ExlService Holdings, Inc. in $77.6 Million IPO

October 25, 2006

Cleary Gottlieb represented the underwriters, led by Citigroup and Goldman, Sachs & Co., in the initial public offering of ExlService Holdings, Inc. ExlService offered a total of 5,750,000 shares of common stock, including the over-allotment shares, for a total offering price of approximately $77.6 million.  The shares are listed on the NASDAQ Global Select Market.  The transaction priced on October 19 and closed on October 25.

ExlService is a recognized provider of end-to-end offshore services, including business process outsourcing, research and analytics and risk advisory services.  ExlService primarily serves the needs of Global 1000 companies in the banking, financial services and insurance sector.