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Tokyo-based Money Forward (TSE:3994), the Japanese company providing cloud-based accounting solutions, announced on Monday that it will take a 72.3% stake in Smartcamp, the Japanese startup behind the Boxil SaaS comparison site and the Bales inside sales support service, for about 2 billion yen, or $18.3 million US. Smartcamp eventually made an exit by joining the Money Forward group.
Founded back in June of 2014, Smartcamp launched Boxil back in May of 2015 by pivoting from their previous Sket service through participating twice in Incubate Camp, an annual 2-day bootcamp program by Incubate Fund offering budding entrepreneurs with mentoring opportunities. As of October, the company boasted 1 million monthly page views and more than 120,000 registered users with bringing over 30,000 potential users to SaaS providers.
Smartcamp launched a service called Bales back in September of 2017, which allows SaaS providers to outsource their sales operations to the startup. In August, they launched another new service called Biscuit, a cloud-based customer relationship management tool for inside sales. Through these services, the company has successfully been offering marketing channels for over 100 third parties.
Meanwhile, Money Forward has been acquiring approximately a startup an year to expand their business, including acquiring Klavis, the Japan-/Singapore-based startup behind accounting and book-keeping software Streamed, as well as knowledgelabo, the Osaka-based startup behind cloud-based business management analytics tool Manageboard.
With the acquisition, Money Forward can boost customer acquisition effort for their product series leveraging Smartcamp’s marketing intelligence while Smarcamp aims to attract more users for their products leveraging Money Forward’s vast network and customer base.