AXISCADES Technologies Limited completed the acquisition of 100% of the share capital of Ulosia Holding AG on October 14, 2026. The Swiss entity now operates as a wholly owned subsidiary of the company.

Acquisition details

The transaction follows an initial intimation dated June 12, 2026. AXISCADES disclosed the completion under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Ulosia Holding AG is incorporated under the laws of Switzerland with its registered office in Baar.

Regulatory compliance

The company filed the update with both BSE and NSE to record the change in subsidiary status. Sonal Dudani, Company Secretary and Compliance Officer, signed the disclosure digitally on the date of completion.

AXISCADES Technologies Limited approved an in-principle acquisition of substantially all business assets of ITSJ Group, Inc. by its step-down subsidiary, XIDA Inc., for up to $7.0 million (approx. ₹67.02 crore). The deal aims to secure US-based precision engineering and electronics manufacturing capabilities in San Jose, California.

The Board of Directors granted approval on October 14, 2026. The transaction is structured as an asset purchase, meaning XIDA Inc. will acquire customer contracts, inventory, equipment, intellectual property, and goodwill. No shares of ITSJ will be acquired, and ITSJ will not become a subsidiary of AXISCADES or XIDA Inc. Liabilities of ITSJ, other than those specifically assumed, remain with the seller.

Consideration Structure

The aggregate consideration comprises a mix of cash, restricted equity, and performance-linked payments. The guaranteed portion totals $5.0 million, split evenly between cash and restricted shares of XIDA Inc. The remaining $2.0 million is contingent on achieving specific customer-transition, revenue, and margin milestones over three years.

Strategic Rationale and Target Profile

ITSJ Group, Inc. operates in precision engineering and electronics manufacturing services (EMS), including CNC machining, PCB design and assembly, electrical cabinets, and box build integration. Its primary customers are in the semiconductor-equipment and data-centre infrastructure industries. The acquisition is within the main line of business of AXISCADES, which serves semiconductor and AI data-centre markets.

The strategic objectives include providing XIDA with US-based design-to-build capabilities, adding local manufacturing presence in San Jose to complement engineering work in India, and scaling the business using XIDA’s capital and systems. The transaction is not expected to have a material impact on consolidated financial results for FY27.

What the Numbers Show

A notable divergence exists between the target’s revenue scale and the acquisition price. ITSJ reported unaudited revenue of $3.47 million for CY25, growing slightly from $3.37 million in CY24. The maximum consideration of $7.0 million represents approximately 2x the target’s latest annual revenue. This valuation multiple suggests the buyer is paying a premium for the tangible assets, established customer relationships with hyperscale data-centre operators, and the strategic value of a US-based manufacturing footprint rather than solely for current earnings power. The earn-out structure further aligns the final payout with future performance improvements beyond historical levels.

Timeline and Regulatory Status

No governmental or regulatory approvals are required in India. The Asset Purchase Agreement is expected to be executed by November 30, 2026, with completion targeted on or before March 31, 2027, subject to customary closing conditions.