The suit is a combination of incredible sophisticated technology and alien biology. The light grey parts is made of a non-newtonian polymer alloy which is highly resistant to impact, pressure and extreme temperatures while staying perfectly flexible and responsive to the wearer's movements. The darker blue parts is hardened carbon based alloy, laced with nano technology which can resist even greater threats. The nano technology provides physical enhancement to the wearer and even self-repairment to the suit. The purple part is an alien organism that is merged with the suit itself and lies in direct contact with the wearer. The alien organism is a symbiote that lends several benefits to the wearer like heightened senses, faster reflexes, healing, enhanced environmental and mental awareness to name a few. The symbiote has mind-reading abilities, and although it's not an actual self-aware, intelligent creature it can still cause severe mental health issues. However the alien organism is kept in check by three different AI programs. These three super computers work in sync to feed the wearer information, control the symbiote and run all the sub-functions of the suit.
Although the wearer can easily step in and out of the suit at will, the suit is linked with both the wearer's DNA and brain stem when equipped. When not equipped the suit can act on its own based on the owner's settings and current status. The suit may even protect the owner even when not worn.
Probably one of the most expensive pieces of equipment in the galaxy. However Xerxes has gotten his hand on a suit like that is a mystery. Perhaps he's part of the species responsible for the invention of the suit? Or perhaps he simply stole it? Or perhaps he found a faulty copy?

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A slight variation of the alien suit, here with a holographic visor. Also just wanted to nerd out and add the information of the suit itself.