Exela Technologies Announces Public Sector Contract Win in Germany

Rhea-AI Summary

Exela Technologies (NASDAQ: XELA, XELAP) announced a new 3-year framework contract with a public IT service provider, valued at approximately $11 million. This agreement allows Exela to implement its Digital Mail Room (DMR) module within its XBP™ Global platform across several German federal states and tax administrations. The initiative aligns with Exela's ongoing strategy to enhance its services in the German market, as highlighted by President Vitalie Robu's comments on the potential for growth and security in their offerings.

Positive

• Acquisition of a new 3-year contract valued at approximately $11 million.
• Expansion into the German market with the deployment of Digital Mail Room services.

Negative

• None.

IRVING, Texas, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela”) (NASDAQ: XELA, XELAP), today announced a new framework contract with a public IT and communications service provider for several German federal states and tax administrations. The 3-year framework agreement enables Exela to deploy its Digital Mail Room (DMR) module as part of its XBP™ Global platform and provide mass digitization services estimated at $11 million total contract value based on expected customer volumes and market growth.

”We are pleased to continue offering robust security and flexibility of XBP™ Global to this new customer and grow the service with the great potential of the German market,” 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 21 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 new contract announced on August 18, 2022?

Exela's new 3-year contract, worth about $11 million, enables the deployment of its Digital Mail Room module in Germany, enhancing its service offerings.

How does Exela's contract impact its stock performance?

The $11 million contract could positively influence Exela's stock performance by demonstrating growth potential in the German market.

What technology will Exela use under the new contract?

Exela will utilize its Digital Mail Room (DMR) module as part of the XBP™ Global platform to provide services under the contract.

Which regions are involved in Exela's new contract?

The new contract involves several federal states and tax administrations in Germany.

What are Exela's stock symbols?

Exela Technologies is listed under the stock symbols XELA, XELAW, and XELAP.