October 2026
Largest B2B SaaS Public Companies in Japan
Benchmark revenue and EBITDA valuation multiples for public comps like
OBIC, Oracle Corp Japan, M3 Inc., Trend Micro and CyberAgent.
 | Obic is one of Japan’s largest enterprise resource planning service providers with a dominant share of the Japanese midsize corporate market. Obic has three main business lines: system integration, system support, and office automation, and, thus, offers one-stop construction and operation of information systems centered on its proprietary ERP suite. The company, which has a 57-year history, reported fiscal March 2025 revenue of JPY 121.2 billion, with system integration contributing 41.5%, system support 52%, and office automation 6.5%. | $36 | +16% | $15B | $14B | 16.7x | 21.1x | ||
| Oracle Corp Japan is an information technology company. Its products cover database management, enterprise resource planning, supply chain management, data warehousing, customer relationship management, middleware, business intelligence, and application products. The firm provides cloud solutions, business solutions, industry solutions, mobile solutions, technology solutions and consulting, financing, training, cloud, and others. The company operates through three reportable segments: Cloud & License, Hardware Systems, and Services. | $64 | -28% | $8.2B | $8B | 4.4x | 13.8x | ||
| M3 Inc is a Japan-based company engaged in providing medical-related services through internet-based platforms and real-world operations. The company operates six reportable segments: Medical Platform, Evidence Solutions, Career Solutions, Site Solutions, Patient Solutions, and Overseas. Its businesses include online marketing for medical professionals, clinical trial support, human resources services for medical professionals, operational support for medical institutions, and patient support services. The Overseas segment offers similar services internationally, including in the United States, the United Kingdom, China, South Korea, India, France, Germany, and Spain. | $12 | -14% | $8B | $7.3B | 3.3x | 15.8x | ||
| Trend Micro Inc provides antivirus and other security products that protect the flow of information on PCs, file servers, e-mail servers, and the Internet gateway. The company operates through four geographic segments: Japan, North America, Europe, and Asia-Pacific. | $46 | -9% | $6B | $4.6B | 2.6x | 9.5x | ||
| CyberAgent is a prominent Japanese media company founded in 1998. Its core businesses include internet advertising, online broadcasting platforms, and gaming. | $8 | -16% | $4.2B | $4B | 0.7x | 8.3x | ||
| Internet Initiative Japan Inc is a provider of a variety of services including Internet access, outsourcing, and systems integration. The Company defined two reportable segments: Network service and systems integration business and ATM operation business. Its Internet access services span dial-up, mobile, and broadband technologies. Its outsourcing services include cloud, content delivery, data center, and security services. The ATM operation business constructs and operates ATMs and network systems and receives a commission for each bank withdrawal transaction when a customer uses its serviced ATMs. The firm generates nearly all its revenue in Japan. | $23 | +28% | $4.1B | $4.1B | 1.9x | 9.6x | ||
| Biprogy Inc is engaged in the service business, such as cloud and outsourcing, sales/rental of computer systems and network systems, software development/sales, and various system services. The company operates through five segments. The Hardware segment supplies equipment through sales contracts and lease agreements. The Outsourcing segment handles information system operation consignment. The Software segment provides licensed software. The Support Service segment offers software and hardware maintenance, implementation support, and related services. The System Service segment covers contract software development, SE services, and consulting, and the Others segment includes line services and equipment construction. | $32 | -21% | $3.1B | $3.3B | 1.2x | 8.6x | ||
| Money Forward Inc provides money-related services for individuals and corporations. Its service portfolio comprises personal financial management services and MF cloud services. Its personal financial management services include economic media that conveys money related themes, automatic savings app and mirai talk channel where customers can resolve their financial concerns together directly with financial planners. Its MF Cloud services comprise cloud accounting software, cloud-based tax return, invoice preparation software, payroll calculation, and cloud-based payment reconciliation. | $41 | +40% | $2.3B | $2.3B | 7.4x | 43.0x | ||
| Justsystems Corp is a software provider based in Japan. It provides service of user Interface customization, output customization. The company's products include XMetaL Author which brings automation to the process of content creation. Other products include Smile Zemi and ATOK Passport, as well as packaged software such as the Japanese word processing software Ichitaro, and it also operate the e-commerce site Just MyShop. The company also offers "JUST.SFA," the all-in-one BI solution "Actionista!", the no-programming web database "UnitBase," and more. | $32 | -2% | $2B | $1.3B | 3.9x | 8.3x | ||
| Sansan Inc develops and delivers cloud-based card management services. It serves corporations and individuals. | $13 | +7% | $1.6B | $1.4B | 4.0x | 21.0x | ||
