Business process automation company Exela Technologies, Inc. (NASDAQ:XELA) recently announced the renewal and expansion of its partnership with financial services major Mastercard (NYSE:MA) for the Europe, Middle East, and Africa (EMEA) region.
Shares of Exela reacted in a volatile manner to the news and fell 7.1% on Wednesday. The stock pared its loss almost 3% to close at $0.62 in the extended trading session.
The renewal of the partnership will involve Exela developing and deploying a new solution using optical/intelligent character reading to automate the content extraction of payment documents in the Brevgiro service in Norway.
Also, the solution will involve Exela in providing automated signature verification of payment transactions. This solution will be used to process over 11 million Giro payments in Norway.
The President of Exela EMEA, Vitalie Robu, said, “We are proud to continue developing our partnership with Mastercard and look forward to servicing the entire Norwegian Giro payments market, this solution is part of our global XBP rollout.”
The Wall Street community is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 2 Buys. The average Exela price target of $4 implies that the stock has upside potential of 563.9% from current levels. Shares have declined about 78.6% over the past year.
TipRanks’ Stock Investors tool shows that investors currently have a Very Negative stance on XELA, as 15.4% of investors on TipRanks have decreased their exposure to XELA stock over the past 30 days.
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