Securekloud gains 5% on subsidiary’s multi-year deal with CalvertHeath

The share price of Securekloud Technologies jumped 5 percent on Wednesday after its subsidiary Healthcare Triangle signed a multi-year subscription agreement with its long-time customer CalvertHeath.

The subscription agreement pertains to Healthcare Triangle’s readabl.ai, a medical document automation solution that streamlines patient care and reduces operating costs.

HCTI, as CalvertHealth’s long-standing advisor, helped advance their digital transformation by allowing them to concentrate on higher-value activities related to patient care instead of laborious document processing, says Roy Sookhoo, COO of Healthcare Triangle.

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Healthcare Triangle recently announced a $3-million agreement to provide Cloud DevOps Managed Services for a life sciences company.

Blockedge Technologies, another subsidiary of the company, also recently announced a pact with Suvik Technologies FZE to establish a joint venture in Dubai to facilitate Web3 adoption. Blockedge brings infrastructure automation expertise and development of decentralised applications, while Suvik provides a proprietary trading system for crypto assets and a Decentralized Oracle Platform built on the XDC Network.

On March 24, the Enforcement Directorate arrested the promoters of the company – Suresh Venkatachari and RS Ramani – under the provisions of the Prevention of Money Laundering Act.

Also Read: MC Exclusive | Promoters of SecureKloud Tech arrested in money laundering case

The company said in an exchange filing that Venkatachari shall cease to be the president of the company with “immediate effect”. As of December 2022, Venkatachari held 42.13 percent stake in the company while Ramani held 1.39 percent.

In Q3FY23, the company reported a 27 percent increase in total income to Rs 122 crore. It stood at Rs 121 crore in Q2FY23. The company reported a net loss of Rs 21 crore against a loss of Rs 30 crore a year ago. In September 2022, the net loss came in at Rs 16 crore.

Market capitalisation of the company has declined 48 percent in the last six months and more than 65 percent in the last one year.

At 12.18pm, the scrip was trading at 4.65 percent higher on the NSE at Rs 34.90 with benchmark Nifty IT trading 0.80 percent up at 28,860.90 points.