2025.4.25
Bridging the Gap in Sustainability Dialogue for Smaller Companies — The Case of Econavista
Cadira Capital Management engages in constructive and neutral dialogue on the identification of corporate social value, diversity in governance, growth strategies in capital markets, and structure themes such as challenges faced by both listed and unlisted companies.
In recent years, an increasing number of companies outside the Tokyo Stock Exchange Prime Market have shown interest in sustainability and social impact. At the same time, we hear that these companies often have limited opportunities to engage with capital markets on these topics. At Cadira, we actively engage in dialogue with impact-oriented companies regardless of their size.
In this update, we introduce our dialogue with Econavista Co., Ltd., focusing on setting KPIs that reflect the realities of the caregiving field and exploring the social value of their services.
Company Profile
Econavista Inc. is a caregiving DX (digital transformation) support company that went public in 2023. It was founded by Dr. Osami Kajimoto, now Chairman, who was inspired by his personal experience caring for his parents and sought to reduce the burden of caregiving. The company provides “Life Rhythm Navi,” a monitoring service that combines proprietary sleep data analysis and sensing technologies with hardware and software, to care facility operators.
Cadira’s Engagement
Cadira began engaging with Econavista in October 2023, drawn by its corporate philosophy and the unique services it provides, which deliver both economic and social value. Cadira also noted the increasing urgency of labor shortages in the caregiving industry.
Placing a strong emphasis on field-based research, Cadira visited several caregiving and welfare facilities through other listed companies. Through this process, they identified on-the-ground challenges and collected feedback from staff using Life Rhythm Navi. Staff reported significant productivity improvements during night shifts and improved well-being among care recipients due to easier status monitoring. These insights were shared with Econavista, along with proposals to enhance the clarity of the company’s contributions to both caregivers and recipients by developing relevant KPIs.
President Watanabe has shown a deep interest in investor behavior in the capital markets. Cadira shared insights into the fragmentation between listed and unlisted investor bases, the tendency for companies to plateau post-IPO, and broader trends in the IPO market. The company also discussed impact-oriented approaches to corporate evaluation.
More recently, Cadira inquired about the absence of female director appointments in the company’s shareholder meeting agenda. Econavista responded that it considers board diversity important and is actively promoting the advancement of female employees. It also indicated that it is exploring all possible options, including both internal development and external recruitment of highly qualified executive talent.
Regarding the TOB by Eisai Co., Ltd.
On March 14, Eisai Co., Ltd. announced a tender offer (TOB) for shares of Econavista. The company’s top three shareholders—Cocoa Asset, Hulic, and Tokyo Gas—have entered into agreements to tender their shares, aiming to make Econavista a wholly owned subsidiary. The two companies had already entered into a business partnership in July 2024 and are expected to conduct joint research on changes in cognitive function among care facility residents. In the future, the service could be expanded to cover healthy elderly populations, in-home care, and medical institutions.
While the company appears poised for future growth, its delisting would unfortunately limit opportunities for ongoing engagement and collaboration on value creation from the perspective of minority shareholders. That said, Cadira hopes that being part of a larger corporate group will enable Econavista to scale its services at a speed that was not achievable while listed.
The recent rise in TOBs and MBOs is likely driven by a combination of factors, including the Tokyo Stock Exchange’s push for capital efficiency and share price awareness, rising disclosure and governance expectations, growing activism, and increased private equity capital. As a result, more listed companies are expected to determine that going private is in their best interest. However, careful attention must be paid to potential conflicts of interest with minority shareholders, such as the appropriateness of the TOB price.
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