Exult to expand thanks to $60m investment windfall

Exult, the US company that won the contract to supply BP Amoco’s HR
services, has secured an extra $60m backing which will strengthen its position
in the growing HR outsourcing market.

The California-based company, formed just over a year ago, secured the
financing from a group of investors, including Goldman Sachs and the venture
capital arm of Deutsche Bank, on 22 February, only days after announcing it was
opening an office in Glasgow.

Steve Denning, managing director of General Atlantic Partners, founder and
majority shareholder in Exult, said the investment would allow the company to
expand rapidly to take advantage of the growing market for HR outsourcing.

The Glasgow centre is being set up to handle the £375m BP Amoco contract but
also gives the company a foothold in the UK.

Over four years 150 jobs will be created to provide the full range of HR
services to BP Amoco’s staff from one central location.

The company is looking to recruit HR, training and IT professionals along
with call centre managers, payroll experts and administrative staff. It is keen
to find staff with PeopleSoft skills.

"The availability of a technologically skilled and customer
service-focused workforce was the primary reason for selecting Glasgow,"
said Peter Ackerson, vice-president of client service centres.


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