14 tax-technology products and intellectual assets came together under a common AI-native integration layer, creating an integrated platform spanning transfer pricing, corporate tax, GST, e-invoicing, audit and suite of accounting products. Combined businesses served 1,500–2,000 clients, including over 350 multinational groups, and brought together nearly 500 professionals, with plans to expand into four to five jurisdictions within 24 months

HYDERABAD, India, Oct. 23, 2026 /PRNewswire/ — Steadfast Business Consulting (SBC), a Hyderabad-headquartered international tax, transfer pricing and tax-technology group, and V&V Group, a Bengaluru-based GST and audit-technology group, announced a strategic consolidation of their technology assets and artificial intelligence (AI) capabilities into a joint-venture technology platform. The initiative marks a significant step towards building an Indian-owned, AI-enabled technology enterprise that combines deep tax expertise, proprietary software and intelligent automation to serve businesses and professional services firms across global markets.

The consolidation brings together 14 technology products and intellectual assets spanning transfer pricing, corporate taxation, GST, e-invoicing, audit, bookkeeping and regulatory compliance. Together, the two organisations serve approximately 1,500–2,000 clients, including more than 350 multinational groups, and brings together nearly 500 professionals, comprising 40–50 chartered accountants and 40–50 engineers. Their services businesses across India, the UAE, the United States and Europe are positioned to serve as the platform’s first customers and international distribution channel.

The combined portfolio includes SBC’s TP Doc Gen AI (TAIGA), TaxMate, FixTag, SBC Track and ROC Data, alongside V&V Group’s GSTZen, WeAudit, DeskAudit, Papilio and the Tidy suite. The common AI-native integration layer is designed to connect these products, streamline workflows and reduce duplication in technology development, data infrastructure and service delivery.

Commenting on the announcement, CA Mithilesh Reddy, Founder & Managing Partner, SBC, said, “Indian firms never lacked talent. We lacked scale and ownership of our tools. This combination gave us both. By bringing together our domain expertise, proprietary technologies and AI capabilities, we took an important step towards building a globally competitive, Indian-owned technology enterprise. Our vision was to move beyond traditional consulting models and create a platform where every service engagement benefited from our own technology, enabling us to deliver greater efficiency, consistency and value to businesses worldwide.”

The combined technology estate included 51 AI agents, of which 44 are operational. The proposed common AI layer brings together regulatory knowledge, tax laws, rulings, comparables and financial data to support automation across document preparation, data processing, reporting and audit-related workflows. The architecture is designed to integrate with client enterprise resource planning systems, India’s GST and e-invoicing infrastructure, and relevant data providers.

The platform follows a human-led decision-making model: AI executed repetitive and data-intensive tasks, while qualified professionals retained responsibility for interpretation, review and final decisions. This approach sought to combine the speed and scalability of automation with professional judgement, accountability and regulatory expertise.

Vinay Thyagaraj, Co-founder, V&V Group and GSTZen, said, “Our GST, e-invoicing and audit engines already supported Indian businesses in managing their everyday compliance requirements. Bringing these capabilities together with SBC’s expertise in international taxation and transfer pricing created an opportunity to build a more comprehensive technology platform. With one AI layer and a wider global channel, we aimed to transform proven India-built solutions into scalable products that businesses and professional services firms across the world could use. Our focus remained on using technology to simplify complexity while keeping qualified professionals at the centre of decision-making.”

The organisations outlined a four-phase integration roadmap spanning 24 months. The initial 90 days focused on establishing joint technology leadership, a common data infrastructure and an integrated product roadmap. The next phase envisaged cross-selling opportunities across the combined client base and the establishment of a shared delivery centre. Within 12 months, the technology joint venture planned to introduce new products, including UAE e-invoicing, WeAudit AI and TidyBooks AI. The final phase targeted operations across four to five jurisdictions within 24 months.

TidyBooks AI is envisioned as an integrated platform connecting invoicing, accounting, financial statements, audit files and transfer pricing documentation. The roadmap also includes expanding the technology portfolio into global VAT and e-invoicing requirements, with Dubai positioned as a regional hub for the Gulf Cooperation Council market.

The consolidation is expected to generate operational efficiencies through a shared engineering team, common data stack, unified AI gateway, integrated delivery infrastructure and a single go-to-market strategy. The model followed a ‘build once, deploy everywhere’ approach, allowing the organisations to scale technology across their combined client base without duplicating development efforts.

