Exela Technologies Closes Sale of High-Speed Scanner Business as Part of Strategic Plan to Sell Non-Core Assets

Exela customers will continue to receive the stellar technology and best in class solutions

IRVING, Texas, June 09, 2023 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela” or “the Company”) (NASDAQ: XELA, XELAP), a leader in business processing automation (“BPA”) announced today that the Company completed the sale of its high-speed scanner manufacturing and maintenance business, including the Intelliscan family of products, (“the Business”) to Imaging Business Machines, LLC (“ibml”). Exela customers will continue to receive the stellar technology and best in class solutions as part of the transaction. The Business generated revenue of $20.5 million in 2022 and is included in the ITPS reporting segment.

This transaction is part of the strategic initiatives previously announced. The Company plans to use the incremental liquidity for general corporate purposes, debt obligations and transactions expenses.

Under ibml’s ownership, the Business will continue to provide the complete suite of scanning products and services for our customers, providing a seamless transition.

Exela will continue to focus on providing the best business process automation solutions for our customers’ needs. Additionally, the company will continue to provide its set of Smart Office solutions, including Smart Lockers.

“We are grateful to our employees who will be joining ibml and we look forward to working with them as a partner. The transaction is a win-win for all constituents but most importantly it is a win for our customers,” noted Executive Chairman, Par Chadha.

“I am pleased to welcome the team from Exela and excited to add Exela’s high-volume scanner products to ibml’s market-leading portfolio of solutions,” said Martin Birch, CEO of ibml. “The additional expertise and offerings will provide our customers with a more diverse portfolio of best-in-class high volume intelligent scanning solutions, and the ability to bring greater innovation to their document intensive business processes.”

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