Exela Technologies, Inc. (XELA
) is a global provider of digital platforms and business process automation solutions. The company was founded in 2017, through a merger of two established companies, SourceHOV and Novitex Enterprise Solutions. Since then, the company has grown rapidly and has a presence in over 50 countries, serving clients across various industries, including financial services, healthcare, legal, and government.
SourceHOV was founded in 2011, as a result of a merger between SourceCorp and HOV Services. The company offered a wide range of information management services, including document management, content digitization, and workflow automation. Similarly, Novitex Enterprise Solutions was established in 2013, as a spin-off from Pitney Bowes, and provided similar services, with a focus on mail and package delivery.
The merger of SourceHOV and Novitex in 2017 created Exela Technologies, with a mission to provide end-to-end digital solutions that help businesses streamline their operations, reduce costs, and improve customer experience. The company's portfolio of services includes document management, business process automation, analytics, and digital mailroom solutions. Exela also leverages emerging technologies such as artificial intelligence, robotic process automation, and blockchain to enhance its offerings and stay ahead of the curve.
Exela Technologies has achieved several significant milestones since its inception. One of the most notable achievements was the successful completion of its Initial Public Offering (IPO) in 2017, which raised $550 million for the company. The IPO allowed Exela to expand its offerings and pursue strategic acquisitions to enhance its capabilities. The company has since acquired several firms, including Asterion, a data analytics company, and Crimson Limited, a UK-based provider of digital mailroom solutions.
Another significant success for Exela has been its ability to attract high-profile clients across various industries. The company's client base includes Fortune 500 companies, such as JPMorgan Chase, Bank of America, and AT&T. Exela's digital solutions have helped these clients improve their business processes and enhance customer experience, which has resulted in increased revenues and improved brand reputation.
Furthermore, Exela's focus on emerging technologies has helped it stay ahead of the competition and position itself as a leader in the digital transformation space. The company's use of artificial intelligence, robotic process automation, and blockchain has allowed it to automate processes, reduce errors, and improve efficiency, which has translated into tangible benefits for its clients.
Despite its successes, Exela Technologies has faced some challenges over the years. One of the most significant challenges has been its financial performance. Since its IPO, the company has struggled to generate consistent profits, with net losses reported in each of the past three years. The COVID-19 pandemic also had a significant impact on Exela's financials, as many of its clients were negatively affected by the economic downturn.