Houlihan Lokey Advises Money Forward

Houlihan Lokey is pleased to announce that Money Forward, Inc. (Money Forward) has sold its subsidiary, SMARTCAMP Co., Ltd. (SMARTCAMP), to Marunouchi Capital Inc. (MCAP). The transaction closed in November 2025.

Founded in 2012, Money Forward is a Tokyo-based provider of SaaS and platform services, primarily focused on accounting, with key products including Money Forward Cloud and Money Forward ME. In 2019, it acquired SMARTCAMP to expand its business domain and enter the SaaS marketing space.

Founded in 2014, SMARTCAMP offers sales and marketing support services, primarily for SaaS companies, centered around its B2B SaaS comparison platform, BOXIL. Since its acquisition by Money Forward in 2019, SMARTCAMP’s revenue has increased roughly 8.4x.

MCAP, a private equity firm wholly owned by Mitsubishi Corporation, has a proven track record in the industrial and consumer sectors. This transaction marks the second investment in the rapidly growing software/IT space by its third fund, Marunouchi Capital Fund III.

The transaction will enable Money Forward to concentrate resources on its expanding business. SMARTCAMP, in turn, will accelerate growth by fully leveraging MCAP’s management expertise, Mitsubishi Corporation Group’s digital capabilities, and its extensive domestic and international networks.

Houlihan Lokey acted as the exclusive sellside financial advisor to Money Forward, leading a comprehensive deal process. This successful outcome underscores Houlihan Lokey’s deep expertise in the marketing sector.

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