| Freee KK is a developer of cloud-based software. Its software products include Cloud Accounting software, Cloud HR Labor software, Cloud ERP for Midsize companies, among others. | $24 | +7% | $1.4B | $1.3B | 4.8x | 85.1x | ||
| SMS Co Ltd is a Japanese company involved in providing various services targeting information infrastructure for the aging society. The company divides its search service by the following segments: nursing care, medical care, career, healthcare/senior life, and global. | $17 | +99% | $1.4B | $1.4B | 3.4x | (22.3x) | ||
| Infomart Corp is a Japan-based provider of business-to-business e-commerce software solutions. The firm's operations are organized in six segments: Application Service Provider (ASP) Ordering, which offers ordering systems and online document processing services; ASP Written Standards, which uploads written standards online; ASP Negotiation for groupware; ASP Ordering and Operation for food wholesale companies; Cloud Service, which offers a data delivery system for food wholesale companies; and Overseas, which offers solutions to overseas markets. | $5 | +130% | $1.3B | $1.2B | 10.0x | 38.8x | ||
| Arcs Co Ltd is a Japan-based company principally engaged in the supermarket business. The company also operates other businesses through subsidiaries, including tourism, building maintenance, real estate leasing, property and casualty insurance and life insurance agency, wholesale, food manufacturing, industrial and general waste collection, and construction businesses. The supermarket segment offers a broad range of merchandise, including foods, apparel, and housing-related products. | $21 | +5% | $1.1B | $716M | 0.2x | 3.9x | ||
| PHC Holdings Corp is engaged in the development, manufacture and sale of healthcare devices and services. operations are organized into three business domains: the "Diabetes Management Domain," which develops, manufactures, and sells blood glucose monitoring (BGM) systems; the "Healthcare Solutions Domain," which provides clinical testing services, develops and sells medical IT products (such as medical billing computers, electronic medical record systems, and electronic medication history systems), and offers drug discovery support services (such as contract non-clinical studies, bioanalysis, and central laboratory services); and the "Diagnostics & Life Sciences Domain," which develops, manufactures, and sells life science research and medical support equipment. | $9 | +32% | $1.1B | $2.3B | 1.0x | 7.1x | ||
| Systena Corp is a software application and services provider that offers a range of support for planning, designing, developing and operating online businesses for smart devices. It also operates a Framework Design Business, which develops backbone and peripheral systems for financial institutions and designs and builds application platforms. The company provides outsourcing services for help desk and systems operations; and develops and offers gaming content for smartphones. It also offers cloud services; and sells and supports the introduction of Google Apps for Business and Microsoft Office 365, public SaaS-based services, and cloud step. | $3 | -16% | $1B | $868M | ||||
| Tsuburaya Fields Holdings Inc formelry, Field Corp is a Japanese company which primarily develops and distributes gaming machines. The company designs, develops, sells, and maintains Pachinko and Pachislot gaming machines and software. In addition to its core gaming machine business, the company produces, licenses, and merchandises comics, movies, and interactive media content. Field Corp organises itself into four segments: comics, animation, movies/TV, and merchandising. The company is headquartered in Japan and generates all revenue domestically. | $16 | +13% | $993M | $913M | ||||
| Cybozu Inc is a Japanese based software company. It is engaged in the research and development of software and provides web-based groupware services. In addition to selling software licenses, it also offers a cloud service that provides operational environments such as servers and security. The firm develops and provides tools to support team collaboration. Some of its products include Kintone, Office 10, Garoon, Cybozu Live, Kunai, Didier, among others. | $21 | +5% | $943M | $889M | ||||
| Appier Group Inc is a technology company which enables businesses with artificial intelligence to grow and succeed based on data-driven decisions. | $9 | +6% | $913M | $863M | ||||
| SAKURA Internet Inc is a Japan-based web hosting company. It operates a data center and leases space to store clients' servers and network equipment. Services offered by SAKURA include rental server, Virtual Private Server (VPS), VPS for windows, cloud server, data center, and the Internet of Things (IoT) platform service. The company is also engaged in the planning, production, and sales of multimedia, computer software, computers and their peripheral equipment. The company also leases and manages real estate. | $21 | -6% | $838M | $968M | ||||
| WingArc1st Inc offers software and services that enable customers to effectively use and obtain strategic insights from their data. The company's core products are SVF (Enterprise Output Management), Dr.Sum/ MotionBoard (Business Intelligence) and VyNDEX (CRM). | $24 | +10% | $833M | $768M | ||||
