AXISCADES’ US subsidiary XIDA to buy the business assets of ITSJ Group for up to USD 7 million

AXISCADES Technologies Limited has told the exchanges that its board, at a meeting on 14 Oct 2026 that ran from 7:00 PM to 8:13 PM, approved in principle the acquisition by XIDA Inc., formerly Mistral Solutions Inc., of substantially all the business assets of ITSJ Group, Inc. XIDA is a step-down subsidiary of the company incorporated in Delaware, USA, and ITSJ is a Delaware corporation with its principal place of business in San Jose, California.

The deal is an asset purchase, so XIDA will not acquire any ITSJ shares and ITSJ will not become a subsidiary of the company or of XIDA. It is subject to an Asset Purchase Agreement among XIDA, ITSJ and its promoter being signed, and to the conditions set out in it. The total consideration will not exceed US$7.0 million, made up of cash, restricted shares of XIDA and a performance-linked earn-out.

The company says it will make further disclosures when the agreement is signed, when the transaction is completed, and on any material development in between.

Inference

This is an in-principle approval, and the purchase is not final until the agreement is signed and its conditions are met. The consideration of up to US$7.0 million is a ceiling, and part of it depends on future performance through the earn-out.

Because part of the payment is in XIDA shares, the filing’s annexure is where the split between cash, shares and earn-out is set out. The filing does not give ITSJ’s revenue in the part reviewed here.