Worth reading
65In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
50
¥100 million (consolidated net sales target for the fiscal year ending March 2029)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet SalesNot disclosed → ¥5 billion
Only the target level is shown because the current level for comparison was not provided.Total investment planApproximately ¥2.5 billion cumulatively over 3 years (M&A acquisition and investment scale)
Investment amount by sectorField M&A / Amount Approximately ¥2.5 billion cumulatively over 3 years
Statements about the use of capital
Self-assessment of PBR and share priceAgainst the Growth Market market capitalisation requirement of ¥4 billion, the company’s market capitalisation is approximately ¥2.3 billion, and it currently does not meet the continued-listing criteria. PBR: Not disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Transition to an AI-BPO business and expansion into systems integration
02Recurring revenue through AI-BPaaS
03Roll-up M&A in legacy sectors
Plan assumptionsM&A will target profitable businesses., The target investment payback period is within 5 years., The target EBITDA multiple is no more than 5x., Funding will be primarily debt-based., The funding plan will be structured so that repayment is possible from the target businesses’ cash flows., Consolidated results will vary significantly depending on the timing, number and scale of M&A transactions., The company does not guarantee the number, timing or scale of M&A transactions.
Non-financial targetsIndicator Number of M&A transactions completed (cumulative) / Target value At least 10 / Timing Fiscal year ending March 2029 (3 years)
Size of the Target MarketMarket Domestic BPO market (TAM) / Figures ¥5.0786 trillion / As of FY2024 / Growth rate +4.0% year on year / Source Yano Research Institute (26 November 2025), Market Non-IT BPO market (SAM) / Figures ¥1.9566 trillion / As of FY2024 / Source Yano Research Institute (26 November 2025), Market Domestic AI systems market / Figures ¥1.3412 trillion to ¥4.1873 trillion / As of 2024 actual to 2029 forecast / Growth rate CAGR25.6% / Source IDC Japan (May 2025), Market Companies nationwide without a successor / Figures Successor absence rate: 50.1%; approximately 270,000 companies / As of 2025 / Source Teikoku Databank (21 November 2025)
Risks identified by the company
Continued-listing criteria (market capitalisation)
M&A transactions not completed or delayed
Poor PMI performance and goodwill impairment
Increased borrowings and financial covenants
Share dilution
Changes in and obsolescence of AI technology
AI quality and information security
Recruitment and Development of Human Resources
Deterioration in the order environment and project profitability
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2029 “Project Image” |
| Plan period | FY2027/3–FY2029/3 |
| Progress against the plan | Formulated |
| Sales Target | Not disclosed → ¥5 billion |
| Self-assessment of PBR and share price | Against the Growth Market market capitalisation requirement of ¥4 billion, the company’s market capitalisation is approximately ¥2.3 billion, and it currently does not meet the continued-listing criteria. PBR: Not disclosed. |
| Total investment plan | Approximately ¥2.5 billion cumulatively over 3 years (M&A acquisition and investment scale) |
| Investment amount by sector | Field M&A / Amount Approximately ¥2.5 billion cumulatively over 3 years |
| Non-financial targets | Indicator Number of M&A transactions completed (cumulative) / Target value At least 10 / Timing Fiscal year ending March 2029 (3 years) |
| Plan assumptions | M&A will target profitable businesses., The target investment payback period is within 5 years., The target EBITDA multiple is no more than 5x., Funding will be primarily debt-based., The funding plan will be structured so that repayment is possible from the target businesses’ cash flows., Consolidated results will vary significantly depending on the timing, number and scale of M&A transactions., The company does not guarantee the number, timing or scale of M&A transactions. |
| Key initiatives | Transition to an AI-BPO business and expansion into systems integration, Recurring revenue through AI-BPaaS, Roll-up M&A in legacy sectors |
| Size of the Target Market | Market Domestic BPO market (TAM) / Figures ¥5.0786 trillion / As of FY2024 / Growth rate +4.0% year on year / Source Yano Research Institute (26 November 2025), Market Non-IT BPO market (SAM) / Figures ¥1.9566 trillion / As of FY2024 / Source Yano Research Institute (26 November 2025), Market Domestic AI systems market / Figures ¥1.3412 trillion to ¥4.1873 trillion / As of 2024 actual to 2029 forecast / Growth rate CAGR25.6% / Source IDC Japan (May 2025), Market Companies nationwide without a successor / Figures Successor absence rate: 50.1%; approximately 270,000 companies / As of 2025 / Source Teikoku Databank (21 November 2025) |
| Risks identified | Continued-listing criteria (market capitalisation), M&A transactions not completed or delayed, Poor PMI performance and goodwill impairment, Increased borrowings and financial covenants, Share dilution, Changes in and obsolescence of AI technology, AI quality and information security, Recruitment and Development of Human Resources, Deterioration in the order environment and project profitability |
| Publication date | 30 September 2026 |
Items this document does not state (12)
Operating profit targetOperating profit margin targetNet income targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSegment targetResults under the previous planReason for revision or withdrawalDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Because its labour-intensive business model is centred on man-month billing and contract work, it has been unable to generate funds for growth investment, while consolidated revenue has remained at around ¥700 million. The company therefore plans to transform its business structure through “AI × BPO” and achieve non-linear growth through roll-up M&A.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.