Activist investor Oasis Management disclosed large shareholdings in 3 major Japanese SaaS companies. Shares in SMS, PA Consulting and Infomart were acquired, and PA Consulting's shares are reportedly expected to be sold to Raksul. Meanwhile, the conflict with SMS's management is said to be ongoing. As corporate valuations decline, attention is focused on the companies' future management policies.
Three major Japanese SaaS companies, SMS, Plus Alpha Consulting (PA Consulting) and Infomart, became the targets of large shareholdings by activist investor Oasis Management. The 3 companies had maintained annual growth of approximately 20% on an ARR basis, but their future growth potential and use of capital were being questioned amid declining valuations across the SaaS sector.
Oasis began contacting the 3 companies around 2025 and became a major shareholder in 2026. Specifically, it was reported that large shareholdings were disclosed for SMS in January this year, PA Consulting in April and Infomart in June. The situation has been characterised as reflecting the identification of room for growth and the emergence of scope for external intervention.