October 2026
Largest Cybersecurity Public Companies in Japan
Benchmark revenue and EBITDA valuation multiples for public comps like
Trend Micro, Baudroie, Global Security Experts, Digital Arts and FFRI Security.
 | 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. | $43 | -16% | $5.6B | $4.1B | 2.4x | 8.6x | ||
| 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 | 0% | $583M | $571M | 5.2x | 24.5x | ||
| Global Security Experts Inc operates a cybersecurity business that provides one-stop support for cybersecurity measures for second-tier, mid-tier, and small- to medium-sized companies, a security education business that provides security education for personnel at IT companies and SIers, and a security human resources business that provides security human resources SES. | $36 | +49% | $535M | $533M | 7.6x | 36.7x | ||
| 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. | $32 | -35% | $432M | $280M | 4.1x | 7.7x | ||
| FFRI Security Inc is engaged in providing computer security research, consulting, information provision, education, network system research, computer software and computer program planning, development, sales, leasing, maintenance, management, operation, and the acquisition, transfer, lending, and management of related property right such as copyrights, patent rights, utility model rights, trademark rights, and design rights. | $48 | -32% | $381M | $360M | 13.1x | 37.4x | ||
| Hennge KK is engaged in providing cloud security services. | $11 | +17% | $347M | $298M | 4.3x | 24.6x | ||
| 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. | $5 | +18% | $142M | $140M | 5.7x | (36.0x) | ||
| 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. | $12 | 0% | $126M | $104M | 3.2x | 13.0x | ||
| Asgent Inc is engaged in providing packaged software solutions. The services offered by the company include managed security service, website protection service, ISO consulting, privacy mark consulting, business continuity management consulting, and PCI data security standard consulting. | $4 | +7% | $14M | $12M | 0.5x | 11.2x | ||
| Median | $19 | 0% | $381M | $298M | 4.3x | 13.0x |
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