PE-backed 1st Holdings sells stake to Salesforce.com
Advantage Partners-owned Japanese software maker 1st Holdings has received an investment from US-based enterprise cloud computing company Salesforce.com.
According to a regulatory filing, Salesforce acquired around JPY50 million ($618 million) worth of shares in 1st, which provides its products to Salesforce's business lineups. 1st engages in R&D, sales and support for Japanese-language business software.
In March 2004, Advantage acquired around 50% of the company from WingArc Technologies, a software developer specializing in accounting software, as WingArc was restructuring its business. In late 2010, 1st filed for an initial public offering on the JASDAQ board, seeking to raise around JPY14 billion ($173.5 million) by selling around 16 million shares.
Last August, sources cited by Bloomberg claimed that the Tokyo-based private equity firm, the company's largest shareholder, resolved to keep its 19% stake in 1st for one more year. Four other funds associated with Advantage had also agreed to retain their joint 13% stake until August 2012 at least.
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