Beyond serving their own clients, the organisations envisage a white-label and subscription-based delivery model that enabled other professional and consulting firms to access the platform under their own brands. The approach was intended to help smaller and mid-sized firms adopt advanced technology without having to independently develop and maintain complex software infrastructure.

The initiative also seeks to strengthen India’s position as a global hub for technology-enabled professional services. By combining its accounting expertise, engineering talent and cost-efficient delivery capabilities, the group aimed to export technology-led tax and compliance solutions to international markets while creating opportunities for professionals skilled in AI, taxation and regulatory technology.

About SBC: SBC is an international tax, transfer pricing and tax-technology group with operations in Hyderabad and Dubai and a presence in the United States. It serves more than 350 multinational groups across international taxation, transfer pricing, Advance Pricing Agreements, UAE corporate tax, Pillar Two, virtual CFO services and Global Capability Centre advisory. Its technology portfolio includes TP Doc Gen AI (TAIGA) and TaxMate. SBC is a member of Kreston Global, an international network spanning more than 120 countries. Website: steadfastconsultants.in 

About V&V Group and GSTZen: V&V Group, co-founded by Vinay Thyagaraj and CA Venugopal Gella, is a Bengaluru-based technology group specializing in GST, e-invoicing, audit automation, bookkeeping, VAT and customs technology. Its portfolio includes GSTZen, WeAudit, DeskAudit and the Tidy suite of products. The group focuses on simplifying tax compliance, financial reporting and audit processes through technology-enabled solutions. Website: gstzen.in

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Studsvik AB and ReNu Industries Inc. will adapt Studsvik’s inDRUM technology for radioactive waste treatment to Japanese conditions, with the aim of building a pilot plant in Fukushima. Studsvik’s Japanese subsidiary, Studsvik Japan, Ltd., and ReNu signed an agreement on technical advisory services at Studsvik’s headquarters in Nyköping on 21 October 2026.

NYKÖPING, Sweden, Oct. 23, 2026 /PRNewswire/ — Under the agreement, Studsvik will provide ReNu with technical information and advice on design conditions for a Japanese version of inDRUM. ReNu will design a pilot plant adapted to Japan’s seismic and regulatory requirements and to the characteristics of the waste to be treated.

The partnership is the first step in the model Studsvik has chosen for taking inDRUM to international markets. Studsvik will build and operate its own inDRUM facilities in Sweden, while abroad it will license the technology and work with local partners that design, build and operate the plants.

inDRUM, developed and patented by Studsvik, treats radioactive waste inside sealed drums. Each drum is placed in a treatment unit and heated under a nitrogen blanket, which removes free liquids, breaks down organic material and leaves a stable residue suitable for long-term storage and disposal. Because the drums are neither opened nor sorted, worker exposure and manual handling are minimised. For spent ion-exchange resins and similar wastes, volume can be reduced by up to 90 per cent. Studsvik operates a full-scale inDRUM demonstration facility in Nyköping and is advancing the adoption of inDRUM for the treatment of radioactive waste from the European Spallation Source (ESS) in Lund.

Decommissioning of the Fukushima Daiichi Nuclear Power Plant is expected to take 30–40 years, and the decommissioning of other nuclear power plants in Japan is gathering pace. At the same time, Japan is restarting reactors shut down after 2011, which increases the need for waste treatment and for other services Studsvik provides. Reducing and stabilising the volume of radioactive waste is a long-term challenge in this work.

ReNu has been awarded up to JPY 700 million (approximately USD 4.4 million) under the Subsidy for Projects Promoting Practical Development for Regional Reconstruction, implemented by Fukushima Prefecture under the Japanese Government’s Fukushima reconstruction initiative, to develop a radioactive waste treatment pilot plant in Fukushima. ReNu aims to establish the basic design conditions for the Japanese version of inDRUM during fiscal year 2026, which ends in March 2027, and, subject to the necessary agreements, to complete the pilot plant in fiscal year 2028.

Building on the Fukushima project, Studsvik and ReNu will explore deploying inDRUM elsewhere in Japan and in Asia, as well as broader cooperation in nuclear engineering, including fusion.

“Fukushima will need radioactive waste treatment for decades. ReNu is based in Okuma, the town that hosts the plant, and brings the local knowledge needed to adapt inDRUM to Japanese conditions. Fukushima is our starting point in Japan and in Asia,” says Karl Thedéen, President and CEO, Studsvik.

“Studsvik Japan will coordinate the Studsvik Group’s experts and support ReNu as it develops the Japanese version of inDRUM,” says Masatoshi Yamasaki, President and Representative Director, Studsvik Japan.

