Large, audited services business with sector specialisation
Can combine analytics with operational delivery
Offshore delivery scale
Double-digit revenue growth in 2025
Combines process operations with analytics capability
Strong vertical focus in insurance and healthcare

Limitations

Analytics revenue is not broken out separately in the release
Strongest in a few verticals; less relevant outside financial services and healthcare
Services model means costs scale with headcount
Repositioning towards data and AI services may shift focus away from pure process work
2026 growth guidance of 9% to 11% is below the 13.6% achieved in 2025
Narrower industry coverage than generalist integrators

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Revenue (FY2025)	US$2,087.7m[12]
Founded	1999[12]
Employees	Over 65,000[12]
Headquarters	New York, US[12]
Listing	Nasdaq: EXLS
Listed on	Nasdaq (EXLS)
Revenue (US$ equivalent)	US$2.09bn
Core services	Data and AI services, Insurance and healthcare operations, Analytics
Growth (FY2025)	+13.6%[11]