Whiz Partners invests $22m in Japanese IT developer

According to a statement, the Whiz Asia Evolution Fund will take about a 48% stake in the company through a convertible bonds subscription. The transaction comprises the purchase of about two million units with a conversion price of JPY1,211 apiece. The stock fell almost 10% following announcement of the deal and was trading at JPY1,188 as of mid-afternoon on November 22.

Founded in 2005, Albert focuses on data mining, analytical text and image analysis, big data processing and platform building. The company offers products to optimize relations between companies and their clients through marketing research based on multivariate statistics. Products include SmarticA!, a client feedback and troubleshooting service, and ADreco, a targeted advertising tool.

The Whiz Asia Evolution Fund aims to connect Japanese technology and services companies with growing Asian markets through Whiz's domestic and overseas networks. Other investments by the vehicle include speech recognition technology company Advanced Media and media-focused software provider Criware.

Whiz was spun out of CSK Venture Capital in 2010 and established a Hong Kong-based unit in 2013 to focus on the broader region. It also manages two funds focused on the healthcare sector.

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