LONDON (Alliance News) - Xchanging PLC on Tuesday said its insurance software business, Xuber, has won a multi-year contract with the health service and insurance group Cigna Corporate Services LLC.
The deal comes one day after the business processing, procurement and technology company said the insurance software business won a contract to provide software for the London Market operations of insurance broker Aon.
Xchanging said that Xuber's new contract "covers initial licence and maintenance services and also future services provision, which may be material".
The contract, which is for the provision of Xuber health software and services, follows the
"We are pleased to be announcing this material Xuber contract win. We are particularly pleased since it provides a validation of the marriage of the Xuber and recently acquired technologies and is a major project for the now unified Xuber business in this strategic marketplace," Chief Executive Ken Lever said in a statement.
Xchanging is currently the subject of takeover interest from three companies. Capita PLC, a FTSE 100 outsourcing company, has had its 160 pence per share takeover offer recommended by Xchanging in the absence of a competing bid.
The deadline for accepting Capita's offer has been extended to December 16. Capita built a 10% stake in Xchanging in the wake of winning board approval for its GBP412.0 million bid on October 14. Including that stake, Capita has received acceptances over 24% of Xchanging's equity.
Following Capita's recommended offer, Xchanging received an approach New York-listed consultancy Computer Sciences Corp valuing the target company at 170p.
That came before a subsequent approach from Atlanta-based Ebix Inc, which is mulling over a 175p bid for Xchanging.
Shares in Xchanging were up 0.3% at 181.25 pence on Tuesday morning
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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