Exela Technologies Announces New Logo with L’Assurance Maladie Caisse Nationale, the French National Insurance Fund

Rhea-AI Summary

Exela Technologies (NASDAQ: XELA, XELAP) has secured a $2.5 million contract with France's L’Assurance Maladie Caisse Nationale (Cnam), aimed at enhancing digital transformation efforts. The 4-year deal could exceed $4.5 million, involving the deployment of advanced document processing solutions, including Raptor and Intelliscan XDS scanners. Initial rollouts are set for two sites in 2022, expected to manage 40,000 documents daily, improving efficiency in healthcare claims processing. Exela’s digital solutions continue to attract clients amidst high global inflation.

Positive

• Contract award from Cnam valued initially at $2.5 million, with potential growth to $4.5 million over 4 years.
• Deployment of advanced document processing technologies to enhance operational efficiency.
• Support for the French government's digital transformation efforts, indicating a strong market position.

Negative

• None.

PARIS, June 28, 2022 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela”) (NASDAQ: XELA, XELAP), today announced a contract with L’Assurance Maladie Caisse Nationale (“Cnam”), the French National Insurance Fund, utilizing Exela’s PCH Global platform to speed up the National Agency’s digital transformation. While the initial total contract value (“TCV”) is $2.5 million, the 4-year contract has the potential to grow to over $4.5 million over this period.

Initially, the solution will deploy Exela’s cutting-edge Raptor and Intelliscan XDS scanners as well as a full OCR application across multiple sites as part of Exela ITPS (Information and Transaction Processing Solutions) segment. The online classification and extended sorting capacity will handle a wide range of document types and the initial deployment will be rolled out to two sites within 2022, with estimated volumes of 40,000 pieces per site per day, therefore optimizing social security and healthcare claims processing and management in France.

“As part of its modernization efforts and new policy, the Caisse Nationale de l'Assurance Maladie decided to make the processing of its non-digital incoming flows more efficient. The PLEIADE project (Plateforme Electronique d'Intégration des Courriers Incrants et d'Archivage Dématérialisé) was launched to achieve this goal. We are delighted to have chosen Exela Technologies as our digital partner to support us in this transformation project. Our choice was guided by Exela’s technological expertise within the digitalization of workflows and the alignment of the solution to the wide variety of documents we processed in high volumes,” said Mr. Karim Ben Ali, Project Director of the PLEIADE project.

“While many global economies, especially in Europe, have been experiencing high levels of inflation, customers are attracted to Exela’s cost and time-saving digital transformation solutions. We are always excited to sign new logos and help customers began their digital journey and we look forward to growing with L’Assurance Maladie Caisse Nationale,” said Vitalie Robu, President of Exela EMEA.

About Cnam

The Caisse Nationale de l'Assurance Maladie des travailleurs salariés (Cnam) is a public administrative body whose mission is to define health insurance policy at national level. Its role is to steer, coordinate and advise the action of the local bodies that make up its network, in particular, the primary health insurance funds (CPAM) and the five general social security funds.

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 is the contract value secured by Exela Technologies with Cnam?

Exela Technologies has secured an initial contract value of $2.5 million with Cnam, with potential growth exceeding $4.5 million.

What technologies will Exela deploy for the Cnam project?

Exela will deploy Raptor and Intelliscan XDS scanners along with a comprehensive OCR application for document processing.

When will the initial deployment of Exela's solutions take place?

The initial deployment is set to roll out in 2022 across two sites.

How many documents will be processed daily under the new contract with Cnam?

The project aims to handle an estimated volume of 40,000 documents per site per day.

What are the implications of the contract for Exela's stock performance?

The contract with Cnam may positively impact Exela's stock performance by enhancing revenue and showcasing operational capabilities.