EXELA TECHNOLOGIES INC - XELA STOCK NEWS

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.

Exela Technologies, Inc. (NASDAQ: XELA) has launched a cash tender offer for its senior secured term loans and secured notes, offering $900 per $1,000 of principal. The maximum cash payout is $225 million, and the offer is not subject to a minimum participation condition. If oversubscribed, the acceptance will be on a pro-rata basis. Remaining loans will convert into new notes with an 11.50% coupon, maturing on July 15, 2026. The early tender deadline is November 9, 2021, with the final expiration on November 24, 2021.

Exela Technologies (NASDAQ: XELA) announced the deployment of its Digital Mailroom (DMR) solution, designed for remote employees of a major franchisor. The phased rollout begins with employees near headquarters, expanding to all field offices. DMR enhances secure document access and management, leveraging proprietary classification technology to streamline operations. This solution aligns with the growing demand for hybrid work environments and offers substantial cost savings and efficiency gains.

Exela Technologies (NASDAQ: XELA) reported significant customer growth in Q3 2021, with Digital Mailroom (DMR) growing by 71% quarter-over-quarter and DrySign® users increasing by 47%. The company expanded its customer base during the back-to-school season and introduced operations in new geographies, including the UK, Philippines, France, and Germany. Exela plans to enhance its offerings with a remote notarization module to accelerate customer onboarding.

Exela Technologies has renewed its contract with a leading health organization to continue as a payment processing partner for COVID-19 claims. This renewal reflects Exela's commitment to customer service and highlights its Business Process Automation solutions. By implementing a full-spectrum payment processing system, Exela aims to reduce claim denials and expedite payments. Exela serves over 4,000 clients globally and leverages advanced technologies to enhance operational efficiency.

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.

Exela Technologies (NASDAQ: XELA) is expanding its Enterprise Digital Mailroom (DMR) services with a leading Medicare Advantage HMO, enhancing communication for its 200,000 members. This deployment showcases the growing demand for Exela's DMR platform, which digitizes and streamlines document management, providing searchable and shareable digital assets. The platform leverages Intelligent Document Processing to boost operational efficiency and support digital transformation. Exela continues to meet the rising needs of enterprise and SMB customers amidst operational challenges stemming from the COVID-19 pandemic.

Exela Technologies has expanded its relationship with a major multinational insurer in France to help address a backlog of pension reconciliation cases due to pandemic-related delays. This collaboration capitalizes on Exela's expertise and established presence in the region, aiding employers in resuming delayed pension contributions. The company aims to enhance liquidity and support financial recovery for individuals impacted by COVID-19 policies. Exela continues to innovate and invest in technology to improve operations and customer engagement across the insurance sector.

Exela Technologies has launched Shareholder Connect, a platform designed to meet the demand from its global shareholders, known as Exelarators. This initiative includes the sale of sustainably sourced merchandise, with profits directed to partner charities. Shareholders will gain access to an enhanced version of DrySign, Exela's digital signature platform, and a quarterly publication named PluggedIN. The company emphasizes gratitude towards its supporters in a message from Executive Chairman Par Chadha.