Exela Technologies Inc (NASDAQ:XELA) shares tripped over their toes Monday, after the company announced that the company along with General Dynamics was selected for a $2-billion program by the U.S. Department of Veterans Affairs.
The company, based in Irving, Texas, has teamed with GDIT teamed to bid for the VICCS project and have been selected as one of six recipients of an award from the VA. The contracts with Exela and GDIT will have a maximum potential value of $900 million over a five-year term and represents the largest potential contract in Exela’s history.
"Exela is honored to serve our Nation’s Veterans," said President Suresh Yannamani. "Our ongoing work with the VA is an important part of their digital journey to address the benefit needs of Veterans and we look forward to our continued partnership."
This award promises to expand Exela’s current role in assisting with Veterans’ benefits claims nationwide and is the consequence of many years of investment by Exela in digital healthcare technologies and services to help better serve our Country’s Veterans.
The award builds on an existing relationship between Exela and GDIT, in which GDIT initially selected Exela to assist with data intake and automated business process solutions for a VA contract awarded in 2015 handling some of the VA’s most challenging claims benefits tasks within the department.
Exela, to quote the company’s website, "is a business process automation leader, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience."
Shares lost 6.7 cents, or 4.9%, to $1.31
Tech Insider
