Why Business Process Automation Provider Exela's Shares Are Shooting Higher On Monday
Portfolio Pulse from Shivani Kumaresan
Exela Technologies, Inc. (NASDAQ:XELA) shares surged 17.5% after securing a $35 million contract for security breach remediation. The contract, which started in June and ends next month, is expected to boost Exela's ITPS segment. Exela's global presence and comprehensive service offerings position it as a key player in the cybersecurity and BPA sectors.
June 24, 2024 | 2:47 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Exela Technologies' shares rose 17.5% following the announcement of a $35 million contract for security breach remediation. This contract is expected to significantly boost the company's ITPS segment, which reported $732 million in revenue for 2023.
The $35 million contract is a substantial addition to Exela's revenue, particularly for its ITPS segment. The market has reacted positively, as evidenced by the 17.5% increase in share price. This contract highlights Exela's capabilities in cybersecurity and BPA, reinforcing its market position.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100