Form 4: ExlService Repurchases Shares from Orogen Echo LLC

ExlService Holdings, Inc. repurchased 1,551,970 shares of its common stock from Orogen Echo LLC at $40.834 per share in a pre-planned transaction.

Summary

• ExlService Holdings, Inc. repurchased 1,551,970 shares of its common stock from Orogen Echo LLC on December 15, 2025, at a price of $40.834 per share.
• The transaction was made pursuant to a pre-arranged Rule 10b5-1 plan and a Stock Purchase Agreement dated December 15, 2025.
• The reported share count has been adjusted to reflect a 5-for-1 forward stock split effective August 1, 2023.
• Orogen Echo LLC, an entity associated with directors and a 10% owner, directly holds 0 shares following this transaction.
• Multiple related entities and individuals, including Vikram S. Pandit and Michael J. Angelakis, are listed as reporting persons due to their indirect beneficial ownership or deputization as directors.

Sentiment

Score: 5

Explanation: The filing is a factual report of a share repurchase from a significant shareholder, providing no explicit positive or negative sentiment from the company's perspective beyond the transaction itself. The transaction being pre-planned (10b5-1) adds a neutral context.

Positives

• The issuer's repurchase of shares can be viewed as a strategic move to reduce outstanding shares, potentially enhancing shareholder value by increasing earnings per share.
• The transaction was conducted under a Rule 10b5-1 plan, indicating a pre-planned and structured divestment by Orogen Echo LLC, which can reduce concerns about opportunistic insider selling.

Negatives

• Orogen Echo LLC, a significant shareholder and entity linked to board members, is substantially reducing its direct stake in the company, which could be interpreted as a decrease in long-term commitment or confidence from this specific investor group, despite being a planned transaction.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future outlook beyond the reported transaction.

Industry Context

This filing reports a specific insider transaction and does not provide broader industry context or trends.

Related Party Transactions

• The repurchase of 1,551,970 shares of common stock by ExlService Holdings, Inc. from Orogen Echo LLC constitutes a related party transaction. Orogen Echo LLC is an entity associated with directors Vikram S. Pandit and Michael J. Angelakis through various holding companies, and is also identified as a 10% owner. This transaction was executed pursuant to a Stock Purchase Agreement dated December 15, 2025, and was made under a Rule 10b5-1 plan.

Stakeholder Impact

• Shareholders: The repurchase reduces the total number of outstanding shares, which could potentially increase earnings per share for remaining shareholders.
• Orogen Echo LLC and associated entities: These entities have divested a substantial portion of their holdings in ExlService Holdings, Inc., significantly reducing their direct beneficial ownership.

Key Dates

Keywords

ExlService Holdings, EXLS, share repurchase, insider transaction, Form 4, Orogen Echo LLC, Vikram S. Pandit, Michael J. Angelakis, stock split, beneficial ownership, Rule 10b5-1