| ZUKEN Inc is a Japanese based company specializing in software and consulting services for electrical and electronic engineering. It is engaged in research and development of a variety of software solutions that support the optimization of product design and engineering operations for manufacturing industries, and marketing of the software solutions with consulting services. It has market presence in Japan, Europe, Asia, and North America. It offers various products including electronic design, automotive design, electrical and control cable design, design data management and product lifecycle management. | $37 | +18% | $775M | $551M | ||||
| PKSHA Technology Inc develops algorithm solutions mainly related to natural language processing, image recognition, machine learning / deep learning technology. These algorithm modules are integrated and operate on a variety of software and hardware. The group operates in two segments: AI Research & Solution Business and AI SaaS Business. | $24 | -19% | $723M | $671M | ||||
| Bengo4.com Inc provides online legal consultation services. The company offers contents such as Q&A services, a database of over 7,000 registered lawyers, and its own news services accompanied with legal analysis of recent news to legal professionals. | $30 | +54% | $694M | $693M | ||||
| Septeni Holdings Co Ltd is a Japanese Internet marketing company, providing marketing support services based primarily on Internet ads. Its business activities are divided into two segments including Internet marketing business and Media content business. The Internet marketing business segment includes a social media business that provides marketing services for customers on various global social media networks. The company's media content segment plans, develops and operates media and content specializing in Manga art for mobile phone advertisements. Septeni's primary revenue source geographically is Japan and it also operates subsidiaries in the United Kingdom, South Korea, and the United States. | $3 | +19% | $643M | $552M | ||||
| Baudroie Inc is a professional operator specializing in IT infrastructure services for businesses. It caters to the needs of clients with optimal IT solutions in the network, server, security, and cloud areas. The company focuses on providing services in high-technology areas, such as cloud adoption support and network virtualization. Tailored to clients’ needs and issues, Baudroie also offers design, construction, operation, and maintenance services for customized IT infrastructure. | $19 | +1% | $608M | $591M | ||||
| Plus Alpha Consulting Co Ltd is engaged in providing cloud services for data analysis platform. | $14 | -7% | $597M | $492M | ||||
| Broadleaf Co Ltd provides software and information technology solutions and services that support the field services of the players in the automotive aftermarket and various other business sectors and industries. | $3 | +36% | $591M | $600M | ||||
| Digital Arts Inc develops Internet filtering software for business, private, and educational use. Its products protect users and networks from harmful Internet content and prevent inappropriate usage. Its software products are supplied to the corporate, public-sector (government ministries and agencies and schools), and consumer markets. | $41 | -16% | $551M | $400M | ||||
| ExaWizards Inc is engaged in Industrial innovation and solving social issues through service development using AI. | $5 | +25% | $509M | $464M | ||||
| MEDLEY Inc is engaged in providing medical information service for patients, and nursing care, a nursing care information service for citizens resolving issues in the field of medical healthcare. It provides its services through three platforms, Talent Platform Business which provides human resource recruitment systems in the medical and healthcare field and related businesses; and Medical Platform Business that is a telemedicine system for both patients and medical institutions. And the Newly developed services engaged in developing new businesses aimed at medium- to long-term growth, one of these newly developed services, Minkai, is a web and in-person service that provides information on nursing care facilities. | $15 | +6% | $439M | $482M | ||||
| Miroku Jyoho Service Co Ltd offers systems, solutions, and services to accounting firms and their client companies, small and mid-sized companies and data-compatible financial accounting systems. The firm's products include software applications, hardware, and supplies. Its services include tax service, account processing service, management guidance service, IT support and provision of management information services and installation and software and hardware support services etc. | $15 | +28% | $437M | $390M | ||||
| Fixstars Corp is a Japan based software company. It offers multicore processors and application acceleration for the next generation of memory technology that delivers high speed IO as well as power savings. The solutions offered by the company are quantum computing, IoT, machine learning and FPGA. It operates in the business areas of Automotive, Flash storage, Industrial equipment, Finance, Healthcare and HPC. The company's products are M-cubed, Geometric Performance Primitives, FlashAir and Yellow Dog Appliance Server. | IoT+2 | $13 | +2% | $430M | $390M | |||
| Hennge KK is engaged in providing cloud security services. | $13 | +38% | $410M | $361M | ||||
