Orange County Register

Polaris International Holdings, Inc., a Huntington Beach-based IT outsourcing service said today that it has bought the network infrastructure and IT service business of Staff IS Co., Ltd., of Japan.

Polaris paid $1.7 million in a combination of cash and secured convertible note. The deal will close by Nov. 1, Polaris said.

Staff IT, founded in 2001, has 12 employees and annual revenues of $3.1 million.

Polaris, which has three employees was founded in 2005 as Modern World Media Inc. by Kuni Misawa and Naoto Higuchi, both of whom are executives of Staff IT.

Modern World Media changed its name to Polaris International Holdings in 2007.

“Today’s business environment is a bit different even from only a few years back, but that is not going to stop us from creating a very exciting opportunity for shareholders and investors,” said Kuni Misawa, Polaris president and CEO.

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