“Decommissioning Fukushima requires technology proven around the world, re-engineered to fit Japan’s regulations and site conditions and implemented with local hands. Through our technical collaboration with Studsvik, ReNu will adapt inDRUM to Japanese regulatory and site requirements. We intend to build on our experience in Fukushima to pursue opportunities elsewhere in Japan and overseas,” says Ryohei Takahashi, CEO, ReNu Industries Inc.

The agreement is not expected to have a financial impact of such materiality that it significantly affects Studsvik Group’s results during 2026–2027.

For more information, please contact:

Studsvik AB, Media Relations: media.relations@studsvik.com 

ReNu Industries Inc., Public Relations: info@renu-industries.com 

About Studsvik

Studsvik is an independent nuclear technology company active across the full nuclear lifecycle, from new build development to existing fleet services, operations support and decommissioning. It is a leading supplier of vendor-independent reactor analysis software, and its hot cell laboratories in Nyköping test fuel and materials for fission and fusion applications worldwide. Studsvik also provides radiation protection services and technology for treating radioactive waste, and handles and packages radioisotopes for healthcare and industry. ReFirm is Studsvik’s platform for new nuclear development in Sweden. Founded in 1947 as the centre of Sweden’s national nuclear programme, Studsvik today serves operators, fuel vendors, technology developers and regulators in more than 20 countries, has approximately 540 employees in six countries, and is listed on Nasdaq Stockholm (SVIK).

www.studsvik.com  https://www.linkedin.com/company/studsvik/

About ReNu Industries

ReNu Industries Inc. is a nuclear engineering start-up founded in December 2025 and headquartered in Okuma Town, Futaba District, Fukushima Prefecture, Japan. Through the business succession of local nuclear suppliers and the introduction of advanced technologies from overseas partners and universities, ReNu works to rebuild the nuclear supply chain and accelerate decommissioning. ReNu has raised seed funding from leading Japanese venture capital firms including Spiral Capital, Miraisozo Investments, Mitsubishi UFJ Capital, Fukui Capital Partners and Joyo Capital Partners.

Media Relations
media.relations@studsvik.com 

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SOURCE Studsvik AB

STOCKHOLM, Oct. 23, 2026 /PRNewswire/ — 

July–September 2026

Total sales MSEK 38 566 (38 521)Organic sales growth 0 percent (3)Adjusted organic sales growth, 3 percent (4)*Real sales growth within technology and solutions 6 percent (4)Operating income before amortization MSEK 3 161 (3 107)Operating margin 8.2 percent (8.1)Adjusted operating margin, 8.2 percent (8.3)*Items affecting comparability (IAC) MSEK –36 (–1 527) Earnings per share, SEK 3.68 (1.09)Earnings per share before IAC, SEK 3.28 (3.34)Cash flow from operating activities 82 percent (106)

January–September 2026

Total sales MSEK 112 620 (116 691)Organic sales growth 0 percent (4)Adjusted organic sales growth, 3 ­percent (4)*Real sales growth within technology and solutions 5 percent (5)Operating income before ­amortization MSEK 8 444 (8 430)Operating margin 7.5 percent (7.2)Adjusted operating margin, 7.6 ­percent (7.5)*Items affecting comparability (IAC) MSEK 102 (–1 770) whereof MSEK 223 (–5) related to divestitures Earnings per share, SEK 9.36 (5.95)Earnings per share before IAC, SEK 8.69 (8.48)Cash flow from operating activities 71 ­percent (74)Net debt/EBITDA ratio 2.1 (2.2) 

*A new key ratio, operating margin adjusted for the government business within SCIS in the process of being closed down, was added as of the second quarter 2025. A new key ratio, organic sales growth adjusted for the same business, was added as of the third quarter 2025. Refer to note 5 for further information.

Comments from the President and CEO

“Solid performance supported by technology momentum”

Organic sales growth in the third quarter was 3 percent, adjusted for the close-down of the SCIS govern­ment business. The Technology and Guarding business units in North America delivered solid growth, while lower activity in the airport business weighed on organic sales growth in Europe. 

Real sales growth in technology and solutions was 6 percent in the third quarter. The commercial momentum in our global technology business remained healthy, as installation order intake and backlog continued to grow, with record-high installation order intake in North America and Ibero-America. The share of technology and solutions increased to 35 percent (33), reflecting the execution of our strategic direction. This devel­op­ment is supported by our differ­enti­ated technology-led offering, and we continue to expand the commercialization of the capabilities we have built across the Group. 

