WAP Completes Its Financing Goal to Raise a Total of 10 Billion Yen with an Equity Investment of 5 Billion Yen from ACA Fund

-Completion of Successful Recapitalization and Change of Major Shareholder-

Works Applications Co., Ltd. (Headquarters: Minato-ku, Tokyo; Executive Director and Chief Executive Officer: Masayuki Makino; hereinafter “WAP”) has signed a subscription agreement, effective on September 27th, 2017, with a fund (hereinafter “ACA fund”) owned by an investment fund group, ACA Investments Pte Ltd (hereinafter “ACA group”), based out of Japan and Singapore, and will receive an equity investment of 5 Billion yen. With this, WAP completes its financing goal to raise a total of 10 Billion yen since last year. This was planned to further its aggressive investment strategy for 2017-2019 centering on its main products “AI WORKS” (Japanese-market name: “HUE”). Also with continued full support from correspondent financial institution, WAP will continue to accelerate the development and sales of “AI WORKS” as planned supported by its solid financial base.

Simultaneously, ACA fund has agreed to buy all the shares owned by its current majority shareholder, Polaris K&C Partnership (located in Tokyo Chiyoda-ku), and as a result will become the majority shareholder of WAP.

Since commencing sales in January 2016 of “AI WORKS”, the AI-infused next-generation enterprise software solution, which is developed by WAP, it has been adopted by over 50 companies in the past 1 and a half years, gathering significant attention globally as a comprehensive enterprise software suite encompassing Human Resources, Financial Management and Supply Chain Management with high usability. Through our partnership with ACA group, which invests in companies to support expansion into Asia and the world, we will further accelerate development and sales of AI WORKS.

With the deployment of AI WORKS, our sales volume (on a consolidated basis) surpassed 50billion yen for the FY ending in June 2017 (+22% YoY), with a user base (corporate group numbers) of over 1,300 companies centered around large enterprises and municipalities/public institutions. To continue our sales/profit growth it is integral that we create user-centric development and support systems, and with this in view, we believe we will be able to speed up growth through creating a solid financial foundation and management organization through this financing from ACA group together with their management support.

WAP will aim to IPO within a few years with the assistance from ACA group who has tremendous experience in IT investments. 

【Overview of Underwriter】
1. Name: ACA Investments Pte Ltd
2. Head office: 8 Temasek Boulevard #34-02 Suntec Tower 3 Singapore 038988
3. Representative: President Akihiro Azuma
4. Business Overview: Managing investment funds to listed and unlisted companies
5. Establishment: Oct. 2008
6. Major Shareholder: ACA Partners Pte Ltd (Management team and employees) 57.4%
      Sumitomo Corporation 39.4%

 For information concerning ACA group and their investment track record, please visit their HP at:
 http://www.acainc.jp/en/

 

Media Contact:

Works Applications
Kohki Matsumoto, Hiroe Tonooka, Hiromi Kaneda, Hanako Okada
Email:publicrelations@worksap.com