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Bain backs Japanese payments and ecommerce platform hey.

Happy Wednesday, Dear Take Tech Readers!

Bain Bets on Japan

Bain Capital Tech Opportunities sees opportunity in cashless payments and e-commerce in the Japanese market, backing hey, a payments and e-commerce platform based out of Japan.

What’s interesting about the company is that it comprises two core technologies — a global point-of-sale business like Square, and an e-commerce platform service like Shopify. But in the case of hey, the e-commerce firm is focusing on small merchants.

I spoke to Darren Abrahamson, a managing director at the firm, who said the idea behind the company is to facilitate ease of access to the Japanese consumer. The Japanese market is ready to start catching up to the rest of the world on cashless adoption, he said.

“The vision is to bring those [services] together and offer an integrated commerce platform for merchants that spend time online, [allowing] them to track customers, and then to leverage that customer base to cross sell other parts of software,” the investor said.

With the injection of new capital, hey also acquired Coubic, an online reservation system for beauty salons and fitness centers. The offering integrates well with hey’s existing cashless payment technology, Abrahamson said.

Stay tuned for more on the firm’s funding in hey.

Top Scoops
Sovos
Another Hg-backed company is creating a lot of buzz in the market.

Last week I reported that Hg hired Jefferies and William Blair to advise Sovos on a sale process. This week, I updated the story with a few financial details and further context.

According to Sovos, Hg is looking to bring on another financial backer to facilitate the growth of the regulatory tax software provider, while retaining a stake in the company.

“Hg intends to carry on its investment in Sovos, while bringing in an additional financial backer to help fuel the next stage of Sovos’ growth. This process is now underway,” the spokesperson said.
One source told me that Hg is looking to sell up to a 50 percent stake in the company.

For more detail, read my story on PE Hub.

As always, reach out with any feedback, tips, suggestions, or just to say hello at mvinn@buyoutsinsider.com.