| Fukui Computer Holdings Inc is engaged in architecture, surveying, development, and sale of various types of computer-aided design (CAD) software. It supplies services for two segments which are architecture and information technology respectively. The architectural business includes the 3D architectural designing system that supports total design work from design to presentation, various applications, integration / estimation, after-sales management. The Measurement Civil Engineering CAD segment is engaged in the development, sale, and maintenance of measurement CAD software and civil engineering CAD software. The Information Technology (IT) Solution segment offers solution services, including other system development, Web application and hosting services. | $20 | -2% | $406M | $273M | ||||
| m-up holdings Inc is engaged in Content business, e-commerce business, electronic ticket business, other businesses. It is involved in the official fan site management; entertainment website management; management of music/video distribution site; e-book label management; production of digital contents; and application creation for smartphones. The company also engages in fan club Website operation; YouTube channel construction; and Website creation. | $6 | -10% | $393M | $307M | ||||
| Tasuki Holdings Inc is a company which has Business formulation and management of group companies engaged in Life Platform Business includes Planning and sales of IoT residential properties Purchasing and sales of refining properties, Planning and sales of logistics facilities, etc. Asset consulting for real estate owners Real estate crowdfunding, formation and management of real estate fun, SaaS Business: Development and sales of DX products for the real estate industry, Finance Consulting Business: Providing real estate secured loans. | $6 | +70% | $386M | $691M | ||||
| Softcreate Holdings Corp is engaged in the provision of various e-commerce and integrated information technology (IT) solutions for its clients. The Group operates in the following reporting segments: EC Solutions Business and IT Solutions Business. Maximum revenue is derived from the EC Solutions Business, which delivers end-to-end e-commerce solutions, including the sale and customization of its ecbeing e-commerce platform, along with hosting services through its data center. This business also offers value-added services such as SEO optimization, digital marketing, and promotional support. The IT Solutions Business sells software products developed by the Group (such as X-point Cloud, AgileWorks, and L2Blocker), and also offers network construction services. | $15 | +6% | $371M | $294M | ||||
| Note Inc is engaged in the operation of C2C content platform. | $19 | +126% | $369M | $319M | ||||
| Software Service Inc installs, develops and sells Electric Medical Record System, Hospital Total Ordering System, and nursing support system. The product line includes - Anesthesia recording system, Dialysis management system, Infection control system, Bacterial test system, Personnel payroll system, Visiting system for nursing, In-home medical care, Office-based care system, Hospital entrance care system, among others. | $76 | -15% | $345M | $248M | ||||
| Amiya Corp is engaged in Development, manufacturing and sales of cyber security products and services, and cloud services for ICT infrastructure. | $42 | +73% | $336M | $322M | ||||
| Datasection Inc provides SaaS services. The Company offers social media analysis tool, text mining tool, social media risk notification tool and disaster information service. It also offers research consulting and data solution services. Geographically the activities are carried out through Japanese market. | $9 | -26% | $323M | $322M | ||||
| AnyMind Group is a digital-marketing company founded in 2016 and based in Japan. Brand Commerce: Development and provision of a platform that provides one-stop support for brand design and planning, production, e-commerce enablement, marketing, and logistics. Partner Growth: Platforms for website and mobile application publishers and content creators to monetize and grow their brands. The company serves business and institutional customers through products and services in the digital-marketing market. Its commercial model is built primarily on advertising and recurring software subscriptions, reflecting the way customers obtain and use its offering. JIC Venture Growth Investments classifies the business in its IPO portfolio and records July 2022 for the company. The company maintains its operating website at anymindgroup.com, while JIC VGI's portfolio materials preserve the public record of the investment relationship. | $5 | +14% | $304M | $358M | ||||
| Alpha Systems Inc engages in software development for telecommunications systems. The company develops software for backbone communication systems, such as node systems, mobile network systems, and network management systems; open systems, including systems for management of production and distribution, and Intranets for corporate information management; and embedded systems to control electronic devices, including home appliances, office automation equipment, industrial machines, and in-vehicle systems. It also provides system integration, system operation and maintenance, and product sales services. The company operates in a single segment: Software development and related business. | $21 | -12% | $290M | $147M | ||||
| Polaris Holdings Co Ltd is a Japan-based company. It has two business segments. The Real Estate segment is involved in the leasing, buying, selling, and development of real estate; The Hotel segment deals with hotel management, consulting, and franchising. Some of its hotels include Best Western Hotels, Value The Hotel, Kinuura Grand Hotel, and KOKO Hotels. | $1 | -8% | $280M | $419M | ||||
