Oak Capital invests another $4.9m in Japan's Softfront
Oak Capital has invested JPY500 million ($4.9 million) in JASDAQ-listed IT services firm Softfront, increasing its stake in the company to 20.8%.
According to a release, the Japanese GP invested JPY150 million, subscribing to 10,338 new shares at JPY14,440 apiece, and an additional JPY355.4 million in exchange for share warrants.
Set up in 1997 and listed in 2004, Softfront develops software for internet protocol (IP) telephone and video-conferencing terminals. The company also develops voice-over-internet protocol (VoIP) technology for smart phones running the Android operating system.
It aims to use this latest round of investment to develop its in-house video conferencing internet protocol and expand its software licensing business.
According to AVCJ Research, Oak Capital invested JPY100 million in the business in July last year for a 6.87% stake. NTT Investment Partners also holds a 6.23% stake in the company having invested JPY99 million in 2009.
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