Computer Sciences Corporation (CSC) says the purchase of UK insurance outsourcing group Xchanging will expand its business in the global underwriting industry, including Australia.

About 350 employees of Xchanging, which has a significant local presence, will join CSC’s Australian and New Zealand operations.

The New York-listed technology solutions and services provider announced on Friday it has sealed the £480 million ($939.4 million) deal after trumping rival bids with a cash offer of £1.90 ($3.70) per share.

“The way insurance is being bought, sold and managed is changing rapidly,” CSC’s VP and GM Global Insurance Phil Ratcliff said. “Many insurers now recognise the need to take a ‘digital-first’ approach to maintain their relevance with distributors and clients.

“The coming-together of these two organisations provides a complementary set of technology and business process services to help insurers on their road to digital.”

He says the company, combined with Xchanging’s expertise, will “innovate, design and deliver the most challenging insurance projects for our clients, transforming their businesses and the market.”

CSC MD for Australia and New Zealand Seelan Nayagam says the acquisition cements his group’s leading position as a provider of technology solutions to the insurance industry.

“Xchanging brings an exciting range of skills and capabilities to CSC’s well-established insurance practice in [Australia and New Zealand],” he said.

“CSC will now be able to offer insurance customers flexible ways to meet the requirements of their digital transformation journeys – from managing legacy infrastructure, through to cutting-edge automation and robotics.”