Morpho, Inc. signed a share transfer agreement to acquire Top Data Science Oy/Ltd., from Timo Heikkinen, Xuan Hung Ta and Oguzhan Gencoglu for approximately ¥560 million.
September 11, 2018
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Morpho, Inc. (TSE:3653) signed a share transfer agreement to acquire Top Data Science Oy/Ltd., from Timo Heikkinen, Xuan Hung Ta and Oguzhan Gencoglu for approximately ¥560 million on September 12, 2018. Morpho, Inc., will acquire 45% of Top Data Science from Timo Heikkinen, 30% from Xuan Hung Ta and 25% from Oguzhan Gencoglu. As of October 29, 2018, the remaining stake is held by the founders of Top Data Science. Pursuant to the terms of the transaction, Morpho, Inc., will pay ¥558 million for 200 shares of Top Data Science, and will initially acquire 85% of existing shares, then plan to acquire 15% of existing shareholders' equity at the time of the end of fiscal year ending 2021. Post completion, Top Data Science, will operate as a subsidiary of Morpho, Inc. For year ended June 30, 2018, Top Data Science reported sales of ¥56.64 million, total assets of ¥37.92 million, EBIT of ¥29.48 million, net income of ¥23.55 million and total common equity of ¥24.47 million. Board of Directors of Morpho, Inc., resolved to acquire Top Data Science on September 12, 2018. The transaction is expected to close in October 2018. HPP Attorneys Ltd, acted as legal advisors to Morpho, Inc. Morpho, Inc., will pay ¥15 million as advisory expense. Masayuki Horiike of Jones Day acted as legal advisor to Morpho, Inc
Morpho, Inc. is primarily engaged in providing software products, which process and express images on various platforms such as imbedded devices for smart phones and others. The Company operates in two segments. The Camera Device segment provides license, development and support products for automobiles, surveillance cameras, business and industrial equipment, centering on smart phones. The Network Service segment provides license, development and support of systems as cloud service providers using image processing technology, image recognition technology, centering on deep learning.
Morpho, Inc. signed a share transfer agreement to acquire Top Data Science Oy/Ltd., from Timo Heikkinen, Xuan Hung Ta and Oguzhan Gencoglu for approximately ¥560 million.
MORPHO, INC. 
