October 2026
Largest Vertical SaaS Public Companies in Japan
Benchmark revenue and EBITDA valuation multiples for public comps like
M3 Inc., SMS, PHC Holdings, Tsuburaya Fields Holdings and ZUKEN.
 | 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 | ||
| 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) | ||
| 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 | ||
| 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 | 0.8x | 7.4x | ||
| 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 | 2.0x | 11.0x | ||
| 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 | 4.6x | 18.1x | ||
| 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 | 5.8x | 10.9x | ||
| 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 | 2.1x | 15.3x | ||
| 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 | 1.5x | 12.2x | ||
| 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 | 0.9x | 4.2x | ||
| 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 | 1.4x | 9.4x | ||
| 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 | 12.8x | 43.5x | ||
| 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 | 4.3x | 30.5x | ||
| 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 | 2.1x | 9.5x | ||
| 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 | 1.4x | 6.6x | ||
| 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 | ||||
| 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 | ||||
| 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 | ||||
| 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 | ||||
| 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 | ||||
| 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 | ||||
| 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 | ||||
| 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 | ||||
| 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 | ||||
| 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 | ||||
| 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 | +8% | $57M | $70M | ||||
| PRONI is a business marketplace company founded in 2012 and based in Japan. Under its mission, “Meet the Pros, Become a Pro,” the company offers a B2B ordering platform in Japan for SMEs, startups, large corporations, and government agencies covering a wide range of service areas and approximately 130 service types. The “PRONI Aimitsu” concierge provides ordering know-how, streamlines the vendor search process, and uses data analysis to suggest vendors that most closely meet a customer’s search conditions and needs. The company serves business and institutional customers and public-sector organizations through products and services in the business marketplace market. Its commercial model is built primarily on transaction commissions 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 March 2023 for the company. The company maintains its operating website at www.proni.co.jp, while JIC VGI's portfolio materials preserve the public record of the investment relationship. | $12 | -- | $55M | $45M | ||||
| 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 | -24% | $47M | $45M | ||||
| 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. | $2 | -60% | $40M | $17M | ||||
| Appirits Inc is involved in businesses such as entertainment services and web system development. | $7 | +69% | $30M | $32M | ||||
| CHieru Co Ltd is a Japanese firm which provides information and communication technology environments for teaching and learning in schools. It offers services including software and system products, teaching and learning resources and strategic consulting for school ICT environment. Its solutions include CaLabo EX, CaLabo LX, CaLabo TX, interclass cloud. | $3 | -22% | $24M | $2M | ||||
| Sharing Innovations Inc is engaged in the system development and cloud integration business. The company operates in two rportable segments which includes Digital Transformation Business and Platform Business as its reportable segments. The Digital Transformation Business is engaged in cloud integration, tool application development, and various other web system development. The Platform Business is mainly engaged in the planning, development, and operation of smartphone applications. | $6 | +40% | $24M | $17M | ||||
| 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. | $5 | -- | $22M | - | ||||
| ROXX Inc is engaged in Z Career Platform Business and Back Check Business. | $3 | -- | $20M | $19M | ||||
| Signpost Corp is a Japan-based company engaged in the provision of information technology consulting services. The company operates through three segments namely Consulting business, DX Regional co-creation business and Innovation business. | $2 | -19% | $20M | $11M | ||||
| 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 | -18% | $18M | $8M | ||||
| 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 | -1% | $16M | $16M | ||||
| Nyle is a digital-marketing company founded in 2007 and based in Japan. Nyle promotes digital transformation in the automotive industry by leveraging DX and marketing expertise; providing car subscription services centering on the “O-toku ni My Car Flat-rate Carumo-kun”. Utilizing its Internet-based technology and expertise, the horizontal DX business provides consulting and other services with a focus on DX and marketing. The company serves business and institutional customers through products and services in the digital-marketing market. Its commercial model is built primarily on contracted services 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 January 2021 for the company. The company maintains its operating website at nyle.co.jp, while JIC VGI's portfolio materials preserve the public record of the investment relationship. | $2 | -- | $15M | $21M | ||||
| GVA Tech Inc is engaged in the Development and provision of legal tech services. It is the only legal tech company that proposes improving corporate competitiveness through legal digital transformation. | $2 | -58% | $9M | $12M | ||||
| C Channel Corp is a video media provider for women that delivers high quality contents. The company delivers videos related to fashion, lifestyle, food, among others. | $0 | -3% | $5M | $8M | ||||
| Median | $7 | +0% | $175M | $147M | 1.5x | 8.5x |
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