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Basic Information
Fixstars Corporation (“株式会社フィックスターズ”) is a developer of software dedicated for
high speed data processing. Fixstars develops bespoke software with multi-core
processor for mainly blue-chip Japanese companies. Fixstars
is scheduled to list the stock on Mothers Board of Tokyo Stock Exchange on
April 23, 2014.
The Software
Fixstars customers use the software for
various purposes. For example, healthcare companies use the software for
medical image processing or genomic analysis. Industrial machinery companies
use it for controlling machineries or automobiles. Financial companies calculate
the derivative price or various risks accompanying its operation.
Along with software development, Fixstars
supplies custom-made IT equipment like image processing board or general
purpose server enhanced with multi-core processors.
The Employees
Fixstars claims itself as a pioneer to
develop software for multicore processor and brag about quality of the employees.
Fixstars hires the engineers from the top-tier
universities in Japan such as University of Tokyo or Tokyo Institute of
Technology. On top of it, more than 90% of the 112 employees work as engineer.
15 employees have doctor’s degree and 44 have master’s degree as of March 19,
2014.
As the result, about 70% of the cost of sales
is labor cost. Salary for the engineers is one the largest variable for
Fixstars.
The Marketing Strategy
Fixstars had developed software upon
customers’ request since the foundation. Fixstars call that marketing approach
as “Pull-Style” marketing. However, Fixstars projects to adapt more “proposal-driven”
approach on the marketing by developing new products.
Fixstars had been served for small number of existing
customers. However Fixstars believes it has to expand customer base to reduce
risks from economic cycle. To approach new customers or new areas, Fixstars
plans to join exhibitions and to hold seminars.
Customers - Dependence on “Fuyo Group”
In Fixstars’ fiscal year ending September
2013, sales to below six customer composed 70% of the revenue.
l Toshiba Corporation (“株式会社東芝”) : industrial goods manufacturer.
l Hitachi Medical Corporation (“株式会社日立メディコ”): healthcare equipment manufacturer.
l Hitachi High-Technologies Corporation (“株式会社日立ハイテクノロジーズ”): inspection instruments manufacturer.
l Mizuho Securities Co., Ltd. (“みずほ証券株式会社”): securities brokerage, investment bank.
l Canon, Inc. (“キヤノン株式会社”): digital camera, semiconductor production
equipment and healthcare equipment manufacturer.
l Hitachi Aloka Medical, Ltd. (“日立アロカメディカル株式会社”): healthcare equipment manufacturer.
It is noted that above listed companies except
for Toshiba belong to so called “Fuyo Group.”
Fuyo group is one of six influential
corporate groups in Japan and has its roots in 19th century’s banking conglomerate
“Yasuda Zaibatsu.” Fuyo group companies, led by Mizuho Financial Group, maintain
mutual shareholdings and help their business each other until today.
Close relationship between Fixstars and the
leading company of Fuyo Group, Mizuho Bank, indicates that Fixstars also
belongs to Fuyo Group.
However, Fuyo Group security broker will not
act as the lead underwriter at Fixstarts’ IPO. Mitsubishi UFJ Morgan Stanley
Securities, a member of another corporate group called “Mitsubishi Group,” will
serve as the lead underwriter of the IPO.
While Mizuho Securities is Fixstars’ major
customer and belongs to Fuyo Group, Fixstars did not appoint Mizuho Securities
as the lead underwriter. The reason why Fixstars appointed lead underwriter
from Mitsubishi Group is not confirmed.
If Fixstars intends to break ties with Fuyo
Group or Fuyo Group is hoping to write off the relationship, the revenue from
the Fuyo Group companies may be seriously affected after the IPO.
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