ExlService Holdings, Inc. reported a revenue increase of 12.7% for the fiscal year 2024, reaching $1.84 billion compared to $1.63 billion in 2023. The company's net income also rose to $198.3 million, a 7.4% increase from $184.6 million in the previous year. This growth was attributed to strong performance across all reportable segments, particularly in Insurance, which saw a revenue increase of 15.9%, and Emerging Business, which grew by 17.3%. The Analytics segment contributed significantly, generating $796.2 million in revenue, up from $729.1 million in 2023.
In terms of operational changes, ExlService completed the acquisition of Incandescent Technologies, Inc. on August 1, 2024, enhancing its data management capabilities for clients in the banking and healthcare sectors. The company also announced a restructuring plan in the second quarter of 2024, which affected less than 1% of its workforce, aimed at aligning its resources with market demands and strategic objectives. This restructuring is expected to optimize operational efficiency and support the company's long-term growth strategy.
As of December 31, 2024, ExlService had approximately 59,500 employees, with a significant presence in India, the Philippines, and South Africa. The company served around 570 clients, with its top ten clients accounting for 33.2% of total revenues, consistent with the previous year. The company reported a slight increase in its employee attrition rate, which stood at 26.1% for 2024, compared to 25.8% in 2023, reflecting ongoing challenges in talent retention within the competitive landscape of data and AI services.
Looking ahead, ExlService is implementing a new operating model that will take effect in the first quarter of 2025, reorganizing its reportable segments into Industry Market Units (IMUs) to better serve client needs and enhance its analytics capabilities. The company aims to capture a larger share of the growing AI market and expand its geographic footprint, particularly in the United Kingdom, Europe, the Middle East, and Asia-Pacific regions. The management remains optimistic about future growth, driven by increasing demand for data and AI-led solutions across various industries.
About ExlService Holdings, Inc.
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