Exela Technologies, Inc. (XELA), a company that provides transaction processing solutions, enterprise information management, document management, and digital business process services, has gained an increase of 1.77% during the premarket trading session. As a result, the stock is trading at $0.46 at the time of the writing. The increase could potentially be attributed to the expansion of partnership with a Bank. On Thursday, XELA closed the day at $0.45 after sliding by 4.20% during the regular trading session.
Why XELA Rising?
On Thursday, XELA announced that it had expanded its contract with a top global bank. The company said that it has increased the service offering to the bank via case management, mortgage payments, payment clearing and payment fraud detection. It was revealed that the expansion would also include foreign payment processing, which is subjected to sophisticated rules and regulations.
Augmentation of Relationship for Medicaid Programs
On 18th January, XELA announced that it had augmented its relationship with a technology services provider for Medicaid programs. The company said that the initial component of expansion is estimated to stand at $2.5 million. The deployment is expected to connect Medicaid agencies, providers and members to help drive clean claims and minimize the need for retrospective collections.
Strong Quarter for DMR and DrySign
On 10th January, XELA announced that Digital Mailroom (“DMR”) and DrySign® offerings within the Digital Assets Group had yet again delivered another strong quarter, whereby plenty of new customers and users became part of the company’s success during the fourth quarter of the fiscal year 2021. The customer growth rate increased about 44% in the case of DMR, while for DrySign, the growth of users increased by 135% compared with the same quarter of the previous fiscal year.
Future Outlook for XELA
During the last three months, XELA stock has declined approximately 70%, the reason being the negative sentiments associated with the products of the company. Looking ahead, the analysts are optimistic that the stock would overturn the momentum and would start gaining the investor’s traction.