Elmo Company Limited signed a basic agreement to acquire electronic blackboard service business of V-cube, Inc. for ¥800 million on September 3, 2018. The consideration may fluctuate by the agreement date. Elmo Company entered into an agreement to acquire electronic blackboard service business of V-cube, Inc. for ¥750 million on September 28, 2018. The consideration will be paid in cash. For the year ended December 2017, electronic blackboard service business reported sales of ¥1.01 billion. The transaction is not subject to resolution by the general meeting of shareholders of V-cube, Inc. The transaction was resolved by the Board of V-cube, Inc. The transfer agreement is expected to be signed on September 28, 2018 and the transaction is expected to be closed on December 31, 2018. Elmo Company Limited completed the acquisition of electronic blackboard service business of V-cube, Inc. on January 7, 2019.