Rainbow Children's Medicare acquires majority stake in Prashanthi Hospital
Rainbow Children's Medicare Limited (RCML) has announced the acquisition of a majority stake in Prashanthi Medicare Private Limited, a reputed 100-bed NABH-accredited hospital in Warangal, Telangana. The acquisition marks a strategic expansion into tier-II cities and enhances RCML's presence in southern India.
Established in 2015 by Dr. Prasanthi Macha, Prashanthi Hospital is recognized for excellence in obstetrics, gynecology, neonatology, pediatrics, and minimally invasive surgery. The hospital has built a strong regional reputation and continues to serve as a trusted destination for maternal and child healthcare in Warangal, Telangana's second-largest district.
With this acquisition, RCML's total bed capacity increases to 2,035 across 20 hospitals in seven cities. The transaction, valued at approximately ₹32.60 crore (subject to working capital adjustments), is based on 9x estimated FY25 adjusted EBITDA and will be funded through internal accruals and cash reserves. RCML will acquire a 76% equity stake and 100% of the Non-convertible Redeemable Preference Shares (NCRPS), while Dr. Macha and associates will retain a 24% minority stake.
Post-acquisition, the facility will operate under a dual brand: Rainbow Children's Hospital for pediatric services and Prashanthi with BirthRight for women's health services. The integration will support RCML's hub-and-spoke model, ensuring efficient referrals and clinical alignment with its Hyderabad tertiary care hub.
Ahmedabad Plane Crash Rainbow Children's Medicare
Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at BusinessUpturn.com
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Accordingly, a reconciliation of such forward-looking information to the most directly comparable GAAP financial measures is not provided. Webcast Details and Earnings Infographic At approximately 8:45 a.m. ET today, an Earnings Infographic, as a supplement to this press release and the earnings conference call, will be available on ScanSource's website, (Investor Relations section). ScanSource will present additional information about its financial results and business in a conference call today, August 21, 2025, at 10:30 a.m. ET. A webcast of the call will be available for all interested parties and can be accessed at (Investor Relations section). The webcast will be available for replay for 60 days. Safe Harbor Statement This press release contains 'forward-looking' statements, including ScanSource's FY26 annual outlook, which involve risks and uncertainties, many of which are beyond ScanSource's control. No undue reliance should be placed on such statements, as any number of factors could cause actual results to differ materially from anticipated or forecasted results, including, but not limited to, the following factors, which are neither presented in order of importance nor weighted: macroeconomic conditions, including potential prolonged economic weakness, inflation, tariffs and changes in trade policy, the failure to manage and implement ScanSource's growth strategy, the ability for ScanSource to realize the synergies or other benefits from acquisitions, credit risks involving ScanSource's larger channel sales partners and suppliers, changes in interest and exchange rates and regulatory regimes impacting ScanSource's international operations, including new or increased tariffs, risk to the business from a cyberattack, a failure of IT systems, failure to hire and retain quality employees, loss of ScanSource's major channel sales partners, relationships with key suppliers and channel sales partners or a termination or a modification of the terms under which it operates with these key suppliers and channel sales partners, changes in ScanSource's operating strategy, and other factors set forth in the "Risk Factors" contained in ScanSource's annual report on Form 10-K for the year ended June 30, 2025. Except as may be required by law, ScanSource expressly disclaims any obligation to update these forward-looking statements to reflect events or circumstances after the date of this press release or otherwise. Non-GAAP Financial Information In addition to disclosing results that are determined in accordance with