XELAW - XELAW STOCK NEWS

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.

Exela Technologies (NASDAQ: XELA) has expanded its offerings in AI-enabled automation through the launch of Intelligent Document Processing (IDP) integrated with its robotic process automation platform, EON. This solution targets the healthcare and public sectors while planning expansions into finance and legal fields. IDP enhances document automation via machine learning classifiers, improving efficiency and accuracy. Exela positions itself as a leader in business process automation, serving over 4,000 clients across 50 countries and over 60% of the Fortune 100.

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.