| Avant Group Corp Develops, sells, and maintains software to help customers make timely and appropriate management decisions and promote management reforms based on a variety of information, both financial and non-financial, and provides software-based consulting and BPO services, thereby contributing to DX of Management. | $8 | -22% | $278M | $193M | ||||
| BASE Inc is engaged in the operation and development of web service planning. The company offers online shop opening service, shopping app, Fundraising Service, Online Payment Service, E-commerce website building platform, and ID Payment Service / Payment App. | $2 | +14% | $273M | $136M | ||||
| Vrain Solution Inc is engaged in providing AI solutions for the manufacturing industry. It provides AI visual inspection, AI vibration inspection, AI abnormal sound inspection, production planning optimization and Safety management. | $26 | +38% | $266M | $266M | ||||
| Value HR Co Ltd provides health management services through value cafeteria system. The company is engaged in the planning, development, operation, and management of the welfare support system; and the provision of health management and healthcare support services. | $10 | -11% | $262M | $276M | ||||
| Intelligent Wave Inc is engaged in sales of system development services and system products, including hardware and software. It operates in two business segments including the Financial Systems Solutions business, and the Product Solutions business. In the Financial Systems Solutions business, it offers value-added system development, through software and hardware integration, and maintenance services for customers operating primarily in the financial services industry. In the Product Solutions business, it deploys and maintains high value-added systems for data security and other solutions based on the in-house developed product as well as system software procured from third parties for customers operating in a range of industries and fields. | $10 | +47% | $259M | $230M | ||||
| FreeBit Co Ltd provides Internet-related services mainly to corporations and individuals, in areas such as development of core Internet technologies and the operation of large-scale systems. The group's reportable segments are 5G infrastructure support business, 5G lifestyle support business, and 5G DX support business for companies and creators. Maximum revenue is generated from the 5G lifestyle support business, which provides mobile communication services for individuals, internet connection services for individuals and collective housing, and company housing management services. The 5G infrastructure support business provides business support services for ISPs, MVNOs (MVNE), and corporations, and the 5G DX support business offers online marketing and ad technology-related services. | $11 | +9% | $244M | $249M | ||||
| EM Systems Co Ltd is a Japan-based company. Along with its subsidiaries, the firm is engaged in the development, sales, and maintenance of computer software for medical business. It operates its business in three divisions Dispensing system business develops and sells systems for pharmacies. Medical system business develops and sells medical office processing computer system for medical institutions, mainly clinics, and provides supplementary supply and maintenance service. Other business division develops, sell and maintain maintenance service for medical care nursing collaboration solutions and systems for nursing care service providers. | $4 | -34% | $244M | $205M | ||||
| Safie Inc is engaged in the development and operation of the cloud-based video-recording platform known as Safie. | $4 | -28% | $244M | $211M | ||||
| Cyber Security Cloud is a cybersecurity company founded in 2010 and based in Japan. The company operates in the cybersecurity industry with the corporate philosophy of "creating a safe and secure cyberspace for people around the world." It develops proprietary products, including Web Application Firewall (WAF) solutions designed to protect against cyberattacks. Additionally, it offers fully managed security services that comprehensively oversee and operate security solutions for public cloud environments. The company serves business and institutional customers through products and services in the cybersecurity market. Its commercial model is built primarily on recurring software subscriptions, reflecting the way customers obtain and use its offering. JIC Venture Growth Investments classifies the business in its After Market portfolio and records February 2025 for the company. The company maintains its operating website at www.cscloud.co.jp, while JIC VGI's portfolio materials preserve the public record of the investment relationship. | $24 | +93% | $242M | $221M | ||||
| Densan System Holdings Co Ltd is engaged in providing comprehensive information technology services. Its Payment Acceptance Service offers a wide variety of innovative settlement services. | $21 | -9% | $227M | $101M | ||||
| Elements Inc is engaged in the development and provision of personal authentication solutions such as LIQUID eKYC, an online identity verification service, that utilizes biometrics, image analysis and machine learning technologies, as well as personal optimization solutions for clothing, food and shelter. | $8 | +83% | $221M | $219M | ||||
