Ace Software Exports hit an upper circuit of 2% at Rs 321.30 after the company has signed a letter of intent (LoI) with a reputed international entity based in the United Kingdom to explore the establishment of a joint venture.
The primary objective of the proposed joint venture is to collaborate in the fields of technology and engineering to provide high-quality IT services and solutions to engineering industries in Europe.The joint venture will focus on engineering services, artificial intelligence (AI), machine learning (ML), data services, and cloud solutions.
The said collaboration aims to expand the companys presence in Europe through the JV partnership, enabling the marketing of the companys services across the European region.
Additionally, this JV will support all of the companys subsidiaries in expanding their footprint in the European market, including "SmartPPS" (a premium product for engineering production planning and control) to be developed by AQE Techtools, a wholly owned subsidiary of the company.
Ace Software Exports is mainly engaged in the business of database creation.
The companys consolidated net profit jumped 34.69% to Rs 1.32 crore on 195.45% zoomed in revenue from operations to Rs 5.85 crore posted in Q2 FY25.
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