Detailed Description of Portfolio Companies of Fund II

VOYAGE GROUP, Inc.

Features The core businesses of VOYAGE GROUP are a group of on-line membership services featuring point credits such as “EC Navi”. EC Navi compares prices and merchandises offered by numerous electronic commerce sites and operates a point credit redemption program for the members. Thanks to the attractiveness of such services, EC Navi has grown to have 560,000 members as of March 2012. VOYAGE GROUP offers additional opportunities to earn point credits through “Research Panel”, an on-line research platform, and to redeem point credits through “PeX”, an on-line point credits exchange site. Their services are inter-connected through point credits. VOYAGE GROUP has started several other businesses with growth potential such as Advertising-Technology service which is expected to materialize shortly in Japan following its success in the US internet advertisement market and On-line services in the Asian markets including China, Korea and Indonesia.
Investment Pattern Carve-out from CyberAgent, MBO
Acquisition of shares from existing shareholders
Investment Theme To support VOYAGE GROUP’s growth acceleration plan through attracting more subscribers for membership services and increasing the frequency of site accesses by providing Polaris’s expertise and experience earned in its investments into Qsai, Ekitan and others, and to establish other profitable business pillars by enhancing Advertisement Technology business and Research Panel service and also by improving business portfolio management.
Date of Exit December 2016 (Complete Exit)
Exit Pattern Multi-step disposition through pre-IPO sale to the company and its officers and employees, IPO on Tokyo Stock Exchange’s Mothers market (July 2014) and several subsequent market trades.
Exit Story After the investment, through clear definition of growth drivers, strict implementation of PDCA cycle and strong commitment to the business goal in accordance with its first 100 day plan formulated in collaboration with the management team, the membership services recorded a steady growth of revenue and profits and the ad-technology business expanded very rapidly. As a result, the financial performance of the company advanced significantly and the company was listed on Tokyo Stock Exchange’s Mothers market in only 2 years from the investment (moved further up to Section 1 later), earlier than the initial plan at the time of investment.

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