Exela Technologies Announces Updates to 2023 Operational Performance Improvement Objectives

  • Investing.com
Exela Technologies Announces Updates to 2023 Operational Performance Improvement Objectives

Exela Technologies (NASDAQ: XELA ), Inc. (“Exela” or the “Company”) (XELA, XELAP), a global business process automation leader, today announced updates to its 2023 operational performance improvement objectives. During the fourth quarter, the Company announced operational performance improvement targets by focusing on automation led efficiencies. The company has identified additional savings to help restore historically higher margins relative to recent financial reporting periods and plans to right-size the organization in the face of continuing tight job markets and higher employee costs.

“Automation initiatives are leading to process improvements across operating functions which are beginning to provide cost savings. Additionally, we have continued to execute cost management measures throughout the organization and the team continues to expect revenue to stabilize. As we bring all these initiatives to fruition, we expect to improve operational efficiencies over time,” said Shrikant Sortur, CFO of Exela Technologies.

Exela expects savings in the range of $65 to $75 million for 2023, including the initiatives announced in Q4 2022. The Company’s actions include headcount optimization, real estate reduction and increased cloud usage. The Company’s global workforce is expected to shrink; however, the Company will continue to maintain substantial flex capacity through its cloud-based WFA platforms to quickly ramp growth as needed.

The Company looks forward to providing investors with additional updates during earnings calls.

About Exela Technologies

Exela is a business process automation (BPA) leader, leveraging a global footprint and proprietary technology to provide digital transformation solutions that improve efficiency, quality, and productivity. 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. With foundational technologies spanning information management, workflow automation, and integrated communications, Exela’s software and services include multi-industry solution suites addressing finance & accounting, human capital management, facilities optimization, and legal management, as well as industry-specific solutions for banking, healthcare, insurance, and the public sector. Exela is a leader in workflow automation, attended and unattended cognitive automation, digital mailrooms, print communications, and payment processing, with deployments across the globe. Through cloud-enabled platforms, built on a configurable stack of automation modules, and approximately 16,500 employees operating in 21 countries, Exela rapidly deploys integrated technology and operations as an end-to-end digital journey partner.

Add Chart to Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100
Please try another search

Related Articles