Sunrise Capital III, a Japan-focused fund of pan-Asia investment firm CLSA Capital Partners, has partially divested its ownership in NHOSA Corporation, the Tokyo-based electronic health record (EHR) system developer for dental clinics and medical institutions, according to a press announcement.
Tokyo Stock Exchange-listed EM Systems, an IT service provider to clinics, acquired the stake. The value of the transaction remained undisclosed.
Following the current transaction, Sunrise Capital III will continue to retain a majority stake. There will be no material changes to NHOSA’s management team, company name and business operations.
Sunrise III acquired the company in April 2018 through an MBO with the current management team.
NHOSA Corporation also researches and develops, manufactures, distributes and provides maintenance services of medical information processing systems as an OEM supplier.
Sunrise Capital, which targets opportunities in the mid-cap buyout sector in Japan, has raised approximately $1.5 billion to date and completed investments in approximately 30 companies including both standalone and follow-on investments since its establishment in 2006.
Earlier this month, Sunrise Capital III had acquired a majority stake in Tokyo-based specialist management and IT consulting firm Rise Consulting Group.
Sunrise III was closed at $400 million in 2017, followed by a fourth vehicle that closed at $450 million in September last year. Meanwhile, the second Sunrise Capital fund recently exited outsourcing services company Qit Co after a three-year holding period.