Exela Technologies Renews $72MM, 4-year Agreement with a Global Human Capital Management (HCM) Services Organization

Rhea-AI Summary

Exela Technologies (NASDAQ: XELA) has renewed a 4-year agreement with a global Human Capital Management services provider, valued at $72 million, which includes four months from the previous contract. Exela will continue to deliver essential communication services, facilitating over 30 million communications annually related to retirement, health, payroll, and more. This renewal is seen as a strategic foundation for expanding their global partnership, supporting a broad suite of services from recruitment to payment solutions.

Positive

• Renewal of a 4-year agreement valued at $72 million.
• Continued provision of mission-critical communication services.
• Facilitating over 30 million communications annually.

Negative

• None.

IRVING, Texas, Dec. 22, 2021 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela”) (NASDAQ: XELA) today announced renewal of 4-year agreement with a global Human Capital Management (HCM) services provider to provide mission critical unified communication services for a total contract value of $72 million. The $72 million figure includes about four months remaining on the prior contract.

Exela solutions are designed to ease the corporate administration of labor-intensive workflows for thousands of clients. Exela’s platform integrates complex data solutions and analytics to manage end to end customer communications for human capital and business process outsourcing.  

Exela will continue to provide transactional mailing services to support the needs of this global provider and its consumer base. Exela provides over 30 million communications on behalf of the customer annually. These mission critical services are a combination of customer critical document communications to support retirement benefits, health benefits, payroll, and other defined administrative services.

“This renewal is a strategic foundation for global expansion of our partnership” said Suresh Yannamani, president of Exela, adding “our full suite including recruit to retire services along with our procure to pay and exchange for bills and payments solutions, support our global customers in their strategic journey”

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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 17,500 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 is the value of the renewed contract for Exela Technologies with the HCM provider?

The renewed contract is valued at $72 million.

How many communications does Exela handle annually for its HCM client?

Exela handles over 30 million communications annually for the HCM client.

What type of services does Exela provide under the renewed agreement?

Exela provides unified communication services for retirement benefits, health benefits, payroll, and administrative services.

What is the duration of the renewed agreement between Exela and the HCM provider?

The renewed agreement is for a duration of 4 years.