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KUALA LUMPUR - Healthcare Triangle Inc. (NASDAQ:HCTI) has launched a new subsidiary called QuantumNexis focused on AI-powered healthcare solutions, according to a company press release. The company, which generated revenue of $11.29 million in the last twelve months, has seen its stock surge 140% in the past week, according to InvestingPro data.
The subsidiary was officially introduced on June 16 at an event in Kuala Lumpur, Malaysia. QuantumNexis will offer cloud-based software solutions that incorporate artificial intelligence for healthcare applications.
The new business unit includes two main products: Ziloy, described as an AI-enabled mental wellness platform, and Ezovion, a hospital information management system designed to digitize hospital workflows.
Sujatha Ramesh, COO of Healthcare Triangle, stated that QuantumNexis "leverages advanced machine learning capabilities and predictive analytics" to provide healthcare insights.
David Ayanoglou, CFO of the company, indicated that the new subsidiary is expected to create additional revenue streams for Healthcare Triangle.
The launch in Southeast Asia is part of the company’s international expansion strategy, targeting markets with demand for digital healthcare modernization.
Healthcare Triangle, based in Pleasanton, California, provides technology solutions for healthcare organizations including hospitals, insurance companies, and pharmaceutical firms. The company reports having HITRUST certification for its cloud and data platforms.
In other recent news, Healthcare Triangle, Inc. has completed its acquisition of Niyama Healthcare’s mental health SaaS platform and Ezovion Solutions for $5.7 million. This acquisition, executed through Healthcare Triangle’s subsidiary QuantumNexis, aims to expand the company’s product offerings and enhance its AI capabilities. In another development, Healthcare Triangle is facing potential delisting from the Nasdaq due to its stock price falling below the required threshold, with the company actively exploring options to regain compliance. Additionally, Healthcare Triangle has switched its accounting firm to SRCO Professional Corporation, following the dismissal of M&K CPAS, PLLC, with no disagreements reported in the transition. The company also announced the appointment of David Ayanoglou as the new Chief Financial Officer and Sujatha Ramesh as a Director on the Board, bringing extensive experience in corporate finance and operational strategy. Furthermore, during its recent virtual annual meeting, shareholders approved amendments to the 2020 stock incentive plan and elected four directors to one-year terms. These developments are part of Healthcare Triangle’s ongoing efforts to navigate regulatory challenges and drive strategic growth.
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