Our security services offering continues to be well received in client segments such as data centers, defense and pharmaceuticals, where long-term partnerships and high-quality security services offerings are increasingly valued. In certain markets and client segments, however, demand trends remain somewhat cautious, resulting in more selective purchasing behavior and longer decision cycles. We are managing this dynamic effectively in North America, while market conditions in certain countries in Europe and Ibero-America remain more frag­mented, which impacted topline growth in the third quarter.

The adjusted operating margin in the third quarter was 8.2 percent (8.3), supported by continued good performance in North America. Operating margins in Europe and Ibero-America were below the strong levels achieved in the third quarter of last year. This was primarily due to the airport security business in Europe which had an impact in the third quarter of –0.2 percent on Group adjusted operating margin. Operating income was in line with last year. For the first nine months of the year, earnings per share increased by 6 percent.

Cash generation remained good, corresponding to 82 percent (106) of operating income in the quarter, and 71 percent (74) for the first nine months of the year. We remain well positioned to achieve our full-year cash flow target of 80–90 percent of operating income before amortization. The net debt to EBITDA ratio was 2.1 (2.2).

THE TRUSTED PARTNER IN INTELLIGENCE-LED SECURITY

Since launching our strategy this summer, I have met with clients across three continents. The response has been very positive, with both existing and prospective clients recognizing the value of our ambition to become the trusted partner in intelligence-led security. They see compelling value in our emphasis on quality and in a more dynamic, intelligence-led approach that combines high-quality security services with technology, data, analytics and Security Risk Management capabilities. While this represents a shift from established industry practices, there is strong support for the direction. Clients increasingly recognize Securitas’ ability to leverage AI, automa­tion and actionable risk intelligence to deliver greater value, and we are already beginning to see early signs of a shift in buying behavior towards intelligence-led security.

As part of the final stage of our strategic assessment program, we expect to have exited the last remaining contracts within the SCIS govern­ment business by the end of October. 

CREATING LONG-TERM SHAREHOLDER VALUE

In conjunction with the launch of our 2030 strategy, we updated the Group’s financial targets, including our target to deliver average annual earnings per share growth of 10 percent over a business cycle. With a clear focus on quality, innovation, and disciplined execution, we are accelerating our transformation and remain confi­dent in our ability to deliver sustain­able earnings growth and create long-term shareholder value.

Magnus Ahlqvist
President and CEO

PRESENTATION OF THE INTERIM REPORT

Analysts and media are invited to participate in a telephone ­conference on October 23, 2026, at 9.30 a.m. (CEST) where President and CEO Magnus Ahlqvist and CFO Matteo Dall’Ora will present the report and answer questions. The ­telephone conference will also be audio cast live via Securitas’ website www.securitas.com 

To follow the audio cast of the telephone conference via the web, please follow the link
www.securitas.com/en/investors/financial-reports-and-presentations/ 

A recorded version of the audio cast will be available at www.securitas.com/en/investors/financial-reports-and-presentations/ after the ­telephone conference.

For further information, please contact: Micaela Sjökvist, Vice President, Investor Relations +46 76 116 7443

ABOUT SECURITAS

Securitas is a world-leading safety and security solutions partner that helps make your world a safer place. Nine decades of deep experience means we see what others miss. By leveraging technology in partnership with our clients, ­combined with an innovative, holistic approach, we’re transforming the security ­industry. With approximately 322 000 employees in 44 markets, we see a ­different world and ­create sustainable value for our clients by protecting what matters most – their people and assets.

Group financial targets

Securitas has the following financial targets:

Average annual earnings per share growth of 10 percent over a business cycle, excluding items affecting comparability and adjusted for changes in exchange rates, with a >10 percent operating margin ambition long-termOperating cash flow of 80–90 percent of operating income before amortizationNet debt to EBITDA below 2.5xDividend policy of 50–60 percent of annual net income over a business cycle, with excess capital returned to shareholders once stra-tegic growth priorities are met

Securitas AB (publ.)
P.O. Box 12307, SE-102 28 Stockholm, Sweden

Visiting address:
Lindhagensplan 70
Telephone: +46 10 470 30 00
Corporate registration number: 556302-7241
www.securitas.com 

This is information that Securitas AB is obliged to make public pursuant to the EU Market Abuse Regulation.
The information was submitted for publication, through the agency of the contact person set out above, at 8.00 a.m. (CEST) on Friday, October 23, 2026.

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