EXELA TECHNOLOGIES INC - XELA STOCK NEWS

Exela Technologies, Inc. (NASDAQ:XELA) will host a conference call to discuss its second quarter 2022 results on August 9, 2022, at 4:30 p.m. ET. The call will feature Executive Chairman Par Chadha and CFO Shrikant Sortur, who will review the financial outcomes followed by a Q&A session. A press release with the results will precede the call. Investors can access the live webcast on Exela’s Investor Relations website and find details for call-in participation. A replay will be available shortly after the call until August 16, 2022.

Exela Technologies has updated its Capital Deployment Strategy, establishing XCV-STS, LLC to manage assets aimed at enhancing shareholder value. The company purchased $70 million in 2026 Senior Secured Notes at a discount using equity-raise funds, marking the first asset to STS. Interest from these notes and proceeds from planned asset sales will be utilized to return value to shareholders. While Exela is optimistic about executing the strategy, it acknowledges potential uncertainties regarding necessary approvals and successful implementations.

Exela Technologies announced a new 5-year contract with a major European financial services firm for its XBP® platform, valued at approximately $6 million. This contract represents a significant opportunity within the company's $874.2 million ITPS accounting segment, indicating strong market interest in Exela's bill and payment processing solutions. The Digital Mail Room module will be deployed to streamline critical banking documents and transactions, enhancing digital transformation for clients across multiple sectors.

Exela Technologies, Inc. (NASDAQ: XELA) has announced a 1-for-20 reverse stock split, effective July 25, 2022, at 5:00 p.m. ET. This decision aims to enhance the marketability and liquidity of its shares and ensure compliance with Nasdaq listing requirements. Post-split, approximately 64.8 million shares will be issued and outstanding, trading on a split-adjusted basis starting July 26, 2022. Exela Technologies is recognized as a leader in business process automation and serves over 4,000 customers globally, including more than 60% of the Fortune 100.

Exela Technologies, Inc. (NASDAQ: XELA, XELAP) announced receipt of a preliminary, non-binding acquisition proposal for a business unit generating approximately $200 million in revenue. The Company is in discussions with various parties regarding additional offers. This move aligns with Exela's strategy to maximize shareholder value by potentially divesting standalone assets, reducing debt, and lowering annual interest expenses. Exela's Board of Directors will review the proposal with its advisors, but no assurance of a finalized agreement or transaction is guaranteed.

Exela Technologies (NASDAQ: XELA, XELAP) has promoted Suresh Yannamani to Chief Executive Officer of its subsidiary, Exela Technologies BPA, LLC, effective July 12, 2022. This strategic move is part of Exela's ongoing plans to enhance business leadership and drive profitable growth across various markets. Yannamani, who has extensive experience within Exela's predecessor companies, will focus on leveraging data science and technology solutions in healthcare and billing operations, aiming to create value for stakeholders.

Exela Technologies has been recognized by Gartner® as a Niche Player in the Magic Quadrant for Finance and Accounting Business Process Outsourcing, as announced on June 30, 2022. This recognition highlights Exela's F&A BPO services, reflecting its competence in executing innovative financial solutions backed by deep business analytics. The company serves over 3,400 global clients across numerous industries. Exela's offerings utilize big data and automation to transform the financial services sector, aiming for enhanced efficiency and reduced human intervention.

Exela Technologies (NASDAQ: XELA, XELAP) has secured a $2.5 million contract with France's L’Assurance Maladie Caisse Nationale (Cnam), aimed at enhancing digital transformation efforts. The 4-year deal could exceed $4.5 million, involving the deployment of advanced document processing solutions, including Raptor and Intelliscan XDS scanners. Initial rollouts are set for two sites in 2022, expected to manage 40,000 documents daily, improving efficiency in healthcare claims processing. Exela’s digital solutions continue to attract clients amidst high global inflation.

Exela Technologies, Inc. (NASDAQ: XELA, XELAP) announced a major customer win of $136 million in total contract value (TCV) over three years, bringing its year-to-date XBP TCV wins to $175 million. This contract highlights the effectiveness of Exela's Exchange for Bills and Payments (XBP), which is a key contributor to its $874.2 million ITPS accounting segment for FY 2021. The XBP solution leverages Exela’s TMS® and Beats® platforms, improving transaction control and insights for customers.