SourceNext Corporation (TSE:4344) signed a basic agreement to acquire Fudemame Co., Ltd. from Softfront Holdings Co., Ltd. (JASDAQ:2321) for approximately ¥800 million on February 6, 2017. SourceNext Corporation will acquire 22,200 shares in the deal. SourceNext Corporation signed a share transfer agreement to acquire Fudemame Co., Ltd. from Softfront Holdings Co., Ltd. on April 5, 2017. For the year ended March 2016, Fudemame Co. reported revenues of ¥1.04 billion, total assets of ¥965 million, operating profit of ¥52 million, net income of ¥117 million and net assets of ¥321 million. The corporate resolution concerning the share transfer contract is expected to be made in February 2017 and the share transfer contract is expected to be signed in February 2017. The share transfer is tentatively expected to complete in April 2017. The transaction is expected to be effective May 11, 2017. The advisory expenses were around ¥13 million.

SourceNext Corporation (TSE:4344) completed the acquisition of Fudemame Co., Ltd. from Softfront Holdings Co., Ltd. (JASDAQ:2321) on May 11, 2017.