iRidge, Inc. (TSE:3917) announced a private placement of 940,000 common shares at a price of ¥1,445 per share for the gross proceeds of ¥1,358,300,000 on May 11, 2018. The transaction will include participation from new investor, Digital Garage, Inc. (TSE:4819). The investor will acquire 14.4% stake in the company.

The transaction is expected to close on May 30, 2018. The company will pay offering expenses of ¥7,000,000. The transaction has been approved by board of directors of the company.