May 2026
📣 VC round data is live. Check it out!
Largest Healthcare Software Public Companies in Japan
Benchmark revenue and EBITDA valuation multiples for public comps like
M3 Inc., PHC Holdings, Medley Inc., Medical Data Vision and Software Service.
 | 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. | $9 | -30% | $6B | $5B | 2.8x | 10.2x | ||
| PHC Holdings Corp is engaged in the development, manufacture and sale of healthcare devices and services. | $7 | +18% | $876M | $2B | 0.9x | 6.5x | ||
| 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 two platforms, Recruitment 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. | $14 | -26% | $427M | $474M | 2.0x | 15.0x | ||
| Medical Data Vision Co Ltd provides health information services. The company is engaged in Development, production, sales, Maintenance work of medical information integration system, Analysis, survey and consulting of various medical data, Planning, design, development, and operation of the portal site. Its products include Calteco that allows patients to store and view a part of clinical information themselves and CADA payment service such as medical expenses postpay service that patients can freely set payment terms. Medical Code is a system that utilizes standard format data such as hospitalized outpatient EF and electronic reception data in DPC format to support solving various management problems and other related products. | $11 | +306% | $400M | $389M | — | — | ||
| 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. | $70 | -15% | $345M | $236M | 0.9x | 4.0x | ||
| 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. | $8 | -16% | $226M | $238M | 3.6x | 26.4x | ||
| 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. | $3 | -33% | $221M | $180M | 1.2x | 5.6x | ||
| 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. | $19 | +14% | $214M | $199M | 2.8x | 10.6x | ||
| 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 | -31% | $201M | $114M | 0.6x | 3.0x | ||
| 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. | $12 | -26% | $183M | $170M | 7.7x | 15.9x | ||
| 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 | +152% | $171M | $139M | 1.4x | 7.7x | ||
| 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 | +20% | $148M | $130M | 3.6x | 9.9x | ||
| Findex Inc is engaged in the operation of the system development business and health tech business. | $5 | +1% | $113M | $104M | 2.7x | 7.6x | ||
| Susmed Inc is engaged in the development of therapeutic smartphone apps and digital solutions to streamline clinical trials. It is currently developing therapeutic apps for patients with insomnia, breast cancer, kidney disease, and other conditions. In addition, it has developed Susumed System, which uses a proprietary blockchain technology to ensure the reliability of clinical trial data, and can reduce the manpower and costs allocated to clinical trials. The company's reportable segments are: the DTx Product Business, which derives maximum revenue, and consists of the development of therapeutic apps; and the DTx Platform Business, which provides general-purpose clinical trial systems and machine learning automated analysis systems. | $4 | +19% | $73M | $48M | 15.4x | (26.3x) | ||
| Data Horizon Co Ltd is engaged in development and provision of medical information services, data health related services, generic drug notification services, and health business support system. | $4 | +39% | $50M | $77M | 3.2x | (5.2x) | ||
| SOFTMAX Co Ltd provides optimal solutions for customers based on their developed PlusUs series such as Web type electronic charts and medical accounting. It offers Web-type electronic medical record and ordering systems, health checkup systems, radiology department information systems, rehabilitation department systems, surgical department systems, hospital goods management systems, and nursing care management systems. Geographically it operates through the region of Japan. | $2 | +18% | $45M | $45M | 1.0x | 8.4x | ||
| MRSO Inc operates a healthcare platform and provides vertical SaaS solutions for medical institutions, government entities, and corporations. The company offers a preventive medical platform that enables reservations for medical checkups and various cancer screenings. It also provides administrative DX services that support tasks carried out by local governments, including the acceptance of reservations for resident health checkups and vaccinations. These administrative DX services are used by local governments across regions with varying population sizes. | $5 | -13% | $19M | $8M | 1.2x | (45.5x) | ||
| Welby Inc offers patients and their families digital tools helping medical treatment and prevention of the progression of disease. The company co-develops and co-provides digital services with pharmaceuticals, medical device companies, governments, along with patients and healthcare professionals. | $2 | -26% | $14M | $13M | 3.2x | (4.2x) | ||
| Median | $6 | -6% | $192M | $155M | 2.7x | 7.6x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
Recent Insights
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.