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Exela Technologies (XELA) Stock Soars After Securing $136 Million Contract

  • Exela Technologies (XELA) stock is rocketing higher on a new customer contract.
  • The new contract is worth $136 million over a three-year period.
  • This brings Exela's total contract value for 2022 to $175 million so far.
Group of colleagues discuss something in an office conference room representing XELA stock.

Source: GaudiLab / Shutterstock

Exela Technologies (NASDAQ:XELA) stock is taking off on Wednesday after gaining a new $136 million customer contract.

According to a press release from the company, its Exchange for Bills and Payments (XBP) has continued to sign new logos contracts. This newest batch has it set to earn $136 million over the course of the next three years.

What exactly does all that mean? Exela Technologies is a business process automation company that helps companies make their workflows more efficient. It does so via its payment processing, workflow and digital mailroom services.

Exela Technologies says this new contract brings its year-to-date (YTD) XBP total contract value (TCV) to $175 million. That’s a strong start for its XBP business, which produced revenue of $874.2 million in 2021.

Lakshmi Narayanan Chandramohan, President of Bills and Payments at Exela, said the following in the release:

“This win highlights our scalable, referenceable XBP platforms effectiveness for rapid deployment for our customers. We are excited by the positive reception for our market-ready solutions that leverages our extensive experience in the payment space.”

XELA stock is seeing extra action today alongside the contract news, with more than 344 million shares changing hands as of this writing. That’s a hefty increase over its daily average trading volume of around 39 million shares.

XELA stock is up 65% as of Wednesday morning.

There’s more stock market news traders will want to dive into below!

We’ve got all the latest stock news to keep investors up to date on Wednesday! Among that is what’s going on with shares of Athira Pharma (NASDAQ:ATHA), Winnebago Industries (NYSE:WGO) and Precision BioScience (NASDAQ:DTIL). You can check out all of that at the following links!

More Wednesday Stock Market News

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2022/06/exela-technologies-xela-stock-soars-after-securing-136-million-contract/.

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