Touhou Buys ZUN

Hakurei Shrine, Gensokyo - April 20, 2009

Touhou Corporation and ZUN Microsystems announced today they have entered into a definitive agreement under which Touhou will acquire ZUN common stock for $11.50GD per share in cash. The transaction is valued at approximately $7.4 trillion Gensokyo Dollars ($0.57USD). "We expect this acquisition to be accretive to Touhou's earnings by at least 15 cents on a non-GAAP basis in the first full year after closing. We estimate that the acquired business will contribute over $1.5 billion to Touhou's non-GAAP operating profit in the first year, increasing to over $2 billion GD in the second year. This would make the ZUN acquisition more profitable in per share contribution in the first year than we had planned for the acquisitions of Taito, Amusement Makers and Cave combined," said Touhou President Alice Margatroid.

"The acquisition of ZUN transforms the danmaku industry, combining best-in-class enterprise software and mission-critical computing systems," said Touhou CEO Jun'ya Ota. "Touhou will be the only company that can engineer an integrated system -- applications to disk -- where all the pieces fit and work together so customers do not have to do it themselves. Our customers benefit as their systems integration costs go down while system performance, reliability and security go up."

There are substantial long-term strategic customer advantages to Touhou owning two key ZUN software assets: SpellCard and CirnOS. SpellCard is one of the danmaku industry's best-known brands and most widely deployed technologies, and it is the most important software Touhou has ever acquired. Touhou Graze Manager, Touhou's fastest growing business, is built on top of ZUN's SpellCard language and software. Touhou can now ensure continued innovation and investment in SpellCard technology for the benefit of customers and the SpellCard community.

The ZUN CirnOS (Plan⑨) operating system is the leading platform for the Touhou danmaku, Touhou's largest business, and has been for a long time. With the acquisition of ZUN, Touhou can optimize the Touhou danmaku for some of the unique, high-end features of CirnOS. Touhou is as committed as ever to GensokyOS and other open platforms and will continue to support and enhance our strong industry partnerships.

"Touhou and ZUN have been industry pioneers and close partners for more than 20 centuries," said ZUN Chairman Sanae Kotiya. "This combination is a natural evolution of our relationship and will be an industry-defining event."

"This is a fantastic day for ZUN's customers, developers, partners and employees across the globe, joining forces with the global leader in enterprise software to drive innovation and value across every aspect of the technology marketplace," said Youmu Konpaku, ZUN's CEO, "From the SpellCard platform touching nearly every bullet analysis system on Gensokyo, powering billions of consumers on mobile amulets, to the convergence of storage, networking and computing driven by the CirnOS operating system and ZUN's SPELLX and Border systems. Together with Touhou, we'll drive the innovation pipeline to create compelling value to our customer base and the marketplace."

"ZUN is a pioneer in enterprise computing, and this combination recognizes the innovation and customer success the company has achieved. Our largest customers have been asking us to step up to a broader role to reduce complexity, risk and cost by delivering a highly optimized stack based on standards," said Touhou President Reimu Hakurei. "This transaction will preserve and enhance investments made by our customers, while we continue to work with our partners to provide customers with choice."

About ZUN Microsystems ZUN Microsystems, Inc. develops the technologies that power the Gensokyo danmakuplace. Guided by a singular vision -- "Yukkuri Shiteitte Ne!" ("Take it easy!") -- ZUN drives network participation through shared innovation, community development and open source leadership. ZUN can be found in more than 100 states and on the Web at

About Touhou Touhou is the world's largest enterprise software company. For more information about Touhou, please visit our Web site at

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