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Here are 1-2 brief analogies for ExlService (EXLS):

• Like Accenture, but specialized in leveraging data and AI to optimize and manage business operations.
• Similar to Cognizant or Wipro, with a deeper emphasis on advanced data analytics and digital transformation for specific industries like insurance and healthcare.

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• Data Analytics & AI Solutions: Provides advanced analytics, artificial intelligence, machine learning, and data management services to help clients derive insights and make data-driven decisions.
• Digital Operations & Business Process Transformation: Manages and transforms critical business processes for clients, leveraging automation, cloud, and AI to improve efficiency and outcomes.
• Consulting Services: Offers strategic advisory and implementation support for digital transformation, process optimization, and analytics strategy.

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ExlService (EXLS) primarily sells its services to other companies (B2B model) rather than individuals.

Based on their latest public filings (such as the Annual Report on Form 10-K), ExlService does not have any single customer that accounts for 10% or more of its consolidated revenue. Therefore, no specific "major customers" are publicly disclosed by name due to revenue concentration.

ExlService serves a diverse portfolio of enterprise clients across various industries, including:

• Insurance
• Healthcare
• Banking and Financial Services
• Media and Retail
• Travel, Transportation, and Logistics

While specific customer names are not publicly disclosed as "major customers" by EXLS, their client base consists of large corporations within these sectors that leverage EXLS's data analytics, artificial intelligence, and digital operations and solutions to improve their business processes and outcomes.

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Amazon.com, Inc. (Symbol: AMZN)

Microsoft Corporation (Symbol: MSFT)

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Rohit Kapoor Chairman and Chief Executive Officer

Rohit Kapoor co-founded ExlService in April 1999 and has served in various leadership roles, including CFO, President, and Chief Operating Officer, before becoming Chairman and CEO in April 2024. Prior to EXL, he was the Business Head at Deutsche Bank from 1999 to 2000 and held various positions at Bank of America from 1991 to 2000. While at Deutsche Bank, he managed venture capital and private equity investments for ultra-high net worth clients.

Maurizio Nicolelli Executive Vice President and Chief Financial Officer

Maurizio Nicolelli was appointed Executive Vice President and Chief Financial Officer of EXL effective February 3, 2020. Before joining EXL, he served as Senior Vice President and CFO of Casa Systems in 2019. Notably, he spent 23 years at FactSet Research Systems, where he was Senior Vice President, Principal, and Chief Financial Officer from 2009 to 2018. During his tenure at FactSet, he managed the Market Metrics division until its sale in 2016 and was a key leader in over 20 acquisitions.

Vishal Chhibbar Chief Growth Officer and Executive Vice President of International Growth Markets

Vishal Chhibbar leads EXL's international growth markets and serves as Chief Growth Officer, a role he took on in July 2023. He previously served as EXL's Chief Financial Officer from 2009 to 2019. Before rejoining EXL, he was the Chief Financial Officer at Brillio and the President and Chief Financial Officer of EPIQ. His career also includes financial leadership positions at GE Capital, American Express Bank, and Xerox Holding Corp.

Pamela Harrison Executive Vice President and Chief Human Resources Officer

Pamela Harrison joined EXL as Executive Vice President and Chief Human Resources Officer in June 2023. Prior to her role at EXL, she served for nearly five years as Executive Vice President of Human Resources at Genworth Financial. She also held leadership positions at Latham & Watkins LLC, where she focused on developing and executing HR strategies globally.

Baljinder Singh Executive Vice President, Chief Information Officer, and Head - Enterprise Digital Transformation

Baljinder Singh is the Executive Vice President, Chief Information Officer, and Head of Enterprise Digital Transformation at EXL. He has a background in various leadership roles across business, technology, transformation, digital, and product development.

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The key risks to ExlService's (EXLS) business primarily revolve around its core identity as a global data and artificial intelligence (AI) company. These risks include:

1. Rapid Technological Change and Execution of AI Strategy: As a company focused on data and AI, ExlService faces significant risks from the rapid pace of technological advancements. The inability to effectively execute its AI strategy, integrate new technologies, or innovate at the required speed could impact its ability to reinvent client business models and drive desired outcomes.
2. Talent Shortages in AI and Data Science: Directly related to the technological change, there is a global shortage of experts in AI, machine learning, and data science. ExlService's ability to compete for, attract, and retain skilled employees in these critical areas is vital for delivering on client commitments and fostering innovation.
3. Cyber Threats and Data Security: ExlService handles highly sensitive intellectual property and data from its clients, particularly in regulated industries like healthcare and banking. This makes the company vulnerable to cyber threats, data breaches, or technological errors, which could lead to significant financial liabilities, reputational harm, and loss of client trust.

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The rapid advancement and adoption of generative artificial intelligence (AI) models and platforms.

