Handson Global Management began life as a back-office outsourcing firm and is now reshaping itself into something closer to a holding company with an AI healthcare bet at its centre - a hybrid that runs a steady IT services operation while using its balance sheet to buy and hold stakes in other businesses, most notably a large position in a US-listed technology group. The company was incorporated in 1989 as Codec Communication, rebranded to HOV Services in 2006 - the initials stand for “HandsOn Ventures” - and later adopted its current name to signal a broader mandate. The recurring pattern is visible across its history: earn predictable fees from long-term export contracts, then channel surplus cash into strategic investments and bolt-on acquisitions, most recently a push into AI-driven healthcare coding in the United States. # Business segments Three engines at different stages - a steady IT outsourcing cash generator, a legacy investment portfolio being structurally separated, and an AI healthcare platform acquired to build the next chapter - each funded by the cash flows of the one before. ## 1. Software and IT-enabled services: the export factory that pays the bills **The company runs a people-and-process outsourcing business where nearly all revenue comes from long-term American clients paying on a cost-plus basis in dollars, while most costs are in rupees.** - **Cost-plus contracts with sticky customers** - the company earns its fee by adding a mark-up to its costs, and because its clients are mostly multi-year relationships, revenue is predictable rather than project-based. - **Dollar revenue, rupee costs** - a substantial portion of sales is billed in US dollars while expenditure is incurred in Indian rupees, so the business carries a natural currency tailwind that it hedges with forward foreign exchange contracts and interest rate/cross currency swaps. - **The work is data entry, software support and back-office processing** - the company’s service lines cover enterprise information management, business process management, revenue cycle management for healthcare, and cloud and AI technology support, delivered from India to customers in Europe. - **Healthcare is the deepening specialism** - the company has added virtual scribe services that autonomously chart patient encounters, clinical data abstraction, prescription validation engines, and scalable revenue cycle management platforms, and appointed a dedicated executive vice-president to drive the vertical. - **Minimal physical footprint, maximum continuity** - operations need little more than computers and servers, so the company invests in multi-layered anti-hacking systems and disaster-recovery processes rather than heavy infrastructure, keeping the business portable across locations. ## 2. Investment portfolio: a legacy stake being carved into its own box **The group holds a trade investment in a NASDAQ-listed technology company - a position built through share exchanges and now being demerged into a separate subsidiary to isolate it from the operating business.** - **A concentrated bet on Exela Technologies** - the portfolio consists primarily of preferred and common stock in Exela Technologies, a US-listed business-process automation firm, including 54,886 convertible preferred shares and 285,606 shares of Series B1 cumulative perpetual preferred stock with a US$25-per-share liquidation preference and a 6% annual dividend if declared. - **Built by tendering common stock** - the group exchanged 5,712,123 shares of Exela common stock to receive the Series B1 preferred position, a move that shifted the holding toward instruments with priority over ordinary equity. - **Structurally ring-fenced from the services engine** - in April 2025 the group filed a Plan of Division under Delaware law to move all Exela securities into a newly created subsidiary owned directly by the Indian parent, leaving the existing US subsidiary to hold only the operating assets. - **Marked to market but not recycled through profit** - the investment is classified at fair value through other comprehensive income, meaning changes in its quoted value hit the balance-sheet reserves rather than the income statement, and the stock was subsequently delisted from Nasdaq. ## 3. AI-driven healthcare platform: the acquisition-built growth engine **The company bought a US-based autonomous medical-coding firm in 2025 to serve as the foundation of a broader AI healthcare services platform, targeting the revenue cycle management market.** - **The product is an AI coder for hospital bills** - Aidéo’s Gemini Solution Suite uses natural language processing, large language models and real-time analytics to read clinical notes and assign medical codes automatically, supporting surgical, emergency, anaesthesia and radiology specialties across US hospitals and billing companies. - **It plugs into existing hospital software** - the platform has HL7 interoperability with industry-standard electronic health record systems, so it fits into the workflow hospitals already use rather than requiring them to switch. - **The target is a roll-up of tech-enabled healthcare services** - the stated strategy is to acquire more businesses in revenue cycle management, medical coding, ambient listening and healthcare analytics, building a category-leading platform in the United States. # Group structure and partners **The group is organised as an Indian-listed holding company with a cluster of US subsidiaries, a recently dissolved Hong Kong shell, and a discontinued environmental business - and it is in the middle of cleaning up both its corporate structure and its promoter register.** - **US subsidiaries carry the operating and investment activity** - HOVS LLC holds the legacy investment portfolio (now being demerged), while Healthcare Capital Holdings LLC was incorporated in May 2025 to house the Aidéo acquisition. - **Dead entities are being pruned** - the Hong Kong subsidiary HOVS Holdings Limited was dissolved in May 2025, and two environmental subsidiaries (HOV Environment LLC in the US and HOV Environment Solutions in India) were approved for closure in August 2024, all of which were non-operational with negligible assets and no revenue. - **Related-party ties to the Exela group** - the company sells services to SourceHOV LLC and HOVG LLC, both part of the Exela network, creating a customer relationship alongside the investment relationship. - **Promoter reclassification is underway** - in May 2026 the board approved requests from three promoter-group shareholders to move to the public category, representing just over 6% of the company’s equity, subject to regulatory and shareholder approval.