Investment Overview

Investment timing: 2018/2
Exit timing: 2021/1
Deal type: Carve-Out
Fund: AG II
Status: Exit

Investment Background / Post-Investment Activities

Investment Background

Sord is a leading manufacturer of embedded PCs, mainly for medical equipment and other applications. Aspirant Group invested in the company in response to the business carve-out needs of its parent company, Toshiba Corporation, with the themes to assist with the company’s standalone process and to pursue further growth.

Post-Investment Activities

Development of Infrastructure

  • Development of an accounting management system
  • Design/management of meeting structure
  • Development of Corporate Infrastructure (Introduction of divisions by business)


  • Improvement in Productivity – Cost reductions (Shift production, which was formerly outsourced overseas to in-house production)
  • Pricing Strategy (Price review based on profitability analysis by product)

Support for Growth

  • Add-On Acquisition (Acquisition of embedded PC business, promotion of collaboration with other companies related to IoT/robotics)


In 2021, Sord became the wholly owned subsidiary of PCI Holdings, which has a synergistic embedded software development and other information services business with Sord, as they valued Sord’s hardware development expertise.