HandsOn Global Management (HGM) Limited (NSE: **HOVS**), formerly known as **HOV Services Limited**, is an Indian-listed enterprise undergoing a strategic transformation into a global **AI-driven healthcare technology and services platform**. The company operates a hybrid model, combining direct **IT and IT-Enabled Services (ITeS)** with a portfolio of strategic investments in the North American, APAC, and Middle East markets. --- ### **Strategic Pivot: The AI-First Healthcare Roadmap** HGM has aggressively reoriented its business model toward high-margin, tech-enabled healthcare delivery. The company’s vision is to integrate **Agentic AI workflow solutions** with specialized human expertise to address inefficiencies in global healthcare systems. * **Autonomous Medical Coding:** Through the acquisition of **Aidéo Technologies**, HGM has integrated the **Gemini™ AI Coding Platform**. This platform utilizes **Large Language Models (LLMs)** and **Natural Language Processing (NLP)** to automate medical coding, reducing human error and accelerating the billing cycle. * **Revenue Cycle Management (RCM):** The company is scaling its RCM vertical to provide end-to-end financial management for healthcare providers, focusing on improving collection rates and reducing claim denials. * **Healthcare Analytics & Ambient Listening:** HGM is developing virtual scribe services and clinical data management tools. These "ambient listening" technologies aim to improve provider efficiency by capturing patient-doctor interactions and converting them into structured clinical data. * **Interoperability Standards:** The company’s platforms are designed to be **HL7-compliant**, ensuring seamless integration with industry-standard **Electronic Health Records (EHR)** systems. --- ### **Corporate Structure & Global Footprint** HGM manages its international operations through a streamlined network of subsidiaries, primarily focused on the US market. | Entity | Relationship | Location | Role / Status | | :--- | :--- | :--- | :--- | | **HOVS LLC** | Wholly Owned Subsidiary | USA | **Material Subsidiary**; primary investment vehicle. | | **Healthcare Capital Holding LLC** | Wholly Owned Subsidiary | USA | Incorporated **May 2025**; dedicated to healthcare M&A. | | **Aidéo Technologies LLC** | Step-down Subsidiary | USA | Acquired **Sept 2025**; core AI autonomous coding arm. | | **HCI LLC** | Subsidiary | Cayman Islands | Established for operational harmonization and global scaling. | | **HOV Environment LLC** | Subsidiary | USA | **Discontinued operations**; slated for closure. | | **HOV Environment Solutions Pvt Ltd** | Step-down Subsidiary | India | Indian arm of the discontinued environment unit. | **Rationalization Initiatives:** * **Demerger:** In **August 2025**, the Board gave in-principle approval for the demerger of **HOVS LLC** (Delaware), pending final **RBI** approval. * **Entity Dissolution:** **HOVS Holdings Limited (Hong Kong)** was dissolved on **May 16, 2025**, as part of a broader effort to eliminate non-operational layers. --- ### **Investment Portfolio & Related Party Ecosystem** A significant portion of HGM’s value resides in its strategic holdings and long-term service contracts with affiliated global entities. * **Exela Technologies, Inc. (NASDAQ: XELA):** HGM holds a significant interest in Exela. In **November 2024**, HOVS LLC exchanged **55%** of its **Preferred A Stock** for **Common Stock**. However, as of **September 2025**, the fair value was marked at **Rs. Nil** following Exela's delisting from Nasdaq. * **High-Value Service Contracts (FY 2026-27 Targets):** * **HealthAxis Group LLC:** Services contract valued at **US$ 8.70 Million (₹ 78.30 Crore)**. * **XBP Europe Limited:** Services contract valued at **US$ 6 Million**. * **SourceHOV LLC & HOVG LLC:** Ongoing IT support and data entry contracts, valued at **₹ 50 Crore** in FY 2024-25. --- ### **Financial Performance & Capital Allocation** HGM maintains a **debt-free** standalone balance sheet, prioritizing liquidity and internal accruals to fund its inorganic growth strategy. **Consolidated Financial Highlights:** | Metric (INR Crore) | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | | **Total Income** | **17.85** | **15.87** | | **Profit from Continuing Operations** | **2.65** | **4.48** | | **Total Comprehensive Income/(Loss)** | **(2.40)** | **(12.66)** | | **Basic & Diluted EPS (Total)** | **₹ 2.13** | **₹ 3.63** | | **Debt to Total Equity Ratio** | **0.42** | **0.51** | * **Revenue Model:** Driven almost exclusively by the **export of services**. Foreign exchange earnings for FY 2023-24 were **₹ 16.12 Crore**. * **Asset Monetization:** The company generates steady cash flow from leasing building space in Pune, with future rental receivables of **₹ 4.61 Crore** projected through 2028. * **Capital Issuance:** In **November 2025**, the company issued **1,449,275 units** of **Class B Preferred Stock** (valued at **₹ 8.88 Crore**) to former members of Aidéo Technologies to facilitate business expansion. --- ### **Operational Infrastructure & Human Capital** * **Global Hubs:** Primary operational centers are located in **Pune, India** and **Las Vegas, USA**. * **Leadership:** The appointment of **Dr. Bhargav Thakkar** as **EVP - Healthcare Services** in **July 2025** signals a commitment to clinical-grade AI integration. * **Labor Compliance:** The company recognized a non-material provision in **December 2025** in anticipation of the new **Indian Labour Codes** (Code on Social Security, 2020). --- ### **Risk Management Framework** HGM operates under a structured risk mitigation strategy focused on the following pillars: * **Currency Volatility:** With a substantial portion of revenue in **USD** and costs in **INR**, the company manages an open exposure of approximately **$993,000 (₹ 82.78 Million)** through continuous market tracking. * **Credit & Default Risk:** Financial assets are strictly categorized; receivables are written off if payments are more than **one year past due**. * **Operational Inflation:** To combat rising **minimum wages** and **attrition**, HGM is shifting from labor-intensive BPO to **AI-led automation** to reduce manpower dependence. * **Cyber Security:** Mitigation includes **multi-layered anti-hacking systems**, regular **patch management**, and disaster recovery systems across global locations. * **Investment Volatility:** The company’s exposure to quoted shares (e.g., Exela) subjects the balance sheet to market fluctuations, managed via **Fair Value through Other Comprehensive Income (FVOCI)** accounting.