(Reuters) – Private equity firm KKR has become the largest shareholder in Japanese software developer Fuji Soft after completing the first stage of a two-part tender offer, KKR said in a statement on Thursday.

The U.S. firm acquired 21.4 million shares, and secured control over 90% of outstanding share options of Fuji Soft, it said.

On Thursday KKR acquired a stake of 35% in the Japanese software developer through FK Co, an entity owned by investment funds it manages, in the first part of its two-stage buyout tender offer.

KKR now holds substantial influence over the Fuji Soft’s future direction, including a potential privatization, which the company’s board has previously indicated as a way to boost its value.

The second phase of the tender offer, set for mid-November, aims to acquire the remaining shares at an unchanged price of 8,800 yen ($57.46) each.

($1=153.1500 yen)

(Reporting by Nilutpal Timsina in Bengaluru; Editing by Clarence Fernandez)