itelligence AG acquired by NTT Data

NTT eurotechnology.com

NTT DATA Business Solutions

Largest global SAP reseller and one of the largest SAP solution providers

On 23 October 2007, NTT DATA, NTT DATA Europe and itelligence AG announced a partnership, and NTT DATA announced to intention of an offer to acquire the shares at € 6.20 per share, about 37.2% higher than the closing price as of 22 October 2007.

On 13 November 2007, NTT DATA Europe published an offer to acquire outstanding shares. This offer ended at midnight on 2 January 2008, and NTT DATA Europe acquired 20,974,169 (= 87%) of outstanding shares, corresponding to an acquisition value of € 130 million, and a total company valuation of € 149.5 million.

On 29 January 2008, NTT DATA sold 2,459,523 shares to NTT Communications Corporation for € 15 million corresponding to € 6.10 per share, leaving NTT DATA with 18,514,646 shares.

On 20 December 2012, NTT DATA Europe announced that it had acquired an additional 3,831,574 shares (= 12.77%) in another tender offer, and an additional 1,317,605 shares (= 4.39%) outside this offer. As a result, NTT DATA holds a total of 29,544,428 shares (= 98.43%). Following this tender offer, NTT DATA proposed a “squeeze out” (aktienrechtlicher Squeeze-out) under the German Stock Corporation Act to acquire the remaining outstanding shares.

On 23 May 2013, the Annual General Meeting of itelligence AG approved the squeeze-out of remaining minority shareholders at a cash compensation of € 10.80 per share.

itelligence AG was delisted from the Stock Exchange in June 2013.

Thus itelligence AG on 23 May 2013 became a 100% owned subsidiary of NTT DATA Europe GmbH & Co KG, but will continue to operate as an independent group within the NTT DATA Group.

NTT DATA Business Solutions

In 2012 itelligence AG added to co-branding NTT DATA Business Solutions

itelligence AG “We make the most of SAP solutions!”

itelligence AG is a SAP solution provider.

Company history:

  • 1989 Herbert Vogel and Wolfgang Schmidt founded S&P as a management consulting firm focused on introducing SAP. S&P was one of SAP’s first partner companies.
  • 1994 S&P was converted into “SVP GmbH” (Schmidt Vogel & Partner)
  • 1999 SVP GmbH was converted into SVC AG (Schmidt Vogel Consulting) and listed in an IPO
  • On 7 May 2001, the shareholders of SVC AG Schmidt Vogel Consulting agreed in the merger with APCON AG, forming itelligence AG
  • On 23 October 2007, itelligence AG entered into a partnership with NTT DATA
  • On 23 May 2013 itelligence AG became a 100% owned subsidiary of NTT DATA and the shares of itelligence AG were delisted

itelligence AG acquisitions

itelligence AG (and therefore NTT DATA via itelligence) has acquired a number of companies in the SAP solutions field:

  • 2008: acquires shareholding in SAPCON a.s.
  • 2009: ADELANTE SAS: On 19 March 2010 intelligence acquired 51% of ADELANTE SAS.
  • 2009: Chelford SAP Solutions: on 6 August 2010, itelligence AG acquired 100% of Chelford SAP Solutions
  • 2009: acquires RPF Consulting LLC
  • 2009: acquires participation in 2B Interactive
  • 2010: 2C Change A/S: on 14 June 2011, itelligence AG acquired 60% of 2C change A/S and an option to acquire the remaining 40%
  • 2011: acquired 100% of CONTEMPORARY plc
  • 2011: acquired Blueprint Management Systems
  • 2012: acquired 60% of interest in Elsys
  • 2013: on 1 Nov 2013 acquired 100% of Aster Group
  • 2013: itelligence AG acquired the SAP consulting, licensing and maintenance businesses from Software AG
  • 2014: on 1 October 2014 acquired Symphony Management Consulting

Copyright·©2014 ·Eurotechnology Japan KK·All Rights Reserved·

Integralis acquired by NTT Communications creating NTT Com Security AG

NTT eurotechnology.com

NTT Communications acquired 78.4% of Integralis AG which is renamed NTT Com Security AG

Managed Security Services (MSS): Greschitz IT Security and Secode AB join NTT Com Security AG

On June 30, 2009, NTT Communications announced a public tender offer for the shares of Integralis AG offering € 6.75 in cash per share. Integralis at that point was traded on the Frankfurt Stock Exchange (Xetra).

