Software major Hexaware Technologies Ltd on Tuesday launched a wholly-owned business processing outsourcing subsidiary -- Caliber Point Business Solutions -- in which it plans to invest around Rs 5 crore (Rs 50 million).

Caliber Point has also won two US customers with multi-year deals exceeding $10 million and would manage over 25 million claims per annum, Hexaware Technologies chairman Atul Nishar told reporters in Mumbai.

"The new BPO unit, which is an extension of our existing business, will focus on the global healthcare industry by offering a spectrum of claims processing services to the 'payer' segment of the vertical," he added.

The company has also appointed Ashok Bildikar, head of global PeopleSoft business with Hexaware, as the president of the new venture.

Caliber Point has employee strength of around 350 which would be doubled by December 2004, he added.

The company intends to process insurance claims in healthcare sector from countries like US and UK, he said, adding North America accounts for the processing of over 8 billion claims per annum.