Exela Signs with Europe’s Largest Financial Enterprise in Multi-Year Deal

Rhea-AI Summary

Exela Technologies has secured a multi-year licensing agreement with Finanz Informatik, the IT service provider for the Savings Banks Finance Group, which manages approximately $3.5 trillion in assets. The partnership aims to standardize and enhance digital banking solutions through Exela's Digital Mailroom and AI-driven process control via Plexus CaseVision. This project is valued at several million USD over the coming years, showcasing Exela's technological capabilities in the financial sector.

Positive

• Secured multi-year licensing agreement with Finanz Informatik, enhancing digital banking solutions.
• Partnership valued at several million USD, indicating strong revenue potential.
• Utilization of AI technologies reflects innovation and forward-thinking strategy.

Negative

• None.

FRANKFURT, Germany, April 28, 2022 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela”) (NASDAQ: XELA) has signed a multi-year license deal with Finanz Informatik (“FI”), the IT service provider of the Savings Banks Finance Group, a financial institution with approximately $3.5 trillion in assets, 300,000 employees and 67 million customers. Since 2006, Exela has been helping FI on its digital journey primarily with their Core Banking System, OS Plus.

The latest project will enable a standard, comprehensive end to end solution replacing many of the local solutions developed over the years. Exela will introduce Digital Mailroom and the AI-based distribution and process control will be carried out by Plexus CaseVision. The project is valued at a TCV of several million USD over the next few years.

“FI is one of the most important leaders in IT banking infrastructure and its commitment to implement Exela’s holistic solution embracing AI is a testament to our technology and service capability. We are proud that FI chose to partner with us,” said Vitalie Robu, President of Exela, EMEA.

About FI
Finanz Informatik Technologie Service is an innovative IT Partner for the financial sector and supports both public and private banks, insurance companies and finance service providers with standardized outsourcing services. The company has had a firmly entrenched position in the banking sector market for many years and also provides an attractive IT-Offer for the insurance sector.

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 17,000 employees operating in 23 countries, Exela rapidly deploys integrated technology and operations as an end-to-end digital journey partner.

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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 is the significance of Exela's licensing agreement with Finanz Informatik?

The agreement is crucial as it enhances Exela's presence in the financial sector, indicating its capacity to deliver AI-driven digital banking solutions.

How much is Exela's project with Finanz Informatik valued at?

The project is valued at several million USD, contributing positively to Exela's revenue potential.

What technology will Exela implement for Finanz Informatik?

Exela will implement Digital Mailroom and AI-based distribution control through Plexus CaseVision.

What does this partnership indicate about Exela Technologies?

This partnership signifies Exela's growing influence and capability in providing innovative solutions within the banking sector.