Press release

Equiteq advises software development specialist Mitrais on its sale to CAC Holdings Corporation

October 31, 2019

Equiteq, the leading M&A advisory firm for companies in the knowledge economy, is pleased to announce that it has advised Mitrais, a world-class software development company headquartered in Singapore, with operations in Indonesia and Vietnam, on its sale to CAC Holdings Corporation, a global IT services group listed on the Tokyo Stock Exchange. The transaction closed on 18th October 2019.

Founded in 2000, Mitrais has a headcount of over 500, serving two lines of business: The Software Development Services division provides a full range of software development capabilities in domains such as Microsoft, Mobile Apps, Web, Java, UI/UX, Cloud, DevOps, and Agile, while the SW Product Services division covers the deployment and support of market-leading products.

Longstanding relationships with international clients are testament to the exceptional quality and reliability of Mitrais’ services, which are underpinned by not only leading-edge technical expertise but also best-in-class human capital management systems and a robust integrated engagement model.

Established in 1966 and listed on the first section of the Tokyo Stock Exchange, CAC Holdings steers the CAC group toward a medium-term strategy of sustainable growth by responding to rapid changes brought about by digital transformation. Agile and DevOps methods supporting rapid system development are necessary to deploy IT solutions and systems quickly and flexibly, in line with fast-changing business environments. In this perspective, CAC group is incorporating new technologies and revamping its business structure.

Akihiko Sako, President and CEO of CAC Holdings emphasizes that: "Having Mitrais join forces with us is a momentous move for our group, by both creating a strong bridgehead in South-East Asia and strengthening our capabilities, notably in Agile development, where Mitrais has a strong track record, so that we are poised to capitalize on digital transformation as a key development opportunity.”

David Magson, founder and Chairman of Mitrais, says: “We are proud of having developed an IT services firm that has thrived on creating and maintaining world-class standards, establishing an extremely loyal international client base, and developing teams of highly-skilled software engineers. It’s time now to take the company to the next level, by joining a global, ambitious organisation which will fully leverage Mitrais’ exceptional capabilities.”

Regarding Equiteq’s role in the transaction, David added: “We have been working with Equiteq for several years. In terms of both preparation of and conduct of the whole process, Equiteq’s team has been essential to its success. Finding the best “new home” for Mitrais has been an exciting, but also challenging, journey, and we were really lucky to have the Equiteq team with us.”

Jean-Louis Michelet, Managing Director of Equiteq Asia-Pacific, commented: “While the process was often fairly complex, the success of this project is due in no small part to the amazing quality of the Mitrais management team and the high level of goodwill and mutual understanding between the parties.”

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