In October NTT Communications acquired 78.4% of Integralis AG at a cost of € 59.1 million, to offer managed security services.

Integralis AG

The company was founded on 19 July 1993 as “Articon Fertigungsleitsysteme GmbH”, Articon Information Systems AG had IPO on the German Neuer Markt in 1998.

Integralis Ltd was founded in 1989.

On 29 February 2000, Articon Fertigungsleitsysteme GmbH and Integralis Ltd merged, and the resulting company was Articon-Integralis AG.

Integralis renamed NTT Com Security AG

On 24 June 2013, Integralis AG was renamed NTT Com Security AG.

NTT Com Security AG

NTT Com Security AG is a listed company, and the company’s shares are traded in the m:access segment of the open market of the Munich Stock Exchange. There are 13,036,844 outstanding shares.

Share holding (according to NTT Com Security AG website):

  • 78.30% NTT Communications Corporation
  • 2.31% treasury stock
  • 19.39% free float

NTT Com Security AG / Integralis acquires Austrian Greschitz IT Security

Thomas Greschitz founded Greschitz IT Security 1995 to focus on internet security, in particular Check Point firewall systems in Graz. 2000 the company moved from Graz to Vienna.

2007 Thomas Greschitz founded the company Greschitz Management GmbH.

2008 Thomas Greschitz sells Greschitz IT Security to Integralis AG.

2010 Thomas Greschitz leaves Greschitz IT Security to focus fully on Greschitz Management GmbH.

NTT Com Security AG acquires Swedish Secode AB

On August 11, 2010, NTT Communications Corporation announced the acquisition of all shares of Secode AB, a managed security services (MSS) provider operating in the Nordic countries. Secode AB’s security operation centers (SOCs) were folded into NTT Communications network of SOCs.

On December 1, 2011, NTT Communications transferred the shareholding in Secode AB to Integralis AG (today’s NTT Com Security AG), making Secode AB a fully owned subsidiary or Integralis AG (Today NTT Com Security AG).

Secode AB become part of NTT Com Security AG.

Copyright·©2014 ·Eurotechnology Japan KK·All Rights Reserved·

net mobile AG majority stake acquired by NTT Docomo

NTT Docomo

globalizing Docomo’s mobile payment and content services

bringing German mobile know-how to Japan

On September 11, 2009, NTT Docomo announced a voluntary public tender offer for shares of net mobile AG. The tender offer was closed on November 27, 2009, and Docomo Deutschland GmbH acquired 6,126,567 shares at € 6.35 per share corresponding to 79.59% of the company, at a total acquisition cost of € 38.9 million, thus valuing net mobile AG at € 48.9 million.

Acquisition of Bankverein Werther AG to create Net-m Privatbank 1891 AG

On September 22, 2011, NTT Docomo announced the additional investment of up to € 28.4 million (YEN 3.1 billion) in net mobile AG, for the purpose of net mobile AG acquiring Bankverein Werther AG.

The company goes back to the foundation of the financial cooperative “Vorschussverein zu Werther”, which was founded in 1877 in Werther, near Bielefeld in Germany. In 1891, the Vorschussverein zu Werther was transformed into the bank “Bankverein Werther Aktiengesellschaft”. During 2011, Net Mobile AG acquired 93% of shares of Bankverein Werther AG. On December 1, 2011, the traditional banking business, including the trademark “Bankverein Werther” was sold to the regional bank “Volksbank Paderborn-Höxter-Detmold eG“.

