Exela Wins Intelligent Data Processing Contract with Large Property Insurance Firm

Rhea-AI Summary

Exela Technologies (NASDAQ: XELA) has secured a $2 million contract with a prominent US-based property insurance firm to utilize its Intelligent Document Processing (IDP). This partnership aims to assist the client in its digital transformation by digitizing tens of millions of legacy files. Exela's President, Suresh Yannamani, expressed enthusiasm for continuing the long-standing relationship, emphasizing their commitment to accelerating digital journeys. This contract marks a significant step in enhancing Exela's service offerings.

Positive

• Secured a $2 million contract with a major US property insurance firm.
• Contract will utilize Exela's Intelligent Document Processing (IDP) technology.
• Supports the client's digital transformation by digitizing legacy files.
• Strengthens longstanding client relationship of over 15 years.

Negative

• None.

IRVING, Texas, Jan. 04, 2022 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela”) (NASDAQ: XELA) today announced it has been awarded a contract with a large US based property insurance firm. The $2 million contract will utilize Exela’s Intelligent Document Processing (“IDP”). The customer engaged Exela to help complete its digital transformation journey using IDP to digitize tens of millions of legacy files.

“We welcome the opportunity to build on our 15+ year relationship and look forward to continuing to accelerate our customer’s digital transformation journey,” said Suresh Yannamani, President of Exela.

For more on Exela’s award winning, industry leading IDP solution, please see PluggedIN, Exela’s thought leadership publication.

For more Exela news, commentary, and industry perspectives, visit: https://investors.exelatech.com/

And please follow us on social:

Twitter: https://twitter.com/exelatech

LinkedIn: https://www.linkedin.com/company/exela-technologies

Facebook: https://www.facebook.com/exelatechnologies/

Instagram: https://www.instagram.com/exelatechnologies

The information posted on the Company's website and/or via its social media accounts may be deemed material to investors. Accordingly, investors, media and others interested in the Company should monitor the Company's website and its social media accounts in addition to the Company's press releases, SEC filings and public conference calls and webcasts.

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 recent contract did Exela Technologies secure?

Exela Technologies secured a $2 million contract with a large US-based property insurance firm.

How will Exela's IDP technology be used in the new contract?

Exela's IDP technology will be used to digitize tens of millions of legacy files for the insurance firm.

What is the significance of the contract for Exela Technologies?

The contract signifies a strong relationship with the client and underscores Exela's capabilities in supporting digital transformation.

Who commented on the new contract for Exela Technologies?

Suresh Yannamani, President of Exela, commented on the contract, highlighting the long-term relationship and commitment to the client's digital journey.