EXL and Carvajal Sign Memorandum of Understanding to Establish an Operations Management Joint Venture in Latin America
The joint venture is intended to combine Carvajal Tecnologia y Servicios's local knowledge and brand with EXL's business process expertise and global best practices to service clients from world-class, Latin American facilities. The joint venture is expected to be headquartered in
"We are excited to have found a world-class partner in Carvajal, with whom we share similar values and compatibility based on a culture of professionalism, entrepreneurial zeal, client-centricity and integrity. EXL's clients serve a rapidly growing Hispanic customer base that requires Spanish language-based services, and we determined that partnering with a well-established and respected company is the best way to build EXL's ability to cater to this need," said
"We view this joint venture as a way to maximize the value of this asset and achieve our vision to build a world class operations management business. CT&S has built a credible and competitive operation in its own right, and this joint venture will enhance the benefits for both clients and employees, " said
EXL and CT&S intend to enter into one or more definitive agreements to effectuate the terms of the memorandum of understanding. The execution of definitive documentation with respect to the joint venture remains subject to additional negotiations between the parties, completion of appropriate due diligence, approval of appropriate regulatory bodies and approval of the boards of directors of both companies. There can be no assurance that definitive documentation for the joint venture will be entered into by the parties or that the joint venture will be established.
About EXL
EXL (Nasdaq:EXLS) is a leading business process solutions company that looks deeper to drive business impact through integrated services and industry knowledge. EXL provides operations management, decision analytics and technology platforms to organizations in insurance, healthcare, banking and financial services, utilities, travel, and transportation and logistics, among others. We work as a strategic partner to help our clients streamline business operations, improve corporate finance, manage compliance, create new channels for growth and better adapt to change. Headquartered in
About Carvajal
The Carvajal organization is over a
Forward Looking Statements
This press release contains forward-looking statements. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL's operations and business environment, all of which are difficult to predict and many of which are beyond EXL's control. Forward-looking statements include information concerning the consummation of the proposed joint venture, the joint venture's proposed business and prospects and EXL's possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as "may," "will," "should," "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions. These statements are based on assumptions that we have made in light of management's experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL's actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors are discussed in more detail in EXL's filings with the
CONTACT:Source:Steven N. Barlow Head of Investor Relations, EXL 212 624-5913 ir@exlservice.com Carvajal Tecnologia yServicios Juan Pablo Llano +57 1 4106766 Ext 12942 juan.llano@carvajal.com
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