United States Generally Accepted Accounting Principles ("GAAP"), ScanSource also discloses certain non-GAAP financial measures, which are summarized below. Non-GAAP financial measures are used to understand and evaluate performance, including comparisons from period to period. Non-GAAP results exclude items such as amortization of intangible assets related to acquisitions, acquisition and divestiture costs, gain/loss on sale of business, and restructuring costs and include other non-GAAP adjustments. Net sales on a constant currency basis excluding acquisitions and divestitures to calculate organic growth ("non-GAAP net sales"): ScanSource discloses the percentage change in net sales excluding the translation impact from changes in foreign currency exchange rates between reporting periods and excluding the net sales from acquisitions and divestitures prior to the first full year from the transaction date. This measure enhances the comparability between periods to help analyze underlying trends on an organic basis. Adjusted earnings before interest expense, income taxes, depreciation, and amortization ('Adjusted EBITDA'): Adjusted EBITDA starts with net income and adds back interest expense, income tax expense, depreciation expense, amortization of intangible assets, change in fair value of contingent consideration, and other non-GAAP adjustments, including acquisition and divestiture costs, restructuring costs, cyberattack restoration costs, tax recovery, and non-cash share-based compensation expense. Since Adjusted EBITDA excludes some non-cash costs of investing in ScanSource's business and people, management believes that Adjusted EBITDA shows the profitability from the business operations more clearly. The Adjusted EBITDA margin is calculated as Adjusted EBITDA as a percentage of net sales. Adjusted return on invested capital ("Adjusted ROIC"): Adjusted ROIC assists management in comparing ScanSource's performance over various reporting periods on a consistent basis because it removes from operating results the impact of items that do not reflect core operating performance. Management believes the calculation of Adjusted ROIC provides useful information to investors and is an additional relevant comparison of its performance. Adjusted ROIC is calculated as Adjusted EBITDA over invested capital. Invested capital is defined as average equity plus average daily funded interest-bearing debt for the period. Management believes the calculation of Adjusted ROIC provides useful information to investors and is an additional relevant comparison of ScanSource's performance during the year. Free cash flow: ScanSource presents free cash flow as it is a measure used by management to measure our business. ScanSource believes this measure provides more information regarding liquidity and capital resources. Free cash flow is defined as net cash provided by operating activities less capital expenditures. Net debt: Net debt includes total balance sheet debt less cash and cash equivalents. ScanSource believes this measure is useful in assessing its borrowing capacity. Additional Non-GAAP Metrics: To evaluate current period performance on a more consistent basis with prior periods, ScanSource discloses non-GAAP SG&A expenses, non-GAAP operating income, non-GAAP pre-tax income, non-GAAP net income, and non-GAAP diluted earnings per share (non-GAAP diluted EPS). These non-GAAP results exclude amortization of intangible assets related to acquisitions, change in fair value of contingent consideration, acquisition and divestiture costs, restructuring costs, and other non-GAAP adjustments. These metrics include the translation impact of changes in foreign currency exchange rates. Non-GAAP metrics are useful in assessing and understanding ScanSource's performance especially when comparing results with previous periods or forecasting performance for future periods. These non-GAAP financial measures have limitations as analytical tools, and the non-GAAP financial measures that ScanSource reports may not be comparable to similarly titled amounts reported by other companies. Analysis of results and outlook on a non-GAAP basis should be considered in addition to, and not in substitution for or as superior to, measurements of financial