Japan’s Itochu Techno-Solution acquires majority in two Indonesian IT firms for $74m

Itochu Corporation. Photo: Reuters

Japan-based IT company Itochu Techno-Solutions Corporation is acquiring a majority stake in two IT services companies owned by Indonesia’s CompNet Group, DealStreetAsia has learnt.

The deal size is around 8 billion yen ($73.6 million), said an industry executive familiar with the development.

Itochu Techno-Solution is acquiring 70 per cent stake in PT Nusantara CompNet Integrator (NCI) and another 70 per cent in PT Pro Sistematika Automasi (Prosia) from the founder and CEO Irawan Purwono. NCI deals with systems integration, while Prosia is a software business company.

It is understood the agreement for the acquisition was signed a week ago, while the ‘closing’ is slated to take place in September.

CompNet Group has been advised by Ernst & Young on the transaction.

Emails sent to Itochu and CompNet Group did not elicit any response.

Founded in 1997, CompNet Group provides a slew of IT solutions and services to its customers and has completed over 10,000 projects, per its website. Currently, it has around 500 employees and 33 services points throughout Indonesia.

Other than NCI and Prosia, there are several other group companies under the CompNet umbrella. These include intelligent building business company PT Ennerve Network, IOT business PT Inovasi Otomasi Teknologi and artificial intelligence company PT Alfa Riset Informatika.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.