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Exela Technologies, Inc. (NASDAQ: XELA) is a global leader in business process automation (BPA), leveraging a vast global footprint and proprietary technology to provide digital transformation solutions. Exela's primary objective is to enhance quality, productivity, and end-user experience through its innovative services. The company has decades of experience in managing mission-critical processes and serves a diverse clientele of over 4,000 customers across 50 countries, including more than 60% of the Fortune 100.
Exela operates through multiple segments: Information and Transaction Processing Solutions (ITPS), Healthcare Solutions (HS), and Legal and Loss Prevention Services (LLPS). The ITPS segment generates the majority of the company's revenue, reflecting Exela’s strength in handling complex information and transaction processes.
Utilizing foundational technologies such as information management, workflow automation, and integrated communications, Exela offers a wide range of software and services. These include multi-industry departmental solution suites that address finance and accounting, human capital management, and legal management, along with industry-specific solutions for banking, healthcare, insurance, and public sectors.
Exela’s cloud-enabled platforms are built on a configurable stack of automation modules, enabling rapid deployment of integrated technology and operations as part of an end-to-end digital journey. The company employs approximately 17,500 individuals operating in 23 countries, ensuring a broad reach and efficient service delivery.
Recent achievements include launching a new Global Business Unit, Reaktr.ai, which focuses on cyber, large data, and generative AI. The goal is to address the rapidly changing industry demands and enhance operational efficiency and innovation for enterprise customers. Led by industry veteran Vineet Chaku, Reaktr.ai is expected to be a significant growth driver for Exela.
Financially, Exela has been working on stabilizing revenues and improving its balance sheet. The company has focused on cost management, leveraging automation, and making strategic investments in cyber security, data modernization, and cloud services. These efforts are aimed at positioning Exela for future growth and improving its overall financial health.
For the latest updates, news, and industry perspectives, visit Exela's investor relations website and follow them on social media:
For investor and media inquiries, contact Vincent Kondaveeti at vincent.kondaveeti@exelatech.com or Mary Beth Benjamin at IR@exelatech.com.
Exela Technologies, Inc. (NASDAQ: XELA) has extended the early tender and expiration time for its exchange offer concerning its outstanding 10.000% First-Priority Senior Secured Notes due 2023 until December 3, 2021. Approximately $893.5 million, or 95.5%, of the notes were tendered by the original deadline. The exchange offer includes a cash payment of $900 per $1,000 principal amount of the Old Notes, with a maximum cash amount of $225 million. The company has received consents for amendments to eliminate restrictive covenants and events of default in the Old Notes Indenture.
Exela Technologies has extended its exchange offer for Old Notes to December 1, 2021. Approximately $430.7 million, or 46.0%, of the Old Notes were tendered by the original deadline. With additional commitments from Supporting Holders, total tenders are expected to exceed $781.3 million, or 83.5%. Holders can receive $900 in cash per $1,000 of Old Notes, with acceptance on a pro-rata basis due to oversubscription. The new offering includes enhanced protections for investors and aims to amend existing restrictive covenants. The transaction is set to conclude shortly after the new deadline.
Exela Technologies (NASDAQ: XELA) has been selected as a potential supplier by the UK's National Health Service London Procurement Partnership. This selection allows Exela to provide services, including bulk scanning, contact center support, and digital mailroom solutions, as part of a comprehensive four-year contract worth approximately £5 billion (~$7 billion). The contract aims to enhance healthcare efficiency and patient data access. Exela's President expressed pride in contributing to improved healthcare systems.
Exela Technologies (NASDAQ: XELA) has been recognized as a 'Leader' in Everest Group's Intelligent Automation in Healthcare – Solutions PEAK Matrix® Assessment 2022. This assessment evaluated 18 operations service providers and highlighted Exela's ability to customize healthcare automation solutions effectively. Exela's intelligent automation approach addresses operational efficiency and cost reduction in healthcare, where repetitive tasks account for over $1 trillion annually. The company leverages in-house automation technologies, enhancing its competitive positioning within the healthcare sector.
Exela Technologies announced the immediate termination of an offer to purchase and exchange outstanding term loans, while the ongoing Exchange Offer for existing secured notes due 2023 remains active. As of November 18, 2021, about $318.9 million (34.1%) of the Old Notes were tendered. Investors will receive $900 in cash per $1,000 principal amount of Old Notes, subject to a maximum of $225 million. The deadline for validly withdrawing tenders has passed, and the Exchange Offer will settle after November 24, 2021.
Exela Technologies (NASDAQ: XELA) announced the establishment of GP 2XCV, LLC to utilize up to $105 million for debt repurchase, with B. Riley providing $75 million in financing and Exela contributing $30 million. As of November 17, 2021, Exela reported a total liquidity of approximately $348 million, including funds from this facility. The company intends to use its ATM facility opportunistically to support strategic goals. An 8-K has been filed with the SEC detailing the transaction.
Exela Technologies has extended the early tender deadline for its exchange offer to November 24, 2021, allowing Old Notes and Old Term Loans to be exchanged for new notes or cash. As of the original deadline, about $318.7 million (34.1%) of the outstanding notes had been tendered. Validly tendered notes will receive $900 in cash per $1,000 principal amount up to $225 million. The offer is oversubscribed, indicating strong investor interest, and the settlement is expected shortly after the new deadline.
Exela Technologies reported Q3 2021 revenue of $279.2 million, down 8.5% from the previous year. The company posted a net loss of $13.2 million, an improvement from a loss of $28.3 million in Q3 2020. EBITDA increased by 30% to $49.1 million, contributing to an EBITDA margin rise to 17.6%. The small-and-medium-sized business (SMB) segment showed strong growth, with DMR and DrySign up 71% and 47%, respectively. Exela anticipates $50 million in cash flow improvements in 2022 and has revised its guidance for revenue between $1.16 billion and $1.18 billion.
Exela Technologies, Inc. (NASDAQ:XELA), a leader in business process automation, will host a conference call on November 5, 2021, at 2:00 p.m. ET to discuss its third-quarter 2021 results. The call will feature CEO Ron Cogburn and CFO Shrikant Sortur. A press release with the results will be issued before the call, which can be accessed live on the company's Investor Relations website. The replay of the call will be available until November 12, 2021. Exela serves over 4,000 customers globally, including a significant portion of the Fortune 100, delivering digital transformation solutions.
Exela Technologies (NASDAQ: XELA) has announced a significant partnership with CareSource to roll out its PCH Global platform, benefiting 2 million members across multiple states. This initiative aims to enhance CareSource's digital transformation, facilitating seamless claims processing and improved healthcare services for Medicaid consumers. The cloud-based platform focuses on delivering high uptime and business continuity, while also providing robust data analytics accessible through a self-service model. This development marks a strategic milestone for Exela in the healthcare sector.
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