SBI AXES Co., Ltd. completed the acquisition of SBI Business Solutions Co.,Ltd. from SBI Holdings, Inc. and SBI Financial Support Co., Ltd. for KRW 13.6 billion (¥1.3 billion).
April 01, 2017 at 12:00 am EDT
Share
SBI AXES Co., Ltd. (KOSDAQ:A950110) agreed to acquire SBI Business Solutions Co.,Ltd. from SBI Holdings, Inc. (TSE:8473) and SBI Financial Support Co., Ltd. for KRW 12.9 billion (¥1.3 billion) on March 31, 2017. SBI AXES Co., Ltd. will acquire 0.015 million SBI Business Solutions Co., Ltd for KRW 12.9 billion (¥1.3 billion). The payment of the consideration will be made on April 18, 2017. In a related transaction, SBI AXES Co., Ltd. will also acquire SBI Business Solutions Co., Ltd. and SBI Social Lending Co., Ltd. from SBI Holdings, Inc. for KRW 21.9 billion (¥7.6 billion). The transaction will be funded by retained funds and paid-in capital increase by third-party allotment of ¥1.3 billion in total with SBI Holdings, Inc. as allottee. On July 1, 2017, SBI AXES Co., Ltd will change company name into SBI FinTech Solutions Co Ltd.
SBI Business Solutions Co., Ltd reported total assets of ¥643.6 million, sales of ¥522.2 million, total capital of ¥537.1 million and net profit of ¥70.7 million for the year ending, March 31, 2016. The transaction is expected to be completed by April 1, 2017. KPMG FAS Co., Ltd acted as external rating institution.
SBI AXES Co., Ltd. (KOSDAQ:A950110) completed the acquisition of SBI Business Solutions Co.,Ltd. from SBI Holdings, Inc. (TSE:8473) and SBI Financial Support Co., Ltd. for KRW 13.6 billion (¥1.3 billion) on April 1, 2017. SBI AXES Co., Ltd. acquired 0.021 million shares of SBI Business Solutions.
SBI FinTech Solutions Co Ltd is a Japan-based comprehensive fintech solutions company that operates payment service business, software as a back-office service (SaaS) business, and international remittance business. The Company operates in three business segments. The Payment Service segment is engaged in the provision of online payment service, terminal payment service for stores, and various financial services centered on factoring. The Back-Office SaaS segment is engaged in the provision of back-office support services such as the cloud-based invoice management system SEIKYU QUICK, the expense settlement system KEIHI BANK, and the approval system SHONIN TIME, as well as security service. The International Remittance segment is engaged in the provision of international remittance services.
SBI AXES Co., Ltd. completed the acquisition of SBI Business Solutions Co.,Ltd. from SBI Holdings, Inc. and SBI Financial Support Co., Ltd. for KRW 13.6 billion (¥1.3 billion).
SBI FINTECH SOLUTIONS CO., LTD. 