| TerraSky Co Ltd provides cloud solutions and products in Japan. Its products and services include cloud integration services comprising Salesforce, Amazon Web services, and Cloud ERP concierge services; system planning services; development tools; data linkage foundations, such as DataSpider Cloud, SkyOnDemand, and DCSpider; and salesforce screen/application development, including SkyVisualEditor and SuPICE. The company's products and services also comprise Cloud ERP, such as GLOVIA OM and ServiceMax; and social ware and insurance agency solutions. | $16 | +21% | $211M | $172M | ||||
| eWeLL Co Ltd provide services that support businesses in the home-based care industry such as SaaS business support tools for home-visit nursing stations. | $15 | -18% | $199M | $182M | ||||
| Plaid Inc is engaged in providing cloud-based customer experience platform KARTE. It provides data analytics, development and operation of platform, media shopping tribe and other services. | $5 | -23% | $198M | $169M | ||||
| Systems Engineering Consultants Co Ltd provides real-time software solutions. It develops real-time software with four business fields: mobile network, internet, social infrastructure system, and space advanced system. Its software offerings include Rtrilo (Ari Trilo), Rtino (Altino), RTMSafety (RTM Safety), airCube (air cube), airLook (EALOK) and airSmartG (Air Smart G). | $19 | +16% | $198M | $160M | ||||
| Heroz Inc is engaged in the planning, development, and management of internet services using artificial intelligence. | $11 | +76% | $197M | $191M | ||||
| PCA Corp develops and sells computer software. | $10 | -15% | $197M | $79M | ||||
| MTI Ltd is engaged in the content distribution business for mobile phones in Japan. The company provides health care services through Lunaruna app, Lunaruna baby, and Lunaruna medicine notebook. It is involved in providing music/video services, electronic book services, life information services, and entertainment services. | $4 | -32% | $196M | $124M | ||||
| Startia Holdings Inc is engaged in the provision of information technology services in Japan. It operates through the following business divisions: the web solution-related division, the network solution-related divisions, and the business solution-related divisions. | $20 | +14% | $190M | $163M | ||||
| Kozo Keikaku Engineering Holdings Inc is a technical consulting firm that utilizes engineering knowledge to tackle various social problems. | $18 | -- | $188M | $183M | ||||
| oRo Co Ltd is a software application service provider. The solutions offered by the company include development and provision of cloud ERP, cloud PSA, enterprise system solution, IT infrastructure solution, and business process outsourcing. | $12 | -21% | $185M | $125M | ||||
| Hibino Corp is engaged in the sale and installation of audio-visual equipment. It offers products and services in the Audio-Visual field. Its business activities are divided into Hibino visual division is engaged in the planning of large screens and video systems used for concerts and events, equipment rental, and operation. Hibino sound division offers a sound system for the concert, equipment rental, recording of concerts and events, studio recording, track down, and mastering. The segments include: Sales and construction business; Building sound construction business; and Concerts and events service business. It derives maximum revenue from Concerts and events service business. | Events+1 | $9 | -46% | $179M | $259M | |||
| Kusurinomadoguchi Inc is engaged in providing solutions for pharmacies and medical facilities. The Group operates in a single segment and develops and sells medical solutions. | $16 | -20% | $177M | $164M | ||||
| Abeja Inc is a platform that integrates state-of-the-art AI technologies including IoT, big data, and deep learning. It provides the processes necessary for DX execution, including data generation, collection, processing, analysis, and AI modeling, and performs continuous and stable operations. | $18 | -7% | $174M | $146M | ||||
| i-mobile Co Ltd provides advertising platform for clients to advertise products and for publishers to monetize cyberspace. Its ad network helps to bring advertisers and media together. | $3 | -17% | $174M | $32M | ||||
| CE Holdings Co Ltd is a Japan-based company engages in the development and sale of medical information systems focused on electronic medical record systems. It provides packaged software, medical information and accounting systems, electronic health record systems, and blood transfusion systems. | $10 | +58% | $172M | $147M | ||||
| Fan Communications Inc is a Japanese Internet marketing company. The company is developing Internet advertising-related businesses. It has its own media operation and advertising agency and is mainly involved in Internet-based performance marketing ad network services. Its product and services are divided into cost per action ad network business (affiliate advertising, smartphone app install advertising) and cost per click/targeting ad network business (smartphone and network, behavioral targeting supply-side platforms). | $2 | -25% | $162M | $82M | ||||
| Toyokumo Inc is engaged in development and provision of cloud services such as safety confirmation service and kintone extension services for business. The company's products include FormBridge, PrintCreator, kViewer, kMailer, DataCollect, and kBackup. | $15 | -23% | $158M | $130M | ||||
