Phyz, a Japan-based company mainly engaged in the electronic commerce (EC) solution service business, announced it will acquire FindOn, a temporary staffing firm based in Tokyo.

The price of the acquisition is JPY 168 million (USD 1.15 million). The agreement was signed on 1 February 2024 and the stock transfer is expected to take place on 28 February 2024.

Findon Co., Ltd. is a company primarily engaged in the registered general worker dispatch business. Its most recent financial results showed annual sales of JPY 383 million (USD 2.61 million), down 16.3% from the previous year.

Phyz said the deal will enable it to realise its group's management philosophy by dispatching employees to business partners and internal groups that provide warehouse operations for the group.

The impact on business results for the fiscal year ending 31 March 2024 is expected to be minor, Phyz said.