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Software development firm HeartCore Enterprises revises terms ahead of $15 million US IPO

January 25, 2022

HeartCore Enterprises, which provides customer experience management and digital transformation software, revised the terms for its upcoming IPO on Tuesday.

The Tokyo, Japan-based company now plans to raise $15 million through offering 3 million shares at a price range of $4 to $6. The company had previously filed to offer 2.5 million shares at a range of $5 to $7. At the revised terms, HeartCore will raise the same amount of proceeds and command a fully diluted market value of $98 million (-15% vs. original terms).

HeartCore provides software through two business units: customer experience management and digital transformation. Its customer experience management platform (the "CXM Platform") includes marketing, sales, service, and content management systems. Through its digital transformation business, the company provides customers with robotics process automation, process mining, and task mining to accelerate the digital transformation of enterprises. As of September 30, 2021, HeartCore's combined business units had 819 total customers in Japan, including 561 paying customers, and 23 total customers outside Japan, including one paying customer.

HeartCore Enterprises was founded in 2009 and booked $11 million in revenue for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol HTCR. Boustead Securities is the sole bookrunner on the deal.