WellBear Advises BiPlus Software on Capital and Business Alliance with Ricksoft Inc.

Deal Overview

Ricksoft Inc. (headquartered in Chiyoda-ku, Tokyo; President Hiroshi Onuki; listed on the Tokyo Stock Exchange Growth Market, Ticker: 4429) and BiPlus Vietnam Software Solutions Joint Stock Company (headquartered in Hanoi, Vietnam; CEO David Bui / Bui Xuan Hien) entered into a capital and business alliance, marking the start of a strategic partnership that includes a phased equity investment by Ricksoft. The transaction was jointly announced by both companies on December 18, 2025.

WellBear served as the sell-side financial advisor to BiPlus Software, supporting the engagement from negotiation through execution. As a cross-border M&A specialist, WellBear was privileged to advise on a partnership between Japan's leading publicly listed Atlassian provider and Vietnam's leading Atlassian-focused solution integrator.

Deal Summary

• Investor: Ricksoft Inc. (TSE Growth: 4429)
• Target: BiPlus Vietnam Software Solutions Joint Stock Company
• Location: Target HQ in Hanoi, Vietnam / Investor HQ in Chiyoda-ku, Tokyo
• Industry: Enterprise Software Development / Atlassian Solution Integration
• Structure: Capital and Business Alliance
• Our Role: Sell-Side Advisor
• Announced: December 18, 2025

About BiPlus Software

Founded in 2018, BiPlus Software is one of Vietnam's leading technology companies, specializing in Atlassian-based solution integration and enterprise software development. BiPlus delivers end-to-end services - consulting, implementation, and managed services - across Agile transformation, ITSM modernization, cloud migration, DevOps enablement, and custom enterprise software development. The company serves more than 70 enterprise customers across Vietnam and the broader APAC region, spanning the banking and finance, telecommunications, manufacturing, and technology sectors. BiPlus is recognized as an Atlassian Platinum Solution Partner and a SAFe Partner, underscoring its position as one of the region's most capable solution integrators.

About Ricksoft Inc.

Ricksoft Inc., listed on the Tokyo Stock Exchange Growth Market, is one of Japan's leading Atlassian solution providers. The company delivers a full spectrum of Atlassian-centered services - implementation, operation, customization, and cloud migration - to major enterprise customers across North America, Europe, APAC, and Japan. Ricksoft's long-standing product expertise and operational excellence in the Japanese Atlassian market underpin its strong competitive position globally.

Synergy

Bringing together two leading organizations built on the Atlassian ecosystem, this partnership combines Ricksoft's global customer base, product expertise, and operational excellence with BiPlus Software's strong engineering and delivery capability and its deep implementation track record across APAC.

The combination is expected to deliver a unified service experience across Japan, Vietnam, and the broader APAC region - spanning Atlassian Cloud, Jira Service Management, DevOps, and enterprise Agile at scale. The partnership also envisions future collaboration in AI-enabled enterprise solutions, positioning both companies at the forefront of next-generation digital transformation.

Continuity

BiPlus Software will continue to operate under the leadership of its CEO, David Bui (Bui Xuan Hien), with its existing brand, organization, and customer and partner relationships maintained. The equity investment is structured as a phased process, enabling both parties to build a durable, medium-to-long-term strategic partnership that preserves each company's strengths while accelerating shared growth.

"Partnering with Ricksoft is a major milestone in our mission to become a global solution integration company. Ricksoft's worldwide presence and proven capabilities in serving global enterprises align perfectly with our strength in engineering and delivery. Together, we will deliver higher-quality services, expand global capability, and explore future opportunities including AI-enabled enterprise solutions."

- David Bui, CEO, BiPlus Software

This entry is based on publicly available information (Ricksoft Inc. press release dated December 18, 2025; BiPlus Software press release dated December 18, 2025). Non-public transaction terms are not disclosed.