CLSA Capital Partners, the asset management arm of CLSA, has announced the acquisition of Japan-based bilingual IT services provider Earth Technology.
The acquisition was made by Sunrise Capital III, a fund in CLSA Capital’s private equity strategy.
CLSA didn’t immediately respond to DealStreetAsia’s emailed request for details on the size of the investment.
Earth Technology provides English-speaking engineers, who are both difficult to find in Japan and in great demand, a CLSA statement said. The IT services firm’s around 300 engineers as of end-2019 make it one of the largest bilingual engineering IT labour forces in the country.
“There will be no material changes to Earth Technology’s management team, company name and business operations,” CLSA Capital Partners said. “Sunrise III will assist in achieving further growth by providing support to the company on various aspects of the business such as streamlining and enhancing the organisational framework, strengthening sales capabilities, assisting in the recruiting processes and enhancing its branding strategy.”
Earth Technology has offices in Tokyo, Osaka and Sapporo, and plans to open new offices in Nagoya and Fukuoka this year, the statement said.
Salesforce.com designated Earth Technology as a ‘consulting partner’ in September and the company started providing new cloud services to its clients, the statement said.
Sunrise III invests in established, mid-cap companies with a strong potential for growth in Japan. Sunrise Capital, which focuses on private equity investments in Japan, has raised around $1 billion so far and has completed investments in around 30 companies since 2006.
CLSA Capital Partners, whose other focus areas include real assets, transportation and credit strategies, has more than $5 billion in funds under management and eight offices across the region, including Hong Kong, Singapore and Tokyo.