November 2026
Largest Developer Tools Public Companies in Japan
Benchmark revenue and EBITDA valuation multiples for public comps like
Justsystems, Link-U Group, L is B, Succeed Co and Ricksoft Co.
 | 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 | -1% | $2.1B | $1.3B | 4.1x | 8.6x | ||
| 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 | -50% | $61M | $64M | 14.4x | (38.8x) | ||
| L is B Corp is engaged in development and provision of on-site DX services centered on business chat “direct” for feed workers. | $5 | -- | $26M | $22M | 1.6x | 16.4x | ||
| Succeed Co Ltd is engaged in providing In-house educational services such as the operation of tutoring classes, the introduction of tutors, and others. The company's reportable segments are: welfare human resource support business, educational human resource support business, individual instruction classroom business, and private tutoring business. Maximum revenue is generated from its individual instruction classroom business, which operates community-based individualized tutoring schools providing lessons to meet various needs, such as school supplementary lessons, exam preparation, and preparation for various tests for students from the first grade of elementary school to university entrance exam candidates. | $5 | +4% | $19M | $5M | 0.2x | 2.1x | ||
| Ricksoft Co Ltd offers software product implementation consulting, virtualization, implementation design, plugin development, and related services. The company provides WBS Gantt-Chart for JIRA, an add-on that offers visual project progress solutions for project management, issue management, and task status management. | $4 | -- | $19M | - | - | - | ||
| Median | $5 | -1% | $26M | $43M | 2.8x | 5.3x |
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