EXELA TECHNOLOGIES INC - XELA STOCK NEWS

Exela Technologies has successfully raised $85 million under its $150 million at-the-market equity program, enhancing its liquidity position as of June 30, 2021. The funds will be primarily utilized to reduce debt and lower annual interest expenses by approximately $25 million, along with supporting strategic growth initiatives. The company reported having $205 million in cash and cash equivalents and does not plan to utilize additional borrowing capacity in the near term. More details will be released in the upcoming second quarter financial results call.

Exela Technologies (XELA) has completed a $100 million at-the-market equity program initiated on May 27, 2021, and has launched an additional $150 million program. The net proceeds will be used for debt retirement, corporate purposes, development programs, and general and administrative expenses. The offering, following an effective shelf registration statement, is intended to enhance Exela's operational capacity and financial health. The company serves over 4,000 customers globally, leveraging its technology and expertise.

Exela Technologies has launched its Digital Mailroom (DMR) platform for small and medium businesses (SMBs) in the UK, responding to the increasing remote work trend. The platform allows users to receive digitised documents via a virtual office address, enhancing flexibility and ease of communication. DMR offers various features, including eSignature and data redaction, along with flexible pricing plans. With over 4,000 clients globally, including many Fortune 100 companies, Exela aims to support businesses of all sizes with this innovative solution.

Exela Technologies, Inc. (NASDAQ: XELA) announced the rollout of its EON Robotic Process Automation (RPA) platform for a significant health insurance client, enhancing digital transformation by automating claims processing. This partnership, built over 16 years, aims to reduce processing times and increase operational efficiency. Exela is committed to expanding its PCH Global capabilities, providing a cloud-hosted solution with advanced data analytics. The company serves over 4,000 clients globally and remains focused on integrating healthcare relationships into its scalable networks.

Exela Technologies, Inc. (NASDAQ: XELA) hosted a fireside chat webcast on June 11, 2021, featuring CFO Shrikant Sortur and Head of Strategy Matt Brown, moderated by Josh Siegler of Cantor Fitzgerald. The discussion emphasized business process automation (BPA) and the company's global reach, serving over 4,000 customers in 50 countries, including more than 60% of the Fortune 100. The webcast is available for viewing for 30 days.

Exela Technologies (NASDAQ: XELA) has been recognized as a Leader in NelsonHall’s 2021 Healthcare Payer BPS NEAT Vendor Evaluation, excelling in Overall Capability, Plan Design & Enrollment, Member Services, and Operations Transformation. The company was also rated as a High Achiever in Claims & Billing and Provider Management. Exela's PCH Global platform aims to simplify healthcare claims management through intelligent automation, ultimately lowering costs for stakeholders. This acknowledgment highlights Exela's commitment to innovative solutions in the healthcare sector.

Exela Technologies has announced the expansion of its partnership with a major specialty care services insurance carrier, enhancing its PCH Global platform's capabilities. This collaboration aims to connect 27,000 unique providers to streamline claims management, correspondence, and payment processes. The deployment will support approximately 3,800 specialists and is expected to improve transparency while reducing costs in behavioral health claims. Exela's ongoing investments in this cloud-based solution are designed to enhance scalability, uptime, and data analytics for the healthcare sector.

Exela Technologies (NASDAQ: XELA) has announced a significant expansion of its PCH Global platform, increasing its provider network by over 100%. The deployment now encompasses over 35,000 healthcare providers and hospital systems, enhancing digital transformation for a major US health insurance company's TPA division. This move aims to streamline healthcare claims processing, reduce administrative costs, and improve payment transparency. The expansion is part of Exela's strategy to migrate healthcare relationships to its cloud network, ensuring scalability and improved data analytics.

Exela Technologies reported Q1 2021 revenue of $300.1 million, down 17.9% year-over-year, with an operating income of $4.3 million. Despite a net loss of $39.2 million, adjusted EBITDA rose 4.7% to $46.5 million. The company is pleased with operational improvements and strong growth in its SMB business, with DMR customers and DrySign users increasing by 117% and 170% respectively. Exela maintains its 2021 guidance, projecting revenues between $1.25 to $1.39 billion.