ExlService (EXLS) provides global analytics and digital operations solutions, with services spanning data analytics, AI and intelligent automation, and digital customer experience. Generative AI poses a clear emerging threat by fundamentally altering how many of these tasks can be performed:

• Client Self-Service and Insourcing: As generative AI tools become more powerful, accessible, and user-friendly, clients may increasingly leverage these solutions to automate complex cognitive tasks (e.g., data extraction, summarization, report generation, customer interactions) internally. This reduces the need to outsource such functions to companies like EXLS, directly challenging EXLS's traditional service delivery models, similar to how Netflix allowed consumers to bypass Blockbuster.
• Disruptive Competition: The emergence of new, AI-native startups and the enhanced AI capabilities of hyperscalers (e.g., Google, Amazon, Microsoft) offer highly specialized and potentially more cost-effective AI solutions. These competitors can directly rival EXLS's offerings with platforms built from the ground up on advanced AI, akin to how Apple's iPhone disrupted Research in Motion's BlackBerry with a fundamentally different technological approach.
• Operational Model Obsolescence: EXLS's business model relies on a significant human workforce and established automation frameworks. The swift evolution of generative AI necessitates a rapid re-skilling of its workforce and a significant pivot in its service offerings to become an implementer and orchestrator of these new AI capabilities, rather than being displaced by them. Failure to adapt swiftly could render parts of its existing operational model less relevant.

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ExlService (EXLS) operates in several key addressable markets globally, primarily focusing on data analytics, digital transformation consulting, and operations management services.

• Data Analytics and AI: The global data analytics market was estimated to be between USD 64.99 billion and USD 74.26 billion in 2024. This market is projected to grow significantly, reaching approximately USD 302.01 billion by 2030 or USD 482.61 billion by 2033. North America currently holds a substantial share of this market, accounting for over 37.6% in 2024. The broader Analytics as a Service (AaaS) market is also expected to grow from USD 13.3 billion in 2024 to USD 39.8 billion by 2029 globally.
• Digital Transformation Consulting Services: The global market for digital transformation consulting services was valued at approximately USD 56.3 billion in 2025 and is expected to reach around USD 131.628 billion by 2033. Another estimate projects this market to grow from USD 60.31 billion in 2025 to USD 207.64 billion by 2035. North America is a significant region in this market, holding about 39.39% of the global market revenue in 2025 for digital transformation consulting services.
• Operations Management and Consulting Services: The global operations consulting service market was valued at USD 329.63 billion in 2023 and is forecast to reach USD 507.00 billion by 2032. Another report estimates the global operation management service market to be USD 27.9 billion in 2024, growing to USD 45.7 billion by 2035. For overall operation consulting services, the market was valued at USD 45 billion in 2022 and is projected to reach USD 70 billion by 2030 globally. North America is expected to maintain its leading position in the operations consulting service market. The IT operations management (ITOM) market, a component of operations management, is projected to be valued at USD 36.3 billion in 2025 and reach USD 64.9 billion by 2030.

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ExlService (EXLS) is expected to drive future revenue growth over the next 2-3 years through several key strategies, primarily centered around its expertise in data, artificial intelligence, and strategic client engagement.

1. Expansion of AI and Data-Led Services: EXL's strategic focus on data and AI capabilities is a significant revenue driver. The company is actively embedding AI into workflows and developing AI-powered services, which are resonating with the market and fueling growth with new and existing clients. This shift towards more data-driven and AI-powered offerings is also contributing to margin expansion. Analysts and company executives highlight the increasing intensity of analytics, with growing demand for services like fraud detection, telematics-driven pricing, and AI-driven claims adjudication, which are considered higher-value services.
2. Growth in Existing and New Client Engagements through Digital Transformation: EXL's ability to drive enterprise-scale business transformation initiatives for its clients is a consistent growth factor. The company is leveraging its deep expertise in analytics, AI, machine learning, and cloud technologies to offer business process outsourcing, automation services, and data-driven insights. This approach leads to deeper client integration and stickier relationships, enhancing pricing power and revenue expansion.
3. Strong Performance and Expansion in Key Industry Verticals: ExlService consistently reports strong growth across its main business segments, particularly in Healthcare and Insurance. These sectors provide a stable foundation and visibility for future revenue. The Analytics segment, which contributes more than half of the company's revenue, is also a significant driver. Diversification and incremental margin expansion are also noted in Banking and International segments.
4. Strategic Investments and Acquisitions: EXL continues to strategically invest in its data and AI capabilities to drive future growth. The company has also made strategic acquisitions, such as ITI Data in the past, to enhance data management capabilities and expand its client base, contributing to future growth. EXL's partnerships, such as with NVIDIA to create enterprise-wide data and AI applications, are also expected to contribute to future growth.

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Share Repurchases

• ExlService's Board of Directors authorized a new $500 million common stock repurchase program, effective March 1, 2024, for a two-year period.
• In 2023, the company repurchased approximately $125 million of its common stock.
• From July 1, 2025, to September 30, 2025, the company repurchased $133.48 million in shares, bringing the total repurchased under the February 2024 authorization to $385.39 million.

Share Issuance

• The company's additional paid-in capital increased by $80.555 million from December 31, 2023, to December 31, 2024, likely reflecting proceeds from stock option exercises and other equity compensation plans.

Outbound Investments

• In August 2024, ExlService acquired ITI Data, a data management solutions firm, to expand its capabilities in banking, financial services, and healthcare.
• On December 20, 2021, the company acquired Clairvoyant, a global data, AI, and cloud services firm, for $80 million.

Capital Expenditures

• Capital expenditures for 2023 were $46 million.
• For 2024, capital expenditures focused on data and AI investments were estimated to be between $48 million and $52 million.
• Projected capital expenditures for 2025 are expected to be between $50 million and $55 million, with a primary focus on increasing investments in data and AI capabilities.