With the sale of the traditional banking business and the tradename and brand, the bank reentered the market as Net-m Privatbank 1891 AG. At the end of 2012, Net Mobile AG acquired all remaining shares, so that Net-m Privatbank 1891 AG became a 100% owned subsidiary of net mobile AG.

net mobile AG

net mobile AG was founded on 9 October 2000 in Köln, and headquarters later the same year moved to Düsseldorf (Handelsregister/trade registry No. HRB 48022). In 2001, Net Mobile AG acquired SMS Infowelt. net mobile AG’s business at that time was marking info-SMS, ringing tunes, and other information services for mobile phones.

net mobile AG is a public company, traded at the Frankfurt and München Stock Exchanges (Freiverkehr).

Currently the market cap of net mobile AG is € 77 million (US$ 94 million).

Share ownership (according to the net-mobile website):

  • 87,13 % DOCOMO Deutschland GmbH, a 100& subsidiary of NTT Docomo Inc.
  • 12,87% traded on the Frankfurt and München stock exchanges

net mobile AG subsidiaries

Copyright (c) 2014 Eurotechnology Japan KK All Rights Reserved

Idemitsu Kosan may acquire Showa Shell Sekiyu KK for YEN 500 billion (US$ 4.1 billion)

SHELL may exit Japan after 138 years here

Idemitsu Kosan (出光興産株式会社) aims for market leadership

On December 20, 2014, both Idemitsu Kosan and Showa Shell separately announced that they had entered into discussions of possible business reorganization, indicating that Idemitsu Kosan may acquire Showa Shell next year. Because Showa Shell Sekiyu KK is a Japanese company traded on the Tokyo Stock Exchange, such an acquisition would be via a tender offer for outstanding shares.

With the development of fuel efficient cars and the shrinking population, refined oil products are a shrinking market in Japan, and a merger between Idemitsu Kosan and Showa Shell is a consequence of consolidation of this shrinking market.

This merger would also mean a departure of Royal Dutch Shell from the Japanese market.

Showa Shell Sekiyu KK (昭和シェル石油株式会社)

Listed on Tokyo Stock Exchange (TKS5002)
Market cap: YEN 384 billion (= US$ 3.2 billion)

Although Showa Shell Sekiyu KK (昭和シェル石油株式会社) generally uses the famous yellow and red Shell logo, Showa Shell Sekiyu KK (昭和シェル石油株式会社) is not a wholly owned subsidiary of Royal Dutch Shell plc, but its a public company traded on the Tokyo Stock Exchange (TSE5002), with a large number of shareholders beyond Royal Dutch Shell plc, which is the largest shareholder with a holding of 35.0%.

Given Royal Dutch Shell plc’s holding of 35.0%, this holding currently is worth approx. YEN 134.4 billion (US$ 1.12 billion).

35% of the reported tender offer price would correspond to YEN 175 billion (US$ 1.44 billion)

Shareholders:

  • 35.0% Royal Dutch Shell Plc
  • 14.9% Government of Saudi Arabia
  • 1.8% Nomura Asset Management Co., Ltd.
  • 0.9% Daiwa Asset Management Co. Ltd.
  • 0.9% Nikko Asset Management Co., Ltd.
  • 0.7% Grantham, Mayo, Van Otterloo & Co. LLC
  • 0.7% SEB Investment Management AB
  • 0.6% BlackRock Fund Advisors
  • 0.6% The Vanguard Group, Inc.
  • 0.6% Norges Bank Investment Management
  • 42.7% others
  • —————————————
  • 100.0% Total

related: Solar Frontier KK

Solar Frontier KK is a 100% owned subsidiary of Showa Shell Sekiyu KK, developing and manufacturing copper indium gallium selenide (CIGS) solar cells and related business, such as developing and operating solar power stations using CIGS cells.

Revenues and market shares in Japan’s oil/gasoline markets

With a merger of Idemitsu and Showa-Shell, the combined company will have a firm second position with a 30% market share, very close to the market leader JX Holdings with 34% market share.

