SHIFT, Inc. agreed to acquire 80% stake in Dico Co., Ltd. from individual shareholders.
July 07, 2021
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SHIFT, Inc. (TSE:3697) agreed to acquire 80% stake in Dico Co., Ltd. from individual shareholders on May 25, 2021. SHIFT, Inc. signed a contract to acquire 80% stake in Dico Co., Ltd. on July 8, 2021. As reported, SHIFT, Inc. will acquire 80 shares in Dico Co., Ltd. Following the acquisition, Dico Co., Ltd will operate as a subsidiary of SHIFT, Inc. For the fiscal year ending December 2020, Dico Co., Ltd reported net worth of ¥32.7 million, total assets of ¥123.4 million, sales of ¥313.9 million, operating income of ¥15.1 million and net income of ¥12.4 million. With this partnership, the internal structure of Dico Co., Ltd will not change and Dico Chief Executive Officer Gagego Sanbrano Emilio and Masaru Tange, President and Chief Executive Officer of SHIFT, Inc. will continue to work as representatives to resolve issues in the industry. The Board of Directors of SHIFT, Inc. resolved the transaction on May 25, 2021. The planned acquisition date is July 15, 2021. The impact of this matter on SHIFT, Inc's business performance and financial condition is expected to be minor.
SHIFT Inc. is a Japan-based company mainly engaged in the provision of software test services. The Company operates through two business segments. The Enterprise Market segment is engaged in the provision of general service related to quality assurance of software in business systems and information systems for companies of financial industry, distribution industry, manufacturing industry, communication industry and Web services industry. The Entertainment Market segment is engaged in the provision of general services related to quality assurance of software for enterprises providing mobile games, social games, consumer games and other entertainment products.