Exela Technologies Announces $19 Million, 5-Year Renewal with Leading Irish Bank

Rhea-AI Summary

Exela Technologies announced a 5-year contract renewal with a leading Irish bank, originally established in 2013. The renewal adds $19 million to the Total Contract Value and incorporates Exela's entire XBP suite, enhancing liquidity solutions, client communication, and transaction processing.

Vitalie Robu, President of Exela EMEA, emphasized the strategic importance of Ireland and the region's role as a model for growth in Europe.

Positive

• Contract renewal worth $19 million with a prominent Irish bank.
• Expansion of XBP services, improving liquidity and transaction processing.

Negative

• None.

DUBLIN, Ireland, June 07, 2022 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela”) (NASDAQ: XELA, XELAP), today announced a 5-year renewal with a leading Irish bank that began in 2013. The renewal augments an existing XBP relationship which is part of the ITPS segment. While Exela remains a leading provider of check processing to the Irish banking sector, the renewal enables the bank to embrace the entire XBP suite including robust liquidity solutions, improved communication with clients and faster transaction processing. The Total Contract Value is $19 million.

“We are proud to expand our XBP penetration and renew with this leading bank. Ireland has been a strategic focus for us and we continue to invest in the region and consider it to be a blueprint for other European countries,” said Vitalie Robu, President of Exela EMEA.

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 approximately 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 are the terms of Exela's recent contract renewal with the Irish bank?

Exela Technologies renewed a 5-year contract with a leading Irish bank, expanding services worth $19 million.

What services does Exela provide under the XBP suite?

Exela's XBP suite includes robust liquidity solutions, improved client communication, and faster transaction processing.

How does Exela's contract renewal impact its stock performance?

The $19 million contract renewal may positively influence Exela's financial stability and market confidence.

What is the significance of Exela's focus on the Irish market?

Exela considers Ireland a strategic market and a blueprint for expansion into other European countries.

How has Exela performed in the European market?

Exela maintains a leading position in check processing for the Irish banking sector and continues to invest in the region.