IRVING, Texas, July 23, 2020 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (NASDAQ: XELA) today announced that it has completed the sale of its physical records storage and logistics business for a purchase price of $12.3 million. The assets involved in the business generated approximately $1 million of EBITDA in 2019.

This transaction is another milestone in Exela’s initiative to sell non-strategic business assets with total proceeds between $150 million and $200 million over two years, announced in November 2019. With the completion of this sale, Exela has now raised over $50 million for investment in the business.

“We are pleased with the progress made in executing the strategic initiative despite an overall challenging market environment,” said Suresh Yannamani, President, Exela. “We will continue focusing on our core business, new technology offerings, and focus on better serving our customers during these unprecedented times.”

About Exela Technologies

Exela is a business process automation (BPA) leader, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience. 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 department solution suites addressing finance and accounting, human capital management, and legal management, as well as industry-specific solutions for banking, healthcare, insurance, and public sectors. Through cloud-enabled platforms, built on a configurable stack of automation modules, and over 22,000 employees operating in 23 countries, Exela rapidly deploys integrated technology and operations as an end-to-end digital journey partner.