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Business deals

Japan's Orix to sell software firm Yayoi to KKR for $2.1bn

Big price tag reflects expansion of cloud-based software market

Orix acquired Yayoi in 2014 for over 80 billion yen. 

TOKYO -- Japanese leasing company Orix has decided to sell its subsidiary software business Yayoi to U.S. investment fund KKR, Nikkei has learned. The sale price is estimated to be about 240 billion yen ($2.1 billion). Yayoi has about 60% of the market share in cloud accounting software for sole proprietors.

There is rising demand for cloud software that can be used on multiple devices and is automatically updated to the latest version, and this growth is reflected in the sale price.

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