May 2026
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Largest Developer Tools Public Companies in Japan
Benchmark revenue and EBITDA valuation multiples for public comps like
Justsystems, Link-U Group and Succeed Co.
 | Justsystems Corp is a global 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; XMAX, which is an embeddable ActiveX component designed for developers to integrate into custom environments; and XMetaL Developer, which is a tool for fast configuration of XML content authoring solutions that combines development tools in a robust and flexible Integrated Development Environment (IDE). The company also provides engineering services and training services. | $25 | +14% | $2B | $871M | 3.1x | 6.8x | ||
| 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 | -- | $59M | $61M | 1.9x | 92.2x | ||
| 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. | $16 | -- | $56M | $43M | 2.0x | 17.5x | ||
| Median | $16 | +14% | $59M | $61M | 2.0x | 17.5x |
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