Exela Technologies Broadens Support of a Large Federal Agency with Output Communications Services

Rhea-AI Summary

Exela Technologies (XELA) announced a new one-year contract with a large federal agency for print, mail, and distribution services. This contract, under an existing funding channel, is expected to generate over $20 million over three years. The program aims to enhance benefits communication for the agency's members and their families. This expansion adds to Exela's existing task orders, demonstrating the company's ability to deliver proven solutions across public sector operations.

Positive

• Secured a new one-year contract with a federal agency worth over $20 million over three years.
• Demonstrated capability in print, mail, and distribution services for benefits communication.

Negative

• None.

IRVING, Texas, Oct. 18, 2021 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela”) (NASDAQ: XELA) today announced that it has been selected by a large federal agency to provide services under the existing funding channel for a one-year contract. Specifically, this new task order is for the output print, mail and distribution services for agency’s benefits communication to members and its associated services. This new program expands the number of task orders to Exela and accounts for additional services beyond processing awards so far. This task order will add a potential of $20mm+ over the next three years.

“These services are part of a broader mission by the agency to provide its members and their families the benefits they have earned through their service. The Exela team is proud to bring proven best practices from the commercial healthcare and public sector industries to the agency,” said Suresh Yannamani, President of Exela Technologies.

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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 18,000 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 contract did Exela Technologies announce on October 18, 2021?

Exela Technologies announced a one-year contract to provide print, mail, and distribution services for a federal agency.

How much revenue could Exela generate from the new contract?

Exela could generate over $20 million from the new contract over the next three years.

What services will Exela provide under the new federal contract?

Exela will provide output print, mail, and distribution services for benefits communication.

What company ticker represents Exela Technologies?

Exela Technologies is represented by the ticker symbols XELA and XELAW.