Exela Cements Europe Presence with Purchase of Headquarters in Ireland

Rhea-AI Summary

Exela Technologies (XELA) strengthens its position in Europe by acquiring a 25,000 square foot headquarters in Dublin, Ireland, post-Brexit. This strategic move enhances Exela's capabilities in the Irish payment sector, where it already processes 35 million transactions annually and commands over 80% market share in domestic and cross-border cheque processing. The acquisition aims to boost the company's service offerings, including payment verification solutions and support for digital banking migration, positioning Exela as a key player in the evolving European payment landscape.

Positive

• Acquisition of a headquarters in Dublin enhances operational capacity.
• Exela processes 35 million payment transactions annually.
• Company holds over 80% market share in Ireland for cheque processing.
• Expansion of services in the Irish payment space supports growth.

Negative

• None.

IRVING, Texas, Feb. 08, 2022 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela”) (NASDAQ: XELA) reaffirms its commitment to grow its leadership position in Europe as a key technology and payments services provider. Exela purchased a standalone multi-level, 25,000 square foot headquarters in Dublin, Ireland. This purchase takes advantage of the value post-Brexit opportunities have provided allowing Exela to acquire a space formerly leased.

The investment is also a path to expand services in the Irish payment space. Key elements of services Exela is providing via its XBP platform in Ireland include: 

• Payment and fraud verification solutions: currently Exela processes 35 million payment transactions per annum
• Supporting the Irish bank migration to digital payment channels
• Maintaining a comprehensive digital archive of all payments transactions to support personal online banking
  

“For nearly ten years, Exela has offered a utility framework approach to the leading Irish banks by processing and clearing all domestic and cross border cheque payments. The service has grown to over 80% market share in Ireland with our close partnership with the Bank of Ireland, Allied Irish Bank, PTSB and Danske Bank and we aim to continue growing,” noted Vitalie Robu, President of EMEA.

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About Exela Technologies
Exela Technologies is a business process automation (BPA) leader, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience. With decades of experience operating mission-critical processes, Exela serves a growing roster of more than 4,000 customers throughout 50 countries, including over 60% of the Fortune® 100. Utilizing foundational technologies spanning information management, workflow automation, and integrated communications, Exela’s software and services include multi-industry, departmental solution suites addressing finance and accounting, human capital management, and legal management, as well as industry-specific solutions for banking, healthcare, insurance, and the public sector. Through cloud-enabled platforms, built on a configurable stack of automation modules, and over 17,500 employees operating in 23 countries, Exela rapidly deploys integrated technology and operations as an end-to-end digital journey partner.

Forward-Looking Statements
Certain statements included in this press release are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "may", "should", "would", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential", "seem", "seek", "continue", "future", "will", "expect", "outlook" or other similar words, phrases or expressions. These forward-looking statements include statements regarding our industry, future events, estimated or anticipated future results and benefits, future opportunities for Exela, and other statements that are not historical facts. These statements are based on the current expectations of Exela management and are not predictions of actual performance. These statements are subject to a number of risks and uncertainties, including without limitation those discussed under the heading "Risk Factors" in Exela's Annual Report and other securities filings. In addition, forward-looking statements provide Exela's expectations, plans or forecasts of future events and views as of the date of this communication. Exela anticipates that subsequent events and developments will cause Exela's assessments to change. These forward-looking statements should not be relied upon as representing Exela's assessments as of any date subsequent to the date of this press release.

Investor and/or Media Contacts:
Vincent Kondaveeti
E: vincent.kondaveeti@exelatech.com

Mary Beth Benjamin
E: IR@exelatech.com

FAQ

What recent acquisition did Exela Technologies make in Europe?

Exela Technologies acquired a 25,000 square foot headquarters in Dublin, Ireland.

How many payment transactions does Exela Technologies process annually?

Exela Technologies processes 35 million payment transactions per year.

What market share does Exela Technologies hold in cheque processing in Ireland?

Exela Technologies holds over 80% market share in domestic and cross-border cheque processing in Ireland.

What services does Exela provide via its XBP platform in Ireland?

Exela provides payment and fraud verification solutions, supports the digital banking migration, and maintains a digital archive of payment transactions.