SIVA to take listed beauty-tech firm Will Do private in sixth acquisition
What's the deal? SIVA, a Tokyo-based vertical software holding company, has agreed to acquire all shares of Will Do, a TOKYO PRO Market-listed provider of cloud services for the beauty and esthetics industry. Will Do has filed for delisting, which is set for August 27, 2026, with the share transfer executed on September 11, 2026.
What does each side do? Will Do, founded in 2001 in Mie Prefecture, builds cloud-based core business systems for beauty salons and holds top market share in the sector. SIVA, led by chief executive officer Toshiyuki Sugiura, acquires and operates industry-specific software companies.
Why now? Will Do listed on TOKYO PRO Market in December 2023 to strengthen governance and posted higher revenue and profit for the fiscal year ending February 2026. It sought a partner with capital and synergies to expand further, agreeing terms after talks and due diligence with SIVA.
What's the endgame? This is SIVA's sixth acquisition and its first take-private of a listed company, following deals for Squad, VERTICE, Business Brain, Media Link i, and SSB. SIVA plans to combine Will Do's governance with its own development and capital resources to push digitisation in the beauty sector.
What changes for customers? SIVA said it will use its AI-driven development to upgrade Will Do's cloud services toward a SaaS model. It also plans to link Will Do's booking and customer systems with digital-advertising tools from group company Squad to help salons with marketing and revenue forecasting.
By the numbers: SIVA began full operations in October 2024 and has since raised more than ¥10 billion. It was formed as a joint venture holding company with JGIA after Sugiura sold Squad — the company he had grown using only his own capital — and reinvested the full proceeds.
The signal: Sugiura framed the deal as reaching "a new stage" for SIVA, saying it aims for an initial public offering "in the hundreds of billions of yen." The transaction shows how vertical software roll-ups are now big and well-funded enough to absorb publicly listed targets, betting that consolidation across niche markets can compound into larger growth.
Read more: PR TIMES
Image credit: Generated with Gemini
