MTI Ltd. (JASDAQ:9438) signed a contract to acquire Social Appli Payment Service, Inc. from GMO Payment Gateway, Inc. (TSE:3769) for ¥32.5 million on August 21, 2014. MTI will acquire 3,000 shares of Social Appli Payment Service. Social Appli Payment Service reported net assets of ¥5.67 million, total assets of ¥41.93 million, sales of ¥99.99 million, operating profit of ¥1.17 million and net income of ¥0.77 million for the year ended September 30, 2013. The Board of Directors of MTI resolved to undertake the transaction on August 21, 2014 and the transaction is expected to close on September 30, 2014. Impact on earnings is immaterial.

MTI Ltd. (JASDAQ:9438) completed the acquisition of Social Appli Payment Service, Inc. from GMO Payment Gateway, Inc. (TSE:3769) on September 30, 2014.