Financial services firm Sumitomo Mitsui Financial Group (SMFG) is set to exit Japan-based invoicing software developer Misoca through a ¥1bn ($8.9m) acquisition by accounting software producer Yayoi, The Bridge has reported.
Misoca’s software lets users to edit and manage financial estimates, invoices and statements, and has accumulated 58,000 corporate users since it was launched in 2011. It has raised ¥120m ($1.1m) in venture funding.
SMBC Venture Capital, which acts as SMFG’s venture capital unit, has held a stake in Misoca, formerly known as StandFirm, since October 2014 when it invested ¥70m together with Incubate Fund.
Incubate Fund had already invested ¥30m in Misoca 2013. A syndicate of unnamed angel investors provided a further ¥20m in May 2015.
Misoca and Yayoi have been partially integrated since November 2014 but the deal, which is expected to close this month, will accelerate the integration of the two software platforms. Yayoi is a subsidiary of Japan-based financial services company Orix.