The investment was made through Primagest’s holding company BT Investments via a private placement from the firm’s No2 Fund.
Primagest develops, manufactures, and sells hardware and software to provide image information processing services, and provides outsourcing and maintenance services.
The company has annual sales of $120m and an enterprise value of $100m. It was originally a subsidiary of BancTec and became independent via a management buyout in 2002.
“As the environment surrounding IT changes rapidly, demand for improved IT strategy for better productivity brings needs for improvement in IT infrastructure, innovation of business model, and differentiating services,” J-Star said in a statement.
“Primagest sees it as an opportunity for growth and intends to expand its business area. As we hold the majority voting rights of BT Investment’s, we, through BTI, will actively support Primagest in order to expand its business.”
In July J-Star closed J-Star No. 2 on JPY11.86bn ($119m).
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