| User Local Inc is engaged in the research and development of big data analysis system, web marketing support tool, offering media analysis tool, and managing artificial intelligence chat bot. | $10 | -21% | $157M | $95M | ||||
| Kanamic Network Co Ltd provides platforms and management systems for the health care industry. The firm develops software to support medical care and nursing care business management. It offers cloud services for construction of information sharing platform in the medical and nursing care field to local government staff, doctors, nurses, care managers; system integration and system solution business; Website production/management work; and planning, production, and sale of Web content and video, and various sales promotion tools. In addition, it offers management and system consulting services, and education and training services; and engages in planning and holding lectures, seminars, academic conferences. | $3 | +2% | $151M | $128M | ||||
| Digital Hearts Holdings Co Ltd is a Japan-based company engaged in the Entertainment Business and the Enterprise Business. Its Entertainment business is involved in Debugging Business, Media Business and Creative Business. Its Enterprise Business is involved in Testing and Monitoring, Security, and System Development. | $7 | +7% | $148M | $146M | ||||
| NeoJapan Inc develops and provides Internet application software, which includes a web-based groupware for information sharing within a firm. The firm mainly provides package software, application service and system integration. It offers desknet's NEO, a groupware software; AppSuite, a tool to create custom business applications; ChatLuck, a chat-based business communication tool; and desknet's DB, an online database system, which enables sharing of information. It also provides Denbun, a Web-based email system for corporate clients that manages, sends, and receives emails through a Web browser; desknet's DAX, a file transfer system; desknet's SSS, a Web-based sales management system; desknet's CAMS, a Web-based customer relationship management system; and desknet's Blog, a blog system. | $10 | -13% | $145M | $97M | ||||
| Findex Inc is engaged in the operation of the system development business and health tech business. | $6 | +7% | $141M | $125M | ||||
| Orchestra Holdings Inc is engaged in digital marketing and life technology business. It provides SEM consulting, site production, banner production, Facebook page production, Facebook ads, listing advertisements services among others. It offers the total solution for digital marketing measures including operational type advertisement, SEO consulting, creative service. | $14 | +187% | $134M | $155M | ||||
| eBASE Co Ltd is engaged in the planning, development, sales and maintenance of e BASE series which is a content management software. The solutions provided by the company include food industry solutions, residential industry solutions, printing industry solutions, data pool solution, and sales support solutions. | $3 | -4% | $124M | $96M | ||||
| OpenWork Inc is engaged in the development and management of OpenWork job and recruitment information platform for job-changing and employment-based employee review data. The company operates in a single segment, the working data platform business. | $6 | -10% | $124M | $74M | ||||
| UNITED Inc is a Japan-based company, engages in advertising technology and smartphone applications business. It offers various smartphone applications, including CocoPPa, CocoPPa Play, CocoPPa Launcher, CHEERZ, and Crash Fever; and Kanahei Apps. | $3 | -4% | $118M | $34M | ||||
| Asteria Corp is engaged in the business to develop and sell software products. The product line consists of Handbooks, Gravio, and Platio. It also offers a wide range of digital services. | $6 | -33% | $110M | $95M | ||||
| JIG-SAW Inc is a Japan-based company engaged in the software-infrastructure business sector. It provides managed services using automatic operation and control AI robot technology. The services offered by the company include Monitoring, Data Control, Embedded, Selecting Cloud, Infrastructure and Module/Chip among others. | $17 | -37% | $109M | $98M | ||||
| MicroAd Inc is centered on the data platform "UNIVERSE" that aggregates a huge amount of online and offline consumer behavior data of consumers. It is developing various marketing products specialized in the industry. In addition, the company is engaged in the digital signage business, which networks outdoor vision and digital signage in various facilities, and an overseas marketing consulting business, mainly in Asia. | $4 | +36% | $103M | $104M | ||||
| Tripla Co Ltd provides AI chatbot and hotel booking engine services as SaaS-easy to start and quickly enhance customer satisfaction. Its services include tripla book, tripla boost, tripla bot, tripla connect, tripla link, tripla analyatics, and tripla success. | $17 | +58% | $103M | - | ||||
| Adways Inc engages in the provision of advertising services. It also deals with mobile applications and contents development for media advertising. Its operations include advertising business, applications and media business, overseas business. The advertising business covers primarily internet advertisements. The applications and media business develops and manages smartphone applications and media contents. The overseas business offers internet marketing services overseas. | $3 | +46% | $100M | $39M | ||||
