Axis Co., Ltd. agreed to acquire connected fleet management business KITARO from Aucnet Inc. (TSE:3964) for ¥100 million on August 28, 2018. The consideration will be paid in cash. The connected fleet management business KITARO reported total assets of ¥107 million.

The transaction was resolved by the Board of Directors of Aucnet and is expected to complete on October 1, 2018.