performance prepared in accordance with GAAP. A reconciliation of ScanSource's non-GAAP financial information to GAAP is set forth in the Supplementary Information (Unaudited) below. About ScanSource, Inc. ScanSource, Inc. (NASDAQ: SCSC) is a leading technology distributor uniquely-positioned to address complex, converging technologies and to accelerate growth for channel sales partners across hardware, software as a service (SaaS), connectivity and cloud services. ScanSource enables channel sales partners to deliver converging solutions for their end users. ScanSource uses multiple sales models to offer technology solutions from leading suppliers of specialty technologies, connectivity and cloud services. Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource was named one of the 2025 Best Places to Work in South Carolina and on FORTUNE magazine's 2025 List of World's Most Admired Companies. ScanSource ranks #875 on the Fortune 1000. For more information, visit June 30, 2025* Assets Current assets: Cash and cash equivalents $ 126,157 $ 185,460 Accounts receivable, less allowance of $27,821 at June 30, 2025 and $20,684 at June 30, 2024 635,521 581,523 Inventories 483,815 512,634 Prepaid expenses and other current assets 124,959 125,082 Total current assets 1,370,452 1,404,699 Property and equipment, net 31,169 33,501 Goodwill 230,820 206,301 Identifiable intangible assets, net 62,909 37,634 Deferred income taxes 18,769 19,902 Other non-current assets 71,487 76,995 Total assets $ 1,785,606 $ 1,779,032 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 598,595 $ 587,984 Accrued expenses and other current liabilities 71,263 65,616 Current portion of contingent consideration 1,318 — Income taxes payable 3,927 7,895 Current portion of long-term debt 7,861 7,857 Total current liabilities 682,964 669,352 Long-term debt, net of current portion 128,288 136,149 Borrowings under revolving credit facility — 50 Long-term portion of contingent consideration 17,782 — Other long-term liabilities 50,163 49,226 Total liabilities 879,197 854,777 Commitments and contingencies Shareholders' equity: Preferred stock, no par value; 3,000,000 shares authorized, none issued — — Common stock, no par value; 45,000,000 shares authorized, 22,217,421 and 24,243,848 shares issued and outstanding at June 30, 2025 and June 30, 2024, respectively — 26,370 Retained earnings 1,020,833 1,013,738 Accumulated other comprehensive loss (114,424 ) (115,853 ) Total shareholders' equity 906,409 924,255 Total liabilities and shareholders' equity $ 1,785,606 $ 1,779,032 *Derived from audited financial statements. Expand ScanSource, Inc. and Subsidiaries Condensed Consolidated Income Statements (Unaudited) (in thousands, except per share data) Quarter ended June 30, Fiscal year ended June 30, 2025 2024 2025* 2024* Net sales $ 812,886 $ 746,113 $ 3,040,810 $ 3,259,809 Cost of goods sold 707,784 648,798 2,632,164 2,860,757 Gross profit 105,102 97,315 408,646 399,052 Selling, general and administrative expenses 71,610 68,498 286,934 277,428 Depreciation expense 1,925 2,770 10,004 11,219 Intangible amortization expense 4,927 3,741 19,227 15,723 Restructuring and other charges — 435 5,381 4,358 Change in fair value of contingent consideration (147 ) — 1,900 — Operating income 26,787 21,871 85,200 90,324 Interest expense 2,099 2,084 8,013 13,031 Interest income (3,054 ) (3,285 ) (11,247 ) (9,381 ) Gain on sale of business — — — (14,155 ) Other (income) expense, net 245 375 (5,962 ) 988 Income before income taxes 27,497 22,697 94,396 99,841 Provision for income taxes 7,408 6,600 22,848 22,781 Net income $ 20,089 $ 16,097 $ 71,548 $ 77,060 Per share data: Weighted-average shares outstanding, basic 22,526 24,524 23,442 24,868 Weighted-average shares outstanding, diluted 22,858 25,046 23,839 25,222 *Derived from audited financial statements. Expand ScanSource, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands) Fiscal year ended June 30, 2025* 2024* Cash flows from operating activities: Net income $ 71,548 $ 77,060 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Gain on sale of business — (14,155 ) Depreciation and amortization 30,195 28,009 Amortization of debt issue costs 386 386 Provision for doubtful accounts 8,351 8,317 Share-based compensation 