HUMAN ASSOCIATES HOLDINGS,Inc. (TSE:6575) entered into an agreement to acquire 70.9% stake in CICOM BRAINS Inc. from group of sellers for approximately ¥540 million on May 14, 2019. Under the agreement, HUMAN ASSOCIATES HOLDINGS,Inc. will acquire 668 shares at ¥0.8 million per share. Tadayasu Nishida, Katsuyui Torii, Yuki Okamoto, Noboru Ishihara, Yasushi Kawaguchi and Takaaki Kobayashi will sell 174 shares, 244 shares, 86 shares, 50 shares, 31 shares, 30 shares and 53 shares from other shareholders respectively. Post completion, in CICOM BRAINS Inc. will become subsidiary of HUMAN ASSOCIATES HOLDINGS,Inc. In a related transaction, HUMAN ASSOCIATES HOLDINGS,Inc. entered into share exchange agreement to acquire 29.1% stake in CICOM BRAINS Inc. from Tadayasu Nishida, Katsuyui Torii, Yuki Okamoto, Noboru Ishihara, Yasushi Kawaguchi, Takaaki Kobayashi and other shareholders on May 14, 2019. As of September 30, 2018, CICOM BRAINS Inc. has reported total common equity of ¥335 million, total assets of ¥551 million, sales of ¥809 million, operating income of ¥62 million and net income of ¥41 million. The Board of Directors of HUMAN ASSOCIATES HOLDINGS,Inc. has approved the transaction. The transaction is subject to approval from the shareholders of CICOM BRAINS Inc. The extraordinary general meeting of CICOM BRAINS Inc’s shareholders to be held on May 30, 2019. Approval from the shareholders of HUMAN ASSOCIATES HOLDINGS,Inc. is not required. Completion is scheduled to take place on May 31, 2019. Duff & Phelps was appointed to calculate the value of the stock of CICOM BRAINS Inc.