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　(Head Office: Chiyoda-ku, Tokyo; Representative Director: Osamu Hata; hereinafter referred to as "WAP") announced that on December 16, Works Applications Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director: Takayuki Aoki; hereinafter referred to as "WAPF"), a wholly owned subsidiary of WAP, acquired all shares of Works Applications Frontier Inc, (headquartered in Chiyoda-ku, Tokyo; Takayuki Aoki, Representative Director; hereinafter referred to as "WAPF"), a wholly owned subsidiary of WAP, to FRC Corporation, a corporation established and funded by WAPF's management and others, and as a result, a management buyout (MBO) of WAPF was completed.

　This MBO is the best solution to resolve the differences in growth strategies between WAPF and WAP Group, which have different business characteristics and are at different stages of development, and will allow WAPF to be more agile and flexible in its business development, which is expected to accelerate its growth. In addition, by focusing on stable businesses and stabilizing its revenue base, the WAPF Group will be able to achieve steady growth by concentrating on providing more customers with business systems that generate surprise, excitement, and inspiration through its technology and Products / Services.

　WAPF Representative Director Takayuki Aoki retired from WAP's Board of Directors on November 24, 2011. capital relationship between WAP Group companies and WAPF will cease, and the mutual dispatch of directors will also be terminated, but WAPF's company name, product brand names, and business locations will remain unchanged. In addition, WAP Group will continue to collaborate and cooperate with WAPF.

■Changes in Directors and Executive Officers of Works Applications (as of November 24)

Name	Structure after change	Structure before change
Osamu Hata	Representative Director and Chief Executive Officer (CEO)	Same as on the left
Masahiko Miyahara	Director (concurrently Representative Director, President and Chief Executive Officer of Works Applications Enterprises, Inc.)	Same as on the left
Kenichi Yoshida	Director (concurrently Representative Director, President and Chief Executive Officer of Works Applications Systems, Inc.)	Same as on the left
Takayuki Aoki	Retired	Director

  Note: The above changes do not include matters related to outside directors.

About Works Applications Group

Since its establishment in 1996, Works Applications Group has been providing Products / Services mainly to major Japanese companies as Japan's first packaged software company for business applications. Based on the corporate philosophy of changing the concept of "work," making work more creative, increasing corporate productivity, and expanding corporate value, Works Applications Group aims for further development as a solution provider centered on ERP, to be a partner in promoting DX for small, medium, and start-up companies in addition to major corporations. We will continue to develop further as a solution provider with ERP at its core.

*Company names, product names and service names are trademarks or registered trademarks of their respective companies.
*The information in this release is current as of the date of publication, and is subject to change or withdrawal without notice. Please be aware that the forecasts and other forward-looking information in this release are based on uncertainties and may differ from actual results.