CrowdWorks Inc. (TSE:3900) signed a contract to acquire 67% stake in DENEN Co. Ltd. from Gaiax Co.Ltd. (NSE:3775) for approximately ¥640 billion on November 15, 2017. CrowdWorks will ¥322 million each from Sumitomo Mitsui Banking Corporation and Rakuten Bank, Ltd. For the year ended December 2016, DENEN had net assets of ¥246 million, total assets of ¥1.4 billion, sales of ¥2.3 billion, operating income of ¥82 million and net income of ¥58 million. On November 15, 2017, the board of CrowdWorks resolved to acquire 469 shares of DENEN. The transaction is expected to complete on November 20, 2017.

CrowdWorks Inc. (TSE:3900) completed the acquisition of 67% stake in DENEN Co. Ltd. from Gaiax Co.Ltd. (NSE:3775) on November 15, 2017.