History of Shell and Showa Shell Sekiyu KK (昭和シェル石油株式会社) in Japan

Showa Shell Sekiyu KK (昭和シェル石油株式会社) is the basis of the Royal Dutch Shell Group in Japan.

Showa Shell Sekiyu KK (昭和シェル石油株式会社) was formed on January 1, 1985 by the merger of Showa Oil Co Ltd and Shell Sekiyu KK. The Royal Dutch Shell Group had a shareholding in Showa Oil Co Ltd since June 1951.

Shell Sekiyu KK goes back to Samuel Samuel & Co, started by Samuel Samuel in partnership with his brother Marcus Samuel, 1st Viscount Bearstead (subsequently The Lord Bearstead and The Rt. Hon. The Viscount Bearsted Bt. – the founder of the Shell Transport and Trading Company), in Yokohama around 1876. Samuel Samuel & Co set up the Rising Sun Petroleum Co Ltd. In 1947, Rising Sun Petroleum Company was renamed Shell Sekiyu.

Shell Sekiyu and Showa Sekiyu merged in 1985 to form Showa Shell Sekiyu.

Copyright·©2014 ·Eurotechnology Japan KK·All Rights Reserved·

Toray acquires Saati SpA’s European carbon fiber fabric and prepreg business

Toray acquires Saati’s European fabric business: Toray builds integrated supply chain in Europe

Toray management program Project AP-G 2016: “thorough implementation of growth strategy through innovation and aggressive management”

Toray acquires Saati’s European fabric business: Toray announced on 10 December 2014 the agreement to acquire the European carbon fiber fabric and prepreg business of Saati SpA. Toray will take over Saati’s plant located in Legnano (Milano Province) in January 2015, renaming the operations “Composite Materials (Italy) Srl (CIT)” and to become a fully owned subsidiary of Toray.

Saati will continue to own and operate the Saati composite business in America.

Saati SpA

SAATI SpA was founded in 1935 to manufacture silk flour mesh fabrics, and employs about 850 people.

Saadi SpA operates five divisions:

  • printing: graphics, electronics, apparel, glass etc
  • chemicals: screen printing, emulsions, screen prep and reclaim materials
  • filtration
  • protection: ballistic panels, helmets etc
  • composites: carbon fabrics, glass fabrics, prepreg, UD, etc

Pre-preg

Pre-Preg are pre-impregnated composite fibers with a matrix material such as epoxy.

Toray’s medium term management program “Project AP-G 2016” (from April 2014 to March 2017)

Toray’s Project AP-G 2016 is part of Toray’s long term vision “AP-Growth TORAY 2020“, and follows “Project AP-G 2013.

Thorough implementation of growth strategy through “innovation and aggressive management”.

Key benchmarks for FY 2016:

  • Consolidated net sales: YEN 2.3 trillion (US$ 23 billion)
  • Consolidated operating income: YEN 180 billion (US$ 1.8 billion)
  • ROA 8%
  • ROE 10%

Toray’s long term vision “AP-Growth TORAY 2020“: become “a global top company of advanced materials”

AP-Growth TORAY 2020 is a unified growth map for the next 10 years based on Toray’s corporate vision of “contributing to society through the creation of new value with innovative ideas, technologies and products”.

Key KPI’s for AP-Growth TORAY 2020 (to be achieved around 2020)

  • consolidated net sales: YEN 3 trillion (US$ 30 billion)
  • Consolidated operating income: YEN 300 billion (US$ 3 billion)
  • Operating income margin: 10%
  • ROA: 10%
  • ROE: 13%

Toray Industries, Inc. (東レ株式会社) “Innovation by chemistry” (化学による革新と創造) (TSE 3402, LSE TKK)

Toray Industries, Inc. (東レ株式会社) was founded on 12 January 1926 with an investment by Mitsui Bussan. The company was incorporated as Touyou Rayon (東洋レーヨン) on 16 April 1926.

