Computer Sciences Corp (CSC) has reached an agreement to acquire UK-based Xchanging Plc for nearly £480m.

Computer Sciences offered Xchanging Plc 190 pence per share - a premium of about 72 per cent relative to Xchanging’s closing price on October 2, the day before the offering process began.

The US technology consulting giant beat offers from major players such as Capita, private equity Apollo Global Management LLC and insurance software maker Ebix Inc.

The Xchanging board has in effect withdrawn its recommendation for a 160 pence offer from Capita and now unanimously backs CSC’s significantly higher offer.

Capita announced on Wednesday that it had no plans to revise its previous offer.

CSC seems set to take over Xchanging’s lucrative insurance business and Xuber software, used throughout Lloyds Banking Group. As CSC CEO J. Michael Lawrie puts it, "Xchanging's capabilities and experience in the commercial insurance market would complement CSC's global insurance presence in software, outsourcing and services".

For weekly news updates, subscribe to our email newsletter

Related: Capita, CSC and Ebix lock horns over Xchanging acquisition