Image Joho Kaihatsu Co., Ltd. (3803) said its board on Oct. 20 approved buying all shares of Oita-based contact center operator Kuraddo Oita Co., Ltd. from Kuraddo Co., Ltd. for ¥200 million, making it a subsidiary, and signed a three-way business alliance with both companies.
Kuraddo Oita runs a 198-seat contact center in Oita City and handles call center and back-office work subcontracted by Kuraddo, covering 25 client companies and 36 projects as of end-April 2026. All of its revenue comes from Kuraddo. It has 167 employees.
Image Joho Kaihatsu will acquire 180 shares, or 100.0% of voting rights, for ¥200 million, plus advisory and other fees of about ¥1 million, for a total of roughly ¥200 million funded from cash on hand. The price was agreed with reference to an independent valuation of ¥189 million to ¥227 million.
| ¥ million | FY12/2023 | FY12/2024 | FY12/2025 |
|---|---|---|---|
| Revenue | 432 | 473 | 466 |
| Operating profit | 26 | 22 | 6 |
| Net profit | 19 | 14 | 6 |
| Adjusted operating profit (reference) | 61 | 58 | 45 |
The figures are unaudited. Adjusted operating profit adds back management costs borne for the Kuraddo group.
Under the alliance, Kuraddo remains the prime contractor and will subcontract work to Kuraddo Oita under individual contracts, with Image Joho Kaihatsu guaranteeing Kuraddo Oita's obligations to Kuraddo. The pact runs two years and renews automatically for two more on the same terms unless a party objects at least six months before expiry.
Kuraddo Oita will be consolidated in the BPO/services segment, contributing six months of results, October 2026 through March 2027, to the fiscal year ending March 2027. Goodwill is expected, but its amount and amortization period have not been determined, and the earnings impact is under review.
Next steps: The share transfer is scheduled for Oct. 23, 2026, when the alliance agreement takes effect.
| Hikari Tsushin, Inc. | |
| Offer price | ¥1,000 per common share |
| M&A / TOB | 1 |
| Guidance | 0 |
| Buybacks | 0 |
| Dividends | 0 |
| Capital | 0 |
| Earnings | 0 |
| People | 0 |
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