In 1970 the company name was changed to Toray KK (東レ株式会社). Toray is the abbreviation of Touyou Rayon (レーヨン).

Toray’s main business are:

  • fibers and textiles
  • plastics and chemicals
  • IT related products: films, color filters, products for IC production, graphics materials
  • carbon fiber composites
  • environment and engineering: water treatment membranes, materials for housing, environmental equipment
  • life science
  • other: analysis, research related services

Copyright·©2015 ·Eurotechnology Japan KK·All Rights Reserved·

EU investment in Japan could be 50% higher had Vodafone succeeded in Japan

EU investment in Japan is about € 85 billion (US$ 106 billion) - it could be 50% higher had Vodafone succeeded in Japan.

EU investment in Japan is about € 85 billion – it could be 50% higher!

Vodafone-Japan: what could the value be today?

Had Vodafone succeeded in Japan, Vodafone-Japan could be worth about US$ 50 billion today, about 1/2 of Vodafone’s total global market-cap today, and combined investment in Japan by European (EU) companies could be about 50% higher than it is today!

With COLT about to acquire KVH, it might seem that this is the only foreign infrastructure based telecom provider left in Japan’s telecom market after a long string of management failures, including Vodafone, Cable & Wireless, Willcom, WorldCom and others.

However, foreign investment in Japan’s telco/cloud infrastructure has not ended, and we believe the next wave including AWS, Microsoft, Google et al may become far more successful than the first wave.

For companies considering investment or business expansion in Japan, it is useful to understand the potential market-capitalization which can be achieved in Japan in case of success, instead of just looking at the sales figures:

  • as an example, combined EU investment in Japan is estimated to be approx. € 85 billion (US$ 106 billion) in total,
  • had Vodafone succeeded in Japan, total investment in Japan by European (EU) companies would be about 50% higher than it is today.

Why Vodafone-Japan could be worth US$ 50 billion (1/2 of Vodafone’s global market cap) had it been successful

Let us estimate what Vodafone-Japan could be worth today, had it not failed:

Since Vodafone-Japan’s sale to SoftBank on March 17, 2006, Japan’s telecom market has continuously grown, so we can expect today’s valuations to be considerably higher than in 2006. Lets assume that Vodafone-Japan had been successful, and had grown in sync with competitors NTT-Docomo and KDDI, and lets assume that Vodafone-Japan would have been able to continue J-Phone’s innovations to keep subscription figures and financial results in sync with KDDI. In this case, it would not be unreasonable to assume that Vodafone-Japan’s market capitalization today would be KDDI’s minus the value of KDDI’s global data-center business. Thus we arrive at an estimate, that Vodafone-Japan would have a market-cap value on the order of US$ 50 billion today.

US$ 50 billion is about 50% of Vodafone’s total global valuation, and about 50% of the sum of all direct investments in Japan by all European (EU) companies combined.

Thus, had Vodafone been successful in Japan, EU investments in Japan could be about 50% higher than they are today, and Vodafone’s global market cap could be 50% higher as well.

Market capitalization (Dec 2, 2014):

  • NTT Group: US$ 61 billion
  • NTT-Docomo: US$ 68 billion
  • KDDI: US$ 58 billion
  • SoftBank: US$ 80 billion
  • Vodafone plc (global group): US$ 97 billion
  • Vodafone-Japan market cap, had it been successful (our estimate): US$ 50 billion corresponding to approx. 50% of Vodafone’s global market cap)
  • total investment in Japan by all European (EU) companies combined: € 85 billion (= US$ 106 billion)
    (see: EU-Japan direct investment register)
EU investment in Japan is about € 85 billion - it could be 50% higher!
EU investment in Japan is about € 85 billion – it could be 50% higher!

Japan telecommunications industry market report

Register and receive an email with a link to a free trial version of our report on “Japan telecommunications industry” and our newsletters.

Your Name (required)

Your Email (required)

Copyright·©2009-2015 ·Eurotechnology Japan KK·All Rights Reserved·