| Solvvy Inc is a Smart Assurance as a Service ( SAaaS) provider that offers Assurance, Digital Marketing, System Integration, Business Operations, and Embedded Finance. It operates in HomeworthTech Segment, ExtendTech Segment, LifeTech Segment, and FinTech Segment. | $9 | -36% | $99M | $90M | ||||
| Kubell Co Ltd is engaged in the business chat business, peripheral services and new business development and operations. | $2 | -11% | $96M | $78M | ||||
| Pluszero Inc is engaged in Providing, developing, maintaining, operating and selling solutions that utilize various technologies such as AI, natural language processing, software and hardware in an integrated manner, as well as contracting and related consulting services. | $12 | -48% | $96M | $88M | ||||
| Kudan Inc is a Computer Vision Technology company. It is accelerating the evolution of AR/MR/VR and automobile/drone/robot by developing computer software algorithms for Artificial Perception. The objective of the group is to embed an AR and computer vision engine into a computer module chip, which enables various devices to use the AR engine while enabling online update and maintenance of the devices. | $8 | +33% | $93M | $81M | ||||
| Unirita Inc is a provider of software and solutions for IT systems operation. The company's product profile includes LMIS, A-AUTO, Sky-EYE Tribune, TIA Report, BSP-RM, Be.Learning, A-Spool, and others. LMIS is Lifecycle management for IT services. A-AUTO automates application scheduling, execution, and control in multi-platform environments. Sky-Eye Tribune includes resource management, network management, server management, and desktop management. TIA Report is a total information analysis report system that enables proactive system management and planning, and A-Spool stores, separates, bundles, prints, and archives application reports. | $12 | -1% | $88M | $24M | ||||
| Laboro AI Inc is a Provider of developing business solutions using artificial intelligence technology intended to connect technology and business. The company also provides consulting services related to the utilization of artificial intelligence, which include planning, introduction, and execution support for AI utilization. | $6 | -7% | $88M | $73M | ||||
| SpiderPlus & Co is a Developer and Provider of the construction tech application SPIDERPLUS. SPIDERPLUS is a site communication and drawing/photo management solution developed for construction sites improves the high quality, high safety, and environmental friendliness of the projects. | $2 | -14% | $82M | $72M | ||||
| Geniee Inc engages in the Internet advertisement technology business in Japan and internationally. It provides Geniee SSP, a platform that compares various deals, such as pure ads, real time bids from demand side platforms and ad exchanges, and ads from multiple ad networks and affiliate ads, as well as serves ads that enhance the revenue; Geniee Trading Desk, an integrated operation service for display ads; DMP, a data platform that stores and analyzes data from ads, marketing, media, and users; and Data Exchange which enables the delivery of online ads and email ads using membership data and various types of medium audience data. The company also offers its services for agencies and App Developers. | $6 | -17% | $78M | $128M | ||||
| Link-U Group Inc through its subsidiaries engages in developing and operating manga apps, etc., utilizing data distribution technology based on its own original server design, operates a platform that connects businesses and users, supports and promotes the introduction of digital transformation, as well as planning, development, and operation in a wide range of areas, from manga apps to government systems, provides IT consulting services such as digital transformation support for government agencies, among others. | $4 | -35% | $68M | $72M | ||||
| ENECHANGE is a renewable-energy company founded in 2015 and based in Japan. OPF1 is a fund launched in September 2023 with JIC VGI as its General Partner, whose strategy is to provide funding to direct secondary deals and listed startups. OPF1 is one of the JIC's initiatives included in the government's "Startup Development Five-Year Plan". The company serves business and institutional customers and public-sector organizations through products and services in the renewable-energy market. Its commercial model is built primarily on product sales and contracted services, reflecting the way customers obtain and use its offering. JIC Venture Growth Investments classifies the business in its After Market portfolio and records February 2024 for the company. The company maintains its operating website at enechange.co.jp, while JIC VGI's portfolio materials preserve the public record of the investment relationship. | $2 | -19% | $68M | $45M | ||||
| Unerry Inc operates a big data platform of people flow data, and offers data analysis and advertising/marketing services to retail, manufacturing, and local governments. | $18 | -22% | $66M | $56M | ||||
| ValueCommerce Co Ltd is engaged in provision of Marketing Solutions Business, EC Solutions Business, and Travel Tech Business. It provides marketing solution from customer attraction to retention to maximize commerce operators‘ performance, Gross Merchandise Value (GMV). | $3 | -35% | $62M | - | ||||
| Valtes Holdings Co Ltd offers testing services to products and processes. It provides Software testing, Content testing and Software Testing Consultationservices. | $3 | +3% | $59M | $53M | ||||
| Median | $12 | -2% | $251M | $225M | 2.3x | 10.0x |
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