Exela Technologies Acquires Healthcare Asset Adding Over $20 million of Annual Revenue
January 03 2019 - 8:00AM
Transaction expected to contribute total
revenue of over $170 million over the next seven years
Exela Technologies, Inc. (“Exela”) (NASDAQ: XELA), a leader in
business process automation (“BPA”) across several industries with
location agnostic solutions, today announced the closing of a
healthcare industry asset acquisition, as it continues to expand
its activities in this space. The accretive acquisition was funded
with cash on hand.
The acquisition will add over $20 million of annual revenue and
for the next seven years, guaranteed annual revenue increases each
year. By leveraging industry leading healthcare platforms,
cognitive automation and deep domain knowledge, Exela’s existing
healthcare business of $346 million, or 22% of total revenue on a
trailing 12-month basis ending September 30, 2018, is positioned to
grow higher than the overall industry estimate of 5%.
“We are focused on providing our healthcare
industry customers best of class solutions and services and are
committed to profitable growth across all industries we serve. Near
term, we expect our healthcare business growth rate to be higher
than the healthcare industry growth rate estimates, backed by
in-hand incremental business from existing customers, new
customer wins and prudent investments,” said Suresh Yannamani,
President, Exela Technologies.
About Exela Exela is a location-agnostic global
BPA leader combining industry-specific and multi-industry
enterprise software and solutions with decades of experience. Our
BPA suite of solutions are deployed in banking, healthcare,
insurance and other industries to support mission critical
environments. Exela is a leader in work flow automation, attended
and un-attended cognitive automation, digital mail rooms, print
communications, and payment processing with deployments across the
globe. Exela partners with customers to improve user experience and
quality through operational efficiency. Exela serves over 3,700
customers across more than 50 countries, through a secure,
cloud-enabled global delivery model. We are 22,000 employees strong
across the Americas, Europe and Asia. Our customer list includes
60% of the Fortune® 100, along with many of the world's largest
retail chains, banks, law firms, healthcare insurance payers and
providers and telecom companies.
Find out more at www.exelatech.com
Follow Exela on Linkedin
https://www.linkedin.com/company/exela-technologies/
Follow Exela on
Twitter: https://twitter.com/exelatech
Forward-Looking
Statements: Certain statements included in this press
release are not historical facts but are forward-looking statements
for purposes of the safe harbor provisions under The Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as “may”,
“should”, “would”, “plan”, “intend”, “anticipate”, “believe”,
“estimate”, “predict”, “potential”, “seem”, “seek”, “continue”,
“future”, “will”, “expect”, “outlook” or other similar words,
phrases or expressions. These forward-looking statements include
statements regarding our industry, future events, the estimated or
anticipated future results and benefits of the business combination
of Quinpario Acquisition Corp. 2
(now Exela), SourceHOV Holdings, Inc., (“SourceHOV”) and
Novitex Holdings, Inc. (“Novitex”), which formed Exela
and closed on July 12, 2017 (including the related
transactions, the “Business Combination”), future opportunities for
the combined company, and other statements that are not historical
facts. These statements are based on the current expectations
of Exela management and are not predictions of actual
performance. These statements are subject to a number of risks and
uncertainties regarding Exela’s business, and actual results may
differ materially. These risks and uncertainties include, but are
not limited to, changes in the business environment in
which Exela operates and general financial, economic,
regulatory and political conditions affecting the industries in
which Exela operates; changes in taxes, governmental laws
and regulations; competitive product and pricing activity or
failure to realize the anticipated benefits of the Business
Combination, including as a result of a delay or difficulty in
integrating the businesses of SourceHOV and Novitex or the
inability to realize the expected amount and timing of cost savings
and operating synergies of the Business Combination; and those
factors discussed under the heading “Risk Factors” in Exela’s
Annual Report on Form-10-K filed with the Securities and
Exchange Commission (“SEC”) on March 16, 2018 as
supplemented by the risk factors contained in Exela’s quarterly
report on Form 10-Q for the quarter ended June 30, 2018. In
addition, forward-looking statements provide Exela’s expectations,
plans or forecasts of future events and views as of the date of
this communication. Exela anticipates that subsequent
events and developments will cause Exela’s assessments to change.
These forward-looking statements should not be relied upon as
representing Exela’s assessments as of any date subsequent to the
date of this press release.
Contact: Jim Mathias E: ir@exelatech.com
W: investors.exelatech.com T: +1 972-821-5808
Exela Technologies (NASDAQ:XELA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Exela Technologies (NASDAQ:XELA)
Historical Stock Chart
From Sep 2023 to Sep 2024