Geniee, Inc. (TSE:6562) intent to acquire Business Search Technologies Corporation from SBI FinTech Solutions Co., Ltd. (KOSDAQ:A950110) for ¥1.1 billion on October 19, 2020. Geniee, Inc. (TSE:6562) signed a contract to acquire Business Search Technologies Corporation from SBI FinTech Solutions Co., Ltd. (KOSDAQ:A950110) on October 26, 2020. Under the terms of transaction, Geniee will acquire 0.04 million shares of Series A preferred stock and 3 shares of Series B preferred stock Business Search Technologies Corporation.

SBI FinTech Solutions Co., Ltd. will not hold any stake in SBI FinTech Solutions Co., Ltd., after completion of the transaction. Geniee is planning to raise fund via loan of ¥800 million. For the fiscal year ending March 2020, Business Search Technologies Corporation reported net worth of ¥257 million, net income of ¥75 million, operating income of ¥118 million, total assets of ¥334 million and total revenue of ¥450 million.

The transaction is expected to close on November 30, 2020. As of November 6, 2020, the advisory expenses, etc. for the transaction reduced from ¥28 million to ¥13 million.