Investment makes AVANT second largest shareholder in Metapraxis
20 January 2021
Metapraxis, the financial analytics technology business, today announces it has formed a strategic alliance with AVANT Corporation, a Japan-based technology business, listed on the First Section of the Tokyo Stock Exchange, focused on providing business applications for accounting, planning and management.
The alliance will see AVANT make a significant minority investment in Metapraxis Ltd, becoming the second largest shareholder in the business, as well as launching a partnership to develop and market the Japanese version of Empower, the Metapraxis analytics platform, specialising in planning, analysis and reporting financial performance.
Prior to choosing Metapraxis, AVANT evaluated a variety of domestic and overseas companies with a view to acquiring products and solutions through M&A or alliances.
Simon Bittlestone, CEO of Metapraxis, comments:
“Avant’s investment in Metapraxis will help us accelerate our strategy, expanding our go-to-market activities, our product suite and cloud platform. The opportunity to enter the Japanese market will further our ambition of becoming the global financial analytics provider of choice. Avant’s finance consolidation technology is highly complementary to Metapraxis Empower, our own analytics platform, and together we can offer finance teams a complete digital solution driving automation and improvement.”
Tetsuji Morikawa, President and Group CEO of AVANT Corporation, adds:
“The main product of Metapraxis, Empower, is a powerful platform for planning, analysis and visualising performance within group companies and commands a strong blue-chip client base in the European and U.S. markets. Metapraxis is an organisation with innovation and teamwork at its heart, helping to realise its commitment to providing the best solutions to its customers, which are shared values with the Avant Group. These shared values have led to productive negotiations as an alliance partner. Converting Empower into Japanese and providing it to the Japanese market is an important part of realising the Avant Group’s mission of “Spreading Accountability.” With this collaboration, Avant Group will expand its growth in the Japanese market and take a significant step toward expanding into overseas markets.”
About the Avant Group
The Avant Group’s mission, headed by the holding company AVANT Corporation (Head Office: Minato-ku, Tokyo; President and Group CEO: Tetsuji Morikawa; Securities Code: 3836), is “Spreading Accountability.” The Group is developing its consolidated accounting, business intelligence, and CFO outsourcing businesses with CFOs and CIOs as its primary focus. Through these efforts, the Group helps create value for customers by transforming management information into a map for the future, supporting better decision-making.
Established as DIVA Corporation in May 1997, it changed its name to AVANT Corporation when it transitioned to a holding company in October 2013, having gone public in February 2007. AVANT was listed on the First Section of the Tokyo Stock Exchange in March 2018. Major Group operating subsidiaries (100% owned by both companies) are as follows: