Why is Capita breaking its 'rule book' to buy Xchanging?

Capita's £412m cash takeover of business process services (BPS) rival Xchanging is almost three times larger in value than anything it has acquired before. Capita is dispensing with its traditionally ‘conservative’ approach to M&A. Xchanging remains a business still in turnaround, and represents a major play for Capita in the UK and international insurance software and services market.