ENVALITH
株式会社オプロ logo

OPRO Co., Ltd.

228A・Growth Market・Information & Communication

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株式会社オプロ logo
OPRO Co., Ltd.228A

Business

OPRO Co., Ltd. is a cloud services specialist company that supports DX (digital transformation) promotion for corporations, government agencies, and public institutions under its mission of "make IT simple." Founded in 1993, the company listed on the Tokyo Stock Exchange Growth Market in August 2024. It operates its business along two axes: Data Optimize Solutions, centered on document DX and paperless solutions (Kamiresu), and Sales Management Solutions for subscription sales management. Its major customers span a wide range of industries, including financial institutions, manufacturing, and government agencies, and its strength lies in its high compatibility with the Salesforce platform. Net sales for FY2025 (ending November 2025) were ¥2,553 million.

Business Model

The majority of revenue consists of monthly cloud service license fees (running usage fees), forming a stock-type revenue model. In FY2025 (ending November 2025), the cloud revenue ratio was 96.6% and the stock revenue ratio was 85.3%. Revenue comprises running usage fees plus initial setup fees, professional services, usage-based fees, and other components. Under OEM partner agreements and ISVforce partner agreements on the Salesforce platform, a certain percentage of license usage fees is paid to Salesforce.

Company Strengths

In FY2025 (ending November 2025), the recurring revenue ratio was 85.3%, and the churn rate declined from 0.47% to 0.35%. Year-end ARR was ¥2,175,839 thousand (up 15.1% year on year). The revenue structure, centered on monthly license fees, provides high revenue predictability and forms a stable earnings base.

The company has provided cloud-based form (document) services since 2007, accumulating over 18 years of technology and expertise. In December 2025, "Chohyo DX" and "Kamiresu" were registered under the government's security assessment program ISMAP (registration number: C25-0101-2), enabling procurement by central government ministries, independent administrative agencies, and local governments, thereby expanding entry opportunities into the public-sector DX market.

Based on an OEM partner agreement (concluded in 2015) and an ISVforce partner agreement (concluded in 2014) with Salesforce, Inc., the company provides its services on the Salesforce platform, which is used by more than 150,000 companies worldwide. Customers value the ability to achieve seamless, end-to-end operation together with SFA and CRM, which supports continued ARR growth in both the Data Optimize and Sales Management solutions.

ENVALITH's Perspective

For the first half of FY2026 (ending November 2026), the company recorded net sales of ¥1,360 million (up 13.3% year on year), operating profit of ¥203 million (up 18.8%), and interim net income of ¥144 million (up 31.7%). Progress toward the full-year forecast (net sales of ¥3,226 million, operating profit of ¥418 million, and net income of ¥304 million) stood at 42.2%, 48.6%, and 47.4%, respectively, indicating generally solid progress. Profit growth continues to significantly outpace sales growth, reflecting sustained earnings leverage, and the foundation is in place to achieve the second-half performance forecast.

Following a resolution by the Board of Directors in March 2026, the company acquired 40,000 treasury shares (¥61 million), resulting in a decline in the equity ratio from 47.6% at the end of the previous fiscal year to 43.9%. Investment in cloud feature development also continued, with intangible fixed asset acquisitions of ¥114 million in the first half, making the balance between growth investment and shareholder returns a key challenge. The company continues to maintain a zero dividend policy, and ongoing explanation to investors regarding its policy for utilizing surplus funds is warranted.

Concentration risk from sales dependency on a specific client (Mizuho Research & Technologies) and reliance on the Salesforce ecosystem remain key risks. In terms of the external environment, rapid advances in generative AI are driving increased corporate demand for AI utilization, and investment in AI-native feature development (intangible fixed assets increased by ¥90 million from the previous fiscal year-end to ¥258 million) is directly linked to maintaining competitiveness. Progress in developing the public sector market and track record in acquiring new customers to diversify risk will be key evaluation points going forward.

Growth Strategy

Advancing dual initiatives of public/enterprise market development leveraging ISMAP and development of AI-native features

Through ISMAP registration of its document DX solution and Kamiresu (paperless form processing), the company holds eligibility to participate in projects for central government ministries, independent administrative agencies, and local governments. