True Data, the TSE Growth-listed consumer purchasing-data company, will buy all the shares of an Osaka developer of MUSASI, a point-of-sale and sales-management system for hardware stores. Its board approved the deal on 7 October 2026, and the share transfer is scheduled for 13 October.
What it pays
The price is stated two ways. The extraordinary report filed with the Kanto Local Finance Bureau gives a share price of ¥200mn and an approximate total of ¥228mn including advisory costs of about ¥28mn. The company's timely disclosure gives consideration of ¥220mn and a total of ¥248mn, and the notice does not reconcile the difference. The seller is undisclosed at the counterparty's request.
What it gets
The target's MUSASI handles credit sales, customer-specific pricing, billing, purchasing and inventory for pro shops. These are stores selling specialised tools, materials and hardware to builders, carpenters and site tradespeople. True Data's briefing deck says MUSASI has been on sale since 1992, can link about 400,000 product-master records and has about 180 customers. The target's sales were ¥106.2mn in the year to August 2025, with operating profit of ¥8.9mn and net assets of ¥63.9mn.
True Data's case is that trade purchases of building materials and repair goods could be a leading indicator of consumer demand for household goods, and that manufacturers could use the data for product planning. The company describes this as expected, not demonstrated. The deal is the first use of the ¥1bn-plus M&A allowance in its mid-term plan, and the plan's year-to-March 2029 revenue target of ¥3bn excludes any acquisition synergies.
How it is funded
A ¥200mn unsecured loan from MUFG Bank, due 9 October 2031, is set to be signed on 8 October. Covenants require True Data to keep 100% ownership of the acquired company, limit new collateral without lender consent, keep ordinary profit positive and hold a free-cash-flow-to-debt-service ratio of at least 1.20. True Data is still assessing the effect on earnings and plans to consolidate the target from the third quarter of the year ending March 2027.