11,062 9,537 Deferred income taxes 1,128 (2,472 ) Change in fair value of contingent consideration 1,900 — Finance lease interest 86 101 Changes in operating assets and liabilities, net of acquisitions: Accounts receivable (55,011 ) 138,264 Inventories 28,874 239,157 Prepaid expenses and other assets 7,303 (17,804 ) Other non-current assets 3,974 (10,689 ) Accounts payable 3,673 (78,167 ) Accrued expenses and other liabilities 2,846 (3,872 ) Income taxes payable (3,966 ) (2,025 ) Net cash provided by operating activities 112,349 371,647 Cash flows from investing activities: Capital expenditures (8,286 ) (8,555 ) Cash paid for business acquisitions, net of cash acquired (56,673 ) — Proceeds from sale of business, net of cash transferred 2,569 17,600 Net cash (used in) provided by investing activities (62,390 ) 9,045 Cash flows from financing activities: Borrowings on revolving credit 51,954 1,259,728 Repayments on revolving credit (52,004 ) (1,438,658 ) Repayments on long-term debt, net (7,857 ) (6,915 ) Borrowings (repayments) on finance lease obligation (1,090 ) (964 ) Exercise of stock options 9,511 4,813 Taxes paid on settlement of equity awards (4,895 ) (2,876 ) Common stock repurchased (106,524 ) (42,895 ) Net cash used in financing activities (110,905 ) (227,767 ) Effect of exchange rate changes on cash and cash equivalents 1,643 (3,643 ) (Decrease) increase in cash and cash equivalents (59,303 ) 149,282 Cash and cash equivalents at beginning of period 185,460 36,178 Cash and cash equivalents at period end $ 126,157 $ 185,460 *Derived from audited financial statements. Expand ScanSource, Inc. and Subsidiaries Supplementary Information (Unaudited) (in thousands, except percentages) Non-GAAP Financial Information: Quarter ended June 30, Fiscal year ended June 30, 2025 2024 2025 2024 Reconciliation of Net Income to Adjusted EBITDA: Net income (GAAP) $ 20,089 $ 16,097 $ 71,548 $ 77,060 Plus: Interest expense 2,099 2,084 8,013 13,031 Plus: Income taxes 7,408 6,600 22,848 22,781 Plus: Depreciation and amortization 7,101 6,792 30,195 28,009 EBITDA (non-GAAP) 36,697 31,573 132,604 140,881 Plus: Change in fair value of contingent consideration (147 ) — 1,900 — Plus: Share-based compensation 2,673 1,808 11,062 9,537 Plus: Acquisition and divestiture costs 191 503 926 1,717 Plus: Cyberattack restoration costs — 141 177 874 Plus: Restructuring costs — 435 5,381 4,358 Plus: Tax recovery (470 ) (657 ) (3,041 ) (2,558 ) Plus: Insurance recovery, net of payments (305 ) — (5,928 ) — Plus: Loss (gain) on sale of business — 378 — (14,155 ) Adjusted EBITDA (numerator for Adjusted ROIC) (non-GAAP) $ 38,639 $ 34,181 $ 144,660 $ 140,654 Invested Capital Calculations: Equity – beginning of the period $ 901,746 $ 944,053 $ 924,255 $ 905,298 Equity – end of the period 906,393 924,255 906,409 924,255 Plus: Change in fair value of contingent consideration, net (110 ) — 1,432 — Plus: Share-based compensation, net 2,007 1,350 8,310 7,120 Plus: Acquisition and divestiture costs 191 503 926 1,717 Plus: Cyberattack restoration costs, net — 106 133 655 Plus: Restructuring costs, net — 327 4,054 3,262 Plus: Insurance recovery, net (229 ) — (4,466 ) — Plus: Tax recovery, net (310 ) (278 ) (4,072 ) (2,566 ) Plus: Loss (gain) on sale of business — 378 — (14,155 ) Average equity 904,844 935,347 919,085 912,793 Average funded debt (a) 138,270 146,121 141,173 220,528 Invested capital (denominator for Adjusted ROIC) (non-GAAP) $ 1,043,114 $ 1,081,468 $ 1,060,258 $ 1,133,321 Adjusted return on invested capital ratio (Adjusted ROIC), annualized (b) 14.9 % 12.7 % 13.6 % 12.4 % (a) Average funded debt is calculated as the average daily amounts outstanding on short-term and long-term interest-bearing debt. (b) The annualized adjusted EBITDA amount is divided by days in the quarter times 365 days per year, or 366 days for leap year. There were 91 days in the current quarter and prior-year quarter. Expand ScanSource, Inc. and Subsidiaries Supplementary Information (Unaudited) Net Sales by Segment: Quarter ended June 30, 2025 2024 % Change Specialty Technology Solutions: (in thousands) Net sales, reported $ 788,708 $ 722,251 9.2 % Foreign exchange impact (a) 4,683 — Less: Acquisitions (7,140 ) — Non-GAAP net sales $ 786,251 $ 722,251 8.9 % Intelisys & Advisory: Net sales, reported $ 24,178 $ 23,862 1.3 % Foreign exchange impact (a) (14 ) — Less: Acquisitions (1,054 ) — Non-GAAP net sales $ 23,110 $ 23,862 (3.2 )% Consolidated: Net sales, reported $ 812,886 $ 746,113 8.9 % Foreign exchange impact (a) 4,669 — Less: Acquisitions (8,194 ) — Non-GAAP net sales $ 809,361 $ 746,113 8.5 % (a) Year-over-year net sales growth rate excluding the translation impact of changes in foreign currency exchange rates. Calculated by translating the net sales for the quarter ended June 30, 2025 into U.S. dollars using the average foreign exchange rates for the quarter ended June 30, 2024. Expand ScanSource, Inc. and Subsidiaries Supplementary Information (Unaudited) Net Sales by Segment: Fiscal year ended June 30, 2025 2024 % Change Specialty Technology Solutions: (in thousands) Net sales, reported $ 2,942,717 $ 3,167,549 (7.1 )% Foreign exchange impact (a) 32,754 — Less: Acquisitions (24,199 ) — Less: Divestitures — (4,019 ) Non-GAAP net sales $ 2,951,272 $ 3,163,530 (6.7 )% Intelisys & Advisory: Net sales, reported $ 98,093 $ 92,260 6.3 % Foreign exchange impact (a) (19 ) — Less: Acquisitions (5,978 ) — Non-GAAP net sales $ 92,096 $ 92,260 (0.2 )% Consolidated: Net sales, reported $ 3,040,810 $ 3,259,809 (6.7 )% Foreign exchange impact (a) 32,735 — Less: Acquisitions (30,177 ) — Less: Divestitures — (4,019 ) Non-GAAP net sales $ 3,043,368 $ 3,255,790 (6.5 )% (a) Year-over-year net sales growth rate excluding the translation impact of changes in foreign currency exchange rates. Calculated by translating the net sales for the twelve months ended June 30, 2025 into U.S. dollars using the average foreign exchange rates for the twelve months ended June 30, 2024. Expand ScanSource, Inc. and Subsidiaries Supplementary Information (Unaudited) Net Sales by Geography: Quarter ended June 30, 2025 2024 % Change United States and Canada: (in thousands) Net sales, as reported $ 744,644 $ 663,542 12.2 % Less: Acquisitions (8,194 ) — Non-GAAP net sales $ 736,450 $ 663,542 11.0 % Brazil: Net sales, reported (a) $ 68,242 $ 82,571 (17.4 )% Foreign exchange impact (b) 4,669 — Non-GAAP net sales $ 72,911 $ 82,571 (11.7 )% Consolidated: Net sales, reported $ 812,886 $ 746,113 8.9 % Foreign exchange impact (b) 4,669 — Less: Acquisitions (8,194 ) — Non-GAAP net sales $ 809,361 $ 746,113 8.5 % (a) Countries outside of the United States, Canada and Brazil represent $0.2 million, or 0.3% of sales, for the quarter ended June 30, 2025 and $0.1 million, or 0.1% of sales, for the quarter ended June 30, 2024. (b) Year-over-year net sales growth rate excluding the translation impact of changes in foreign currency exchange rates. Calculated by translating the net sales for the quarter ended June 30, 2025 into U.S. dollars using the average foreign exchange rates for the quarter ended June 30, 2024. Expand ScanSource, Inc. and Subsidiaries Supplementary Information (Unaudited) Net Sales by Geography: Fiscal year ended June 30, 2025 2024 % Change United States and Canada: (in thousands) Net sales, as reported $ 2,800,739 $ 2,921,172 (4.1 )% Less: Acquisitions (30,177 ) — Non-GAAP net sales, excluding acquisitions $ 2,770,562 $ 2,921,172 (5.2 )% International: Net sales, reported (a) $ 240,071 $ 338,637 (29.1 )% Foreign exchange impact (b) 32,735 — Less: Divestitures — (4,019 ) Non-GAAP net sales $ 272,806 $ 334,618 (18.5 )% Consolidated: Net sales, reported $ 3,040,810 $ 3,259,809 (6.7 )% Foreign exchange impact (b) 32,735 — Less: Acquisitions (30,177 ) Less: Divestitures — (4,019 ) Non-GAAP net sales $ 3,043,368 $ 3,255,790 (6.5 )% (a) Countries outside of the United States, Canada and Brazil represent $0.6 million, or 0.2% of sales, for the fiscal year June 30, 2025 and $4.4 million, or 1.3% of sales, for the fiscal year June 30, 2024. (b) Year-over-year net sales growth rate excluding the translation impact of changes in foreign currency exchange rates. Calculated by translating the net sales for the fiscal year ended June 30, 2025 into U.S. dollars using the average foreign exchange rates for the fiscal year ended June 30, 2024. Expand ScanSource, Inc. and Subsidiaries Supplementary Information (Unaudited) (in thousands) Free Cash Flow: Quarter ended June 30, Fiscal year ended June 30, 2025 2024 2025 