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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 (NASDAQ:XELA) will host a conference call on May 4, 2021, at 11:00 a.m. ET to discuss its first quarter 2021 results. CEO Ron Cogburn and CFO Shrikant Sortur will lead the call, which will include a question-and-answer session. A press release detailing the results will be issued prior to the call. For those unable to attend, a replay will be available until May 11, 2021. Exela, a leader in business process automation, serves over 4,000 customers globally, enhancing quality and productivity.
Exela Technologies reported its preliminary financial results for Q4 and FY 2020, achieving revenue of $314.1 million in Q4, down 20.2% year-over-year, with a net loss of $88.9 million. Full-year revenue was $1.29 billion, a 17.3% decline, with improved operating loss of $16.4 million compared to $321.2 million in 2019. Exela is focusing on cost savings of $174 million and anticipates a liquidity boost of $26.8 million. The company added $182 million in Annual Contract Value (ACV) and projects revenue between $1.25 billion and $1.39 billion for 2021.
Exela Technologies has entered into agreements with institutional investors for the purchase of 9,731,819 shares of common stock at $2.75 each, along with warrants for the same number of shares at an exercise price of $4.00. The offering is set to raise approximately $26.8 million before expenses and is expected to close around March 18, 2021. Exela will file a resale registration statement with the SEC by May 3, 2021, to register the shares and warrants. The securities offered are unregistered, and this will not constitute a public offering.
Exela Technologies has launched a 10-year, $90 million venture utilizing its PCH Global platform to enhance digital transformation for a major US health insurance company. This marks Exela's debut in the healthcare sector, enabling large-scale deployment of its digital exchange platform for processing complex health insurance claims. The partnership builds on over $28 million in revenue in 2020, with an aim to migrate existing healthcare relationships to its cloud network, improving scalability and analytics.
On February 24, 2021, Exela Technologies (NASDAQ: XELA) announced its participation in a fireside chat at 11:00 a.m. ET, hosted by Cowen analyst Bryan Bergin. Key executives, including Chairman Par Chadha and CEO Ron Cogburn, will discuss Exela’s Bill and Payments Exchange (XBP). An archived version of the chat and presentation slides will be available on the Company’s website for a limited time. Exela, a leader in business process automation, serves over 4,000 customers in 50 countries, including a substantial number of Fortune 100 companies.
Exela Technologies (NASDAQ: XELA) has launched the IntelliScan Raptor scanner, a high-speed scanning solution capable of processing up to 240 pages per minute. The Raptor is designed for mid to high volume document handling, making it suitable for various sectors including banking and healthcare. It combines affordability, superior image quality, and flexible paper handling. Manufactured in the US and Asia, Exela plans to support the Raptor through its global service organizations and reseller partners, enhancing its document digitization offerings.
Exela Technologies, Inc. (NASDAQ: XELA) announced on February 10, 2021, that it has regained compliance with the minimum bid price requirement set by Nasdaq, following a letter received on February 9, 2021. This compliance is crucial for maintaining its listing on the exchange. Exela, a leader in business process automation, serves over 4,000 clients in 50 countries, providing integrated technology and operations solutions across various industries.
Exela Technologies (NASDAQ: XELA) received an extension from the Nasdaq Hearings Panel to meet the $1.00 bid price requirement for continued listing. The Company must maintain a closing bid price of at least $1.00 for ten consecutive business days by February 8, 2021. Exela faced a compliance issue and requested a hearing, which resulted in the extension. CEO Ronald Cogburn expressed optimism about the Company’s progress and initiatives, including partnerships with Mastercard/Vocalink and new customer acquisitions.
Exela Technologies announced a new contract worth $15.6 million with a leading health organization for payment and explanation of benefits processing, starting in Q4 2020. This contract highlights Exela's innovative PCH Global solution, designed to improve payment processing efficiency and customer experience.
Exela Technologies has launched PCH Global, the first cloud-based claims processing gateway in the healthcare industry, aimed at improving the efficiency of claims submission and processing. This new platform integrates multiple services, minimizing claim denials and expediting payments to healthcare providers. Notably, Exela is recognized as a market leader with the largest client base in healthcare automation, according to Everest’s PEAK Matrix™ Assessment. The solution supports various business models, enhancing liquidity for providers and payers.
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