Why Exela's Stock Is Surging Higher Today

Exela Technologies Inc XELA shares are trading higher Tuesday after the company said it won a 10-year, $90-million contract delivering data transformation solutions for a major US insurer.

The press release states the venture between Exela and the insurer involves the large-scale deployment of Exela’s digital exchange platform, PCH Global, in the cloud and onsite to deliver healthcare solutions to the insurer. In addition, Exela said this venture is part of a broader relationship that included over $28 million in revenue in 2020.

About Exela: Exela Technologies is a business process automation (BPA) leader combining offering enterprise software and solutions. Exela’s BPA suite of solutions are deployed in banking, healthcare, insurance among other industries.

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“The combination of proprietary technology, global service delivery, and industry expertise, positions Exela as a leader in enrollments, complex claims processing, appeals and grievance management, and payment solutions," said Exela's President Suresh Yannamani. "Our goal has been to set ourselves apart by developing PCH Global as a complete payment integrity solution for the insurance industry, handling everything from claims ingestion and validation, to correspondence, adjudication and payments."

Price Action: Exela shares are trading higher by 200% at $4.96 Tuesday afternoon. The stock has a 52-week high of $5.50 and a 52-week low of $0.26.