KKR to buy Japanese software developer from Orix
FILE PHOTO: The logo of Orix Corp is pictured in Tokyo, Japan April 7, 2015. Picture taken April 7, 2015. REUTERS/Toru Hanai
TOKYO : Japanese financial services group Orix Corp said on Friday it will sell software developer Yayoi Co to U.S. private equity firm KKR & Co Inc for an undisclosed amount.
Orix, which bought Yayoi for more than 80 billion yen (US$705 million) in 2014, will complete the transaction in March and book a profit of 163.2 billion yen (US$1.44 billion) from the sale in the January-March quarter.
Yayoi is a major financial and accounting software provider for Japanese small- and medium-sized firms, best known for its namesake accounting and tax filing software. It had sales of 21 billion yen in the financial year ended in September.
(US$1 = 113.5500 yen)
(Reporting by Makiko Yamazaki; Editing by Subhranshu Sahu)
