Intellect Design Arena’s wholly-owned subsidiary-- Intellect Design Arena, UK has received approval from the Board of Directors for a Memorandum of Understanding (MoU) to establish a joint venture with UK-based ITIXA (a group Company of System Holdings). A formal joint venture agreement will be executed in due course. This Joint Venture entity is proposed to be set up in GIFT City, IFSC, Gujarat. 

The purpose of the JV entity is to provide AI-enabled software together with bookkeeping, accounting, payroll, HR, and other related business support services to businesses in the United Kingdom, as well as to accounting firms, regulators, and other accounting software providers and their customers. The JV entity may also expand its services and geographic reach, subject to the mutual agreement of the parties. Intellect Design Arena, UK and ITIXA to hold 50.1% and 49.9% shareholding respectively, in the proposed JV entity with equal participation in the Board of Directors. 

Intellect Design Arena, a global leader when it comes to applying true digital technology, is the world’s first financial tech company that covers the entire spectrum of banking and insurance needs with its wide suite of products.