2024 GAAP operating cash flow $ 7,644 $ 54,738 $ 112,349 $ 371,647 Less: Capital expenditures (2,518 ) (1,270 ) (8,286 ) (8,555 ) Free cash flow (non-GAAP) $ 5,126 $ 53,468 $ 104,063 $ 363,092 Expand ScanSource, Inc. and Subsidiaries Supplementary Information (Unaudited) (in thousands, except per share data) Quarter ended June 30, 2025 GAAP Measure Intangible amortization expense Change in fair value of contingent consideration Acquisition & divestiture costs (a) Restructuring costs Insurance recovery, net Tax recovery Cyberattack restoration costs Non-GAAP measure (in thousands, except per share data) SG&A expenses $ 71,610 $ — $ — $ (191 ) $ — $ — $ 470 $ — $ 71,889 Operating income 26,787 4,927 (147 ) 191 — — (470 ) — 31,288 Pre-tax income 27,497 4,927 (147 ) 191 — (305 ) (470 ) — 31,693 Net income 20,089 3,691 (110 ) 191 — (229 ) (310 ) — 23,322 Diluted EPS $ 0.88 $ 0.16 $ — $ 0.01 $ — $ (0.01 ) $ (0.01 ) $ — $ 1.02 Quarter ended June 30, 2024 (in thousands, except per share data) SG&A expense $ 68,498 $ — $ — $ (503 ) $ — $ — $ 657 $ (141 ) $ 68,511 Operating income 21,871 3,741 — 503 435 — (657 ) 141 26,034 Pre-tax income 22,697 3,741 378 503 435 — (657 ) 141 27,238 Net income 16,097 2,788 378 503 327 — (278 ) 106 19,921 Diluted EPS $ 0.64 $ 0.11 $ 0.02 $ 0.02 $ 0.01 $ — $ (0.01 ) $ — $ 0.80 (a) Acquisition and divestiture costs for the quarters ended June 30, 2025 and June 30, 2024 are generally nondeductible for tax purposes. (b) Reflects adjustment to the gain on the sale of the UK-based intY business. Expand ScanSource, Inc. and Subsidiaries Supplementary Information (Unaudited) (in thousands, except per share data) Year ended June 30, 2025 (in thousands, except per share data) SG&A expenses $ 286,934 $ — $ — $ (926 ) $ — $ 3,041 $ (177 ) $ (1,579 ) $ — $ 287,293 Operating income 85,200 19,227 1,900 926 5,381 (3,041 ) 177 1,579 — 111,349 Pre-tax income 94,396 19,227 1,900 926 5,381 (3,041 ) 177 1,579 (5,928 ) 114,617 Net income 71,548 14,400 1,432 926 4,054 (4,072 ) 133 1,189 (4,466 ) 85,144 Diluted EPS $ 3.00 $ 0.60 $ 0.06 $ 0.04 $ 0.17 $ (0.17 ) $ 0.01 $ 0.05 $ (0.19 ) $ 3.57 Year ended June 30, 2024 (in thousands, except per share data) SG&A expense $ 277,428 $ — $ — $ (1,717 ) $ — $ 2,558 $ (874 ) $ — $ — $ 277,395 Operating income 90,324 15,723 — 1,717 4,358 (2,558 ) 874 — — 110,438 Pre-tax income 99,841 15,723 — 1,717 4,358 (2,558 ) 874 (14,155 ) — 105,800 Net income 77,060 11,697 — 1,717 3,262 (2,566 ) 655 (14,155 ) — 77,670 Diluted EPS $ 3.06 $ 0.46 $ — $ 0.07 $ 0.13 $ (0.10 ) $ 0.03 $ (0.56 ) $ — $ 3.08 (a) Acquisition and divestiture costs for the fiscal years ended June 30, 2025 and June 30, 2024 are generally nondeductible for tax purposes. (b) Reflects adjustment to the gain on the sale of the UK-based intY business. Expand
Business Upturn
an hour ago
- Business Upturn
Intellect Design Arena's UK subsidiary to form JV with ITIXA in GIFT City, Gujarat
Intellect Design Arena Limited has announced that its UK subsidiary, Intellect Design Arena Limited, UK, has approved a Memorandum of Understanding (MOU) to establish a joint venture with UK-based ITIXA Limited, a group company of System Holdings Limited. The formal joint venture agreement will be signed soon. The new entity is planned to be set up in GIFT City, IFSC, Gujarat, and will focus on providing AI-enabled software solutions along with bookkeeping, accounting, payroll, HR, and other business support services to businesses in the United Kingdom. The services will also extend to accounting firms, regulators, other accounting software providers, and their clients. Over time, the JV may explore additional services and expand geographically, subject to mutual agreement. In terms of structure, Intellect Design Arena UK will hold a 50.1% stake, while ITIXA Limited will hold 49.9%, with equal representation on the Board of Directors. The companies confirmed that there is no relationship with promoters or group companies, and the arrangement is not a related-party transaction. The move is part of Intellect Design Arena's ongoing strategy to leverage technology and AI to offer smarter business solutions globally, while strengthening its presence in the UK market. Ahmedabad Plane Crash Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
