Relo Group, the Tokyo-listed company that helps Japanese employers send staff on overseas assignments, has agreed to buy 90% of ATIV Medical, a Singapore-based company that runs Japanese-language clinics and online consultations for expatriates across Asia. Relo's board approved the deal and the contract was signed on October 20, 2026, according to a filing with the Tokyo Stock Exchange.
Relo is paying ¥1.62 billion (about $10.2 million) for the shares, plus about ¥60 million in advisory and other fees. The price values the whole of ATIV at about ¥1.8 billion (about $11.4 million). The share transfer is scheduled for October 30.
The buyer is Relocation International, Relo Group's main subsidiary for overseas-assignment support, according to a release from SEKAISHA, one of the sellers. Tatsuki Fujii, ATIV's chief executive, stays in his role and keeps a shareholding: about 10% of the company remains outside Relo's hands.
What ATIV built
ATIV Medical was incorporated in Singapore on April 11, 2022. It runs clinics under the Cotovia Clinic brand that offer general practice in Japanese, online consultations and help for Japanese patients navigating local hospitals. As of October 2026, it had 20 clinic sites in five Asian countries, including Singapore, Thailand, Malaysia and the Philippines.
The company is small but growing fast and profitable. In the financial year to March 2026, it reported revenue of 10.97 million Singapore dollars (about $8.6 million), up from S$8.0 million a year earlier and S$4.1 million the year before that. Operating profit rose to S$1.46 million from S$0.99 million, and net income reached S$1.15 million.
A clinic in Tokyo's Ebisu district that uses the same brand is run by a separate medical association and is not part of the deal.
Who is selling
Before the deal, ATIV had two corporate and three individual shareholders. SEKAISHA, a Tokyo company with a corporate venture capital arm and an education business, held 40.1% and has backed ATIV since its founding; its chief operating officer, Yuta Igarashi, sat on ATIV's board and held a further 1.0%. Toshisumi, a video production company, held 39.1%.
Fujii held 17.8%, and an investment partnership, Melting Pot No.3 Investment LPS, held 2.0%. A 2024 release on PR TIMES described ATIV as the overseas medical arm of the Sato Group led by Takahiro Sato, founder of LITALICO.
For SEKAISHA, the sale is a return on a venture-style investment made only four and a half years ago.
Why Relo is buying
Relo Group, founded in 1967, says its mission is to handle non-core work for Japanese companies so they can focus on their main business, and to support their expansion overseas. Its overseas-assignment business helps employers move staff abroad. In its filing, Relo noted that employees posted overseas are often anxious about choosing a doctor or hospital in their new country.
In its filing, Relo said it plans to offer ATIV's medical services to employees before they relocate, building a chain of support from pre-assignment preparation through to life in the destination country. It said it expects strong synergies from referring its own overseas-assignment clients to ATIV's clinics.
Relo described the deal as part of its aim of building a global, comprehensive life-support services business. Neither company gave English-language comments on the deal.
A niche with steady demand
ATIV describes its aim as building a global health-care ecosystem for Japanese communities living abroad, and it serves both Japanese expatriates and travellers in Southeast Asia. Its registered business in Singapore is management consulting for medical institutions.
By owning a clinic network rather than referring staff to outside providers, Relo can offer medical access as part of the support it already sells to employers. Relo said the impact on its consolidated results is still being assessed but that it expects the deal to help its performance.
For ATIV, the deal gives a young company a large corporate owner with an existing pipeline of expatriate patients. Fujii, who is based in Kuala Lumpur, will continue to run the business.
