SB Technology Corp. (TSE:4726) agreed to acquire DENEN Co. Ltd. from CrowdWorks Inc. (TSE:3900) for ¥1.3 billion on June 26, 2020. Under the terms of the acquisition 0.00007 million shares will be acquired. Post completion, CrowdWorks will not hold stake in DENEN. For the year ended September 30, 2019, DENEN had net worth of ¥329 million, total assets of ¥1.3 billion, sales of ¥2.4 billion, operating income of ¥65 million and net income of ¥25 million. The transaction was resolved by the Board of CrowdWorks on June 26, 2020. The agreement is expected to be signed by June 30, 2020. The transaction is expected to close on July 10, 2020.

SB Technology Corp. (TSE:4726) completed the acquisition of DENEN Co. Ltd. from CrowdWorks Inc. (TSE:3900) on July 10, 2020. All shares of DENEN Co., Ltd. and its subsidiary I/O System Integration Co., Ltd. have been transferred to SB Technology Corp. With the completion of the share transfer, Dentsu and IOSI will be excluded from the scope of consolidation of CrowdWorks, and extraordinary gain (gain on sale of shares of affiliated companies) associated with the share transfer will be approximately ¥360 million during the fourth quarter accounting period.