IRVING, Texas, May 6, 2021 – Exela Technologies, Inc. (“Exela”) (NASDAQ: XELA) was named a “Major Contender” in Everest Group’s Financial Crime and Compliance (FCC) Operations - Services PEAK Matrix® Assessment 2021. Everest Group reports that Exela has notable strengths in the areas of KYC and transaction monitoring, payments, document digitization, electronic signatures, and rules-based automation.
This designation results from the leadership of Exela’s President, Suresh Yannamani, the development and continued growth of Exela’s Finance Accounting solutions, and its “Digital Now” strategy, which emphasizes digital transformation as the basis of business process optimization.
A central element of Exela’s strategy in this area is its Exchange for Bills and Payments (XBP), which is integral to Exela’s vision of “building digital roads to repair broken processes.” XBP connects with a growing list of P2P and O2C solutions that include components of FCC and collectively represent a significant value-add to institutions intending to enhance FCC processes or integrate an FCC workflow into current in-house or emerging solutions.
“The pandemic has pushed the adoption of digital banking further with a spike in number of customers using digital modes of transactions and other banking processes. This also has exposed the vulnerabilities in financial institutions’ internal processes when agent availability was challenged,” said Robin Jain, Practice Director, Everest Group. “Exela Technologies has taken a technology-led approach to its FCC services with multiple digital solutions in payments, due diligence, and KYC that help reduce the reliance on manual intervention while maintaining compliance.”
Everest Group is an industry-leading consulting and research firm focused on strategic IT, business process and engineering services. The ‘Major Contenders’ in Everest Group’s PEAK Matrix assessments are those companies that are “increasingly building capabilities in serving different geographies and industry segments,” as well as those that are “developing sophisticated digital solutions and have been successful in implementing them across their client base.”
About Exela Technologies
Exela 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 over 19,000 employees operating in 23 countries, Exela rapidly deploys integrated technology and operations as an end-to-end digital journey partner.
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, 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, including without limitation those discussed under the heading “Risk Factors” in Exela’s most recently filed Annual Report on Form-10-K filed with the Securities and Exchange Commission. 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.
Investor and/or Media Contacts:
Vincent Kondaveeti
E: vincent.kondaveeti@exelatech.com
T: 929-620-1849
Mary Beth Benjamin
E: IR@exelatech.com
T: 646-277-1236
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