NEW YORK - EXL (NASDAQ: EXLS), a data analytics and digital operations company, has entered into an accelerated share repurchase agreement (ASR) with Citibank, N.A. to repurchase $125 million of its common stock, as part of its capital allocation strategy.
Rohit Kapoor, Vice Chairman and Chief Executive Officer of EXL, stated that this move reflects the company's commitment to maximizing shareholder value and continuing to drive innovation and growth.
The repurchase will be funded through EXL's available cash reserves and potential borrowing from its credit facility. The final number of shares to be repurchased will depend on the average daily volume-weighted average prices of the company's stock during the ASR term, adjusted according to the ASR terms.
This ASR is part of EXL's broader $500 million stock repurchase program. The company, founded in 1999 and headquartered in New York, employs over 54,000 people across six continents.
EXL focuses on leveraging data, analytics, artificial intelligence (AI), and industry expertise to transform operations for leading corporations in various sectors, including insurance, healthcare, banking, financial services, media, and retail.
EXL's forward-looking statements in the press release, which discuss future results of operations and business strategy, are subject to numerous uncertainties that are largely beyond the company's control. These include maintaining client demand, employee hiring and retention, cost management, economic trends, rising interest rates, and inflation.
The information for this article is based on a press release statement from ExlService Holdings, Inc.
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