Spica Consulting Announces Appointment of New Representative Director and CEO

Spica Consulting Co., Ltd. (Headquarters: Minato-ku, Tokyo; Representative Director and CEO: Tsuneo Watanabe; hereinafter "Spica Consulting"), a group company of GA technologies Co., Ltd. [GA technologies] (Headquarters: Minato-ku, Tokyo; Representative Director, President and CEO: Ryu Higuchi; Securities Code: 3491), which provides "Value-Up Consulting" to maximize corporate value and "Industry-Specific M&A," announced that Tsuneo Watanabe has been newly appointed as Representative Director and CEO, effective April 1, 2026 (Wednesday). Under the new management structure, the company aims to improve the overall quality of its business to the top level in Japan and contribute to the development of the Japanese economy by supporting the growth of small and medium-sized enterprises. Toshio Nakahara, who previously served as Representative Director, will change his title to Representative Director and COO and will continue to be involved in the planning and execution of business strategies at Spica Consulting.

New Appointment

Position Change

◆ Background of New Representative's Appointment

The number of M&A deals in Japan has been increasing year by year, reaching a record high of 5,115 in 2025 (*1). Business succession M&A also reached a record high of 1,028 cases (*1), and this trend is expected to continue steadily for the next 10 years. On the other hand, with the rapid expansion of the market, the "quality of M&A brokerage" is being questioned. While the number of registered M&A support organizations has reached 3,235 (a record high) (*2), troubles and consultation cases are also on the rise, making it more difficult and important than ever for both transferring and acquiring companies to choose a "truly reliable partner."

In this opaque situation, M&A consulting firms are required to have an even higher sense of ethics, transparency, and above all, the ability to envision "growth beyond the deal." Since its establishment, Spica Consulting has contributed to the development of the Japanese economy with its two pillars: "highest quality industry-specific M&A" and "value-up consulting that maximizes corporate value." This time, for the purpose of further quality improvement and strengthening of the management system, Tsuneo Watanabe has been newly appointed as Representative Director and CEO.

Watanabe is a person who has led "industry restructuring M&A" that goes beyond mere matching. With a strong belief in "supporting success as a manager, not as an investor, through M&A," he has led numerous M&A deals to success with his high expertise in M&A and management, and deep insight and specialized knowledge of the industry.

Under the new system with Watanabe, who has extensive experience in high-quality M&A and corporate value improvement support, Spica Consulting aims to raise the quality of its three businesses and activities to the No. 1 level in Japan: (1) industry-specific M&A, (2) value-up consulting, and (3) asset utilization for social good. Through the provision of "M&A that enables companies to continue to develop," we will open up a new future where each employee can shine.

(*1): MARRonline February 2026 Issue No. 376 (https://www.marr.jp/marr/marr202602/entry/66036)

(*2): Public announcement of registered financial advisors and brokers related to the M&A support organization registration system, current registration status (as of February 20, 2026)

◆ Profile, Career, and Photo of the New Representative

Spica Consulting Co., Ltd.

Representative Director and CEO Tsuneo Watanabe

<Career History>

◆ Messages from Leading Business Executives on the Appointment of the New Representative Director and CEO

Upon Mr. Watanabe's appointment as the new representative of Spica Consulting, we received comments from business executives from various fields who continue to enhance corporate value (names listed in alphabetical order, titles omitted).

TEAMyoko-so CEO (FOUNDER of Yokohama Sogo Tax Accountant Corporation)

Tax Accountant Keisuke Izumi

Welcome back! Congratulations on your return to the M&A industry. Mr. Watanabe, who broke the conventions of the accounting industry and the M&A industry by sector and served as the youngest full-time director at a company with a market capitalization of 1 trillion yen, I am deeply grateful for your support. I have high expectations that you will create new value in a maturing industry and contribute to the revitalization of the Japanese economy.

BoostCapital Co., Ltd.

FAQ

What is Tsuneo Watanabe's main career background?

Mr. Watanabe was the No. 1 consultant for M&A of small and medium-sized enterprises at Japan M&A Center and is a leading expert in industry restructuring M&A. After becoming the youngest director at the company, he served as an outside director for several listed companies.

What kind of businesses does Spica Consulting operate?

It provides "Value-Up Consulting" to maximize corporate value and "Industry-Specific M&A" as its two main pillars. Going forward, it will also strengthen "Asset Utilization for Social Good."

What is the purpose of this personnel change?

The purpose is to further improve quality and strengthen the management structure amidst the expanding M&A market and the growing importance of quality. Leveraging Mr. Watanabe's expertise and track record, the company aims for top quality in Japan.

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