Overland Solutions, which provides audits and inspections for the insurance industry, has been acquired for $53 million by a New York-based company.
EXL, a publicly traded business services company, said it paid cash to acquire Overland Solutions. The company’s headquarters is at 10975 Grandview Drive, Overland Park.
Overland Solutions has about 750 employees and a network of 1,000 contractors in offices across the country.
The company was founded in 1951. In 2003, it was acquired by New Mountain Capital L.L.C., a New York private equity firm.
Overland Solutions provides audits, inspection surveys and other loss-control services of commercial and high-end residential properties to help the property and casualty insurance industry make better underwriting and rate-making decisions.
EXL, among other things, provides transaction processing, finance and accounting services primarily for insurance, health care, utilities, banking, financial services and transportation industries.
It said the acquisition of Overland Solutions will add “enhance its position in the property and casualty insurance industry.” The company’s clients include 21 of the top 25 property and casualty insurers.
“EXL’s heritage lies in the insurance industry and we have many clients in common, making the combination extremely compelling,” Michael Ferguson, Overland Solutions’ president and chief executive officer, said in a prepared statement.
EXL, which is traded on the Nasdaq Stock Market, last week reported third-quarter revenue of $122.5 million, and net income of $6.1 million.
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