Outsourcing company Xchanging has confirmed the acquisition of RebusIS, a move first revealed by insurance Times in October 2003.
Xchanging said the deal went through for an undisclosed sum, but a report placed the price tag for RebusIS at £40m.
Xchanging said the combined group would have revenues of $360m, and would employ a global workforce of 1,800 following the acquisition.
Richard Houghton, finance director of Xchanging, said RebusIS would form a separate business unit within the Xchanging group under the leadership of Robert Gogel.
Prior to its acquisition, RebusIS was a joint portfolio investment of two leading private equity firms, General Atlantic Partners and Warburg Pincus, said Xchanging.
