Exela Technologies Announces $35 Million Breach Remediation Notification Contract Win

Rhea-AI Summary

Exela Technologies (NASDAQ: XELA, XELAP), a leader in business process automation, has secured a $35 million contract for security breach remediation. This short-term project started in June 2024 and is expected to conclude next month, significantly enhancing Exela's ITPS segment, which had revenue of $732 million in 2023. Exela, operating in 20 countries, provides cybersecurity services under the brands Reaktr.ai and Rust Consulting. CEO Suresh Yannamani emphasized Exela's capability to provide comprehensive cybersecurity, compliance, and incident response solutions. The announcement highlights Exela's strategic ability to scale quickly and meet critical client needs.

Positive

• $35 million contract win for security breach remediation.
• Enhances ITPS segment, which had $732 million revenue in 2023.
• Highlights Exela's capability to scale quickly and deliver solutions.
• Provides comprehensive cybersecurity services under Reaktr.ai and Rust Consulting.
• Operating in 20 countries, showcasing global reach.

Negative

• Short-term project expected to conclude next month, limiting long-term revenue impact.

News Market Reaction

+13.24%

1 alert

+13.24% News Effect

On the day this news was published, XELA gained 13.24%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

IRVING, Texas, June 24, 2024 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela” or “the Company”) (NASDAQ: XELA, XELAP), a global business process automation (“BPA”) leader, today announced a contract win valued at over $35 million. The short-term strategic contract in security breach remediation began in June and is expected to conclude next month. The project will be accretive to the Company’s ITPS segment which had revenue of $732 million in 2023. This is an example of the Exela’s ability to quickly scale capacity and deliver customer remediation solutions.

Exela offers customers cybersecurity under the brand Reaktr.ai, breach remediation services under the brand Rust Consulting coupled with notification services by Exela Technologies BPA LLC. With a presence in 20 countries including XBP Europe Holdings, Exela is one of the few companies to provide these services at scale. 

“This is a prime example of how Exela’s full service cybersecurity compliance, remediation and incident response solutions are resonating in the industry. Exela worked diligently and expeditiously with our client on a legally sensitive situation. At Exela, we are well positioned to help our current and potential customers in their time of need as cybersecurity becomes increasingly critical as each day passes,” noted Suresh Yannamani CEO, Exela Technologies BPA.

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About Exela Technologies

Exela Technologies is a business process automation (BPA) leader, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience. With decades of experience operating mission-critical processes, Exela serves a growing roster of more than 4,000 customers throughout 50 countries, including over 60% of the Fortune® 100. Utilizing foundational technologies spanning information management, workflow automation, and integrated communications, Exela’s software and services include multi-industry, departmental solution suites addressing finance and accounting, human capital management, and legal management, as well as industry-specific solutions for banking, healthcare, insurance, and the public sector. Through cloud-enabled platforms, built on a configurable stack of automation modules, and approximately 13,600 employees operating in 20 countries, Exela rapidly deploys integrated technology and operations as an end-to-end digital journey partner.

Investor and/or Media Contacts:

Vincent Kondaveeti
E: vincent.kondaveeti@exelatech.com

FAQ

What is the value of Exela Technologies' recent contract win?

Exela Technologies secured a $35 million contract for security breach remediation.

When did Exela Technologies begin its recent security breach remediation project?

The project began in June 2024.

When is Exela Technologies' breach remediation project expected to conclude?

The project is expected to conclude next month.

What impact will the recent contract have on Exela Technologies' ITPS segment?

The $35 million contract will enhance Exela's ITPS segment, which had $732 million in revenue in 2023.

Under which brands does Exela Technologies provide cybersecurity and breach remediation services?

Exela provides these services under the brands Reaktr.ai and Rust Consulting.

How many countries does Exela Technologies operate in?

Exela Technologies operates in 20 countries.