LONDON (Alliance News) - Xchanging PLC on Thursday said its Xuber insurance division won a contract from a large, global property and casualty insurer.
Under the contract, Xchanging will provide its Xuber for Enterprise suite of insurance software and services to implement the software on a global basis. Xchanging did not name the customer.
The contract is "strategically significant" and "material" in value, Xchanging said, comprising license, support and maintenance elements.
"This customer is a longstanding customer of one of our acquisitions from 2014. With this new contract, we have combined products from Total Objects, the businesses acquired from Agencyport and the Xuber Enterprise software suite to meet the customer's wide ranging requirements," Chief Executive Craig Wilson said in a statement.
Virginia-based Computer Sciences Corp is close to completing the acquisition of Xchanging for GBP480.0 million. Having secured approval for the deal from the European Commission and the UK's Financial Conduct Authority, CSC is awaiting a decision by German regulators. Shareholders have already backed the acquisition.
Shares in Xchanging were up 0.7% at 193.00p on Thursday morning, ahead of the 190.00p price offered by CSC.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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