Shares of global business process automation (BPA) company, Exela Technologies, Inc. (NASDAQ:XELA) are trading higher after the company secured a contract worth over $35 million.

This short-term strategic contract, focused on security breach remediation, commenced in June and is set to conclude next month.

The contract is expected to boost Exela's ITPS segment, which reported $732 million in revenue for 2023.

Exela provides cybersecurity services through its Reaktr.ai brand, breach remediation under Rust Consulting, and notification services by Exela.

Operating in 20 countries, including XBP Europe Holdings, the company is among the few capable of delivering these services at scale.

Suresh Yannamani, CEO of Exela Technologies BPA said, "This is a prime example of how Exela's full service cybersecurity compliance, remediation and incident response solutions are resonating in the industry."

"At Exela, we are well positioned to help our current and potential customers in their time of need as cybersecurity becomes increasingly critical as each day passes."

The company's extensive global presence and comprehensive service offerings make it a key player in the cybersecurity and BPA sectors.

Price Action: XELA shares are trading higher by 17.5% at $2.398 at last check Monday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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