---
title: "Squad reinvests all proceeds from the sale and forms \"SIVA\" in collaboration with JGIA ~ Finance Produce is a sell-side financial advisor ~"
description: Squad、売却資金を全額再投資し、JGIAと共同で「SIVA」を組成〜ファイナンス・プロデュースがセルサイドFA〜
---

[ファイナンス・プロデュース ](https://finance-produce.com/en/blog)

# [Squad reinvests all proceeds from the sale and forms "SIVA" in collaboration with JGIA ~ Finance Produce is a sell-side financial advisor ~](https://finance-produce.com/en/blog/case/squad)

 Written by [Finance Produce Inc.](https://finance-produce.com/en/blog/author/fp) | 2026/02/19

### overview

Entrepreneur Toshiyuki Sugiura reinvested all of the proceeds from the sale of Squad Inc. (hereinafter "Squad") and formed the industry-specific software group **[SIVA Inc.](https://translate.google.com/website?sl=auto&tl=en&hl=ja&client=webapp&u=https://siva-s.com/)**

(hereinafter "SIVA") in collaboration with JGIA. SIVA executed M&A transactions totaling over 10 billion yen in its first year, and is making progress toward establishing a new role model for growth in Japan through self-funded start-ups, co-creation with funds, business succession, and regrowth.

Finance Produce Inc. (hereinafter "Finance Produce" or "our company") served as Squad's financial advisor (sell-side FA) and supported this "startup M&A" as a new growth model in Japan.

### Significance of this M&A

 

 

Squad **was founded as a solid venture using only its own funds** , and has successfully achieved the difficult feat of rapidly growing its SaaS business at a rate comparable to or faster than other fast-growing startups that have received large amounts of VC funding , while also achieving profitability **and growing MRR for over 60 months in a row , ****growing the company to a scale where a standalone IPO is within reach** .

 

However, **the company has chosen M&A over an early IPO** , and is considering selling part of its shares to a PE fund **while** acquiring greater capital and strategic partners, with the aim of further accelerating growth and pursuing **a large-scale IPO .**

 

To put it simply, **from the day SaaS entrepreneurs sold their companies as sellers, they began to acquire other SaaS and other software companies as buyers** .

 

What's surprising is that **the entrepreneurs** are reinvesting all of the proceeds from the sale, and that in the first year of partnering with the PE fund they **have already acquired multiple SaaS and other software companies, bringing the total amount to over 10 billion yen** .

### Our contact points and thoughts

 

> Finance Produce is pleased that SIVA has executed **a startup M&A as a new growth model** for further business growth and advanced to the next stage of growth. We are confident that together with JGIA, we will achieve our  
> mission of "transforming industry-specific software companies into sustainable growth companies through M&A and modernization, and empowering customers and employees across all industries through this transformation," and will increase the business value of both companies. We will continue to
> 
> work hard, producing results that meet the trust and expectations of ambitious entrepreneurs and investors, as well as listed companies and large corporations, both in Japan and overseas.
> 
> (Reference)  
> **SIVA (including Squad) press release**  
> and **[announcement regarding this matter](https://translate.google.com/website?sl=auto&tl=en&hl=ja&client=webapp&u=https://prtimes.jp/main/html/rd/p/000000005.000173321.html)**
> 
> ・**[Announcement regarding acquisition:](https://translate.google.com/website?sl=auto&tl=en&hl=ja&client=webapp&u=https://prtimes.jp/main/html/rd/p/000000006.000173321.html)**  
> SIVA, an industry-specific software group, has acquired "menu magazine," led by former Wegmans and Vita Coco Japan representative Yoshino.

[View full post](https://finance-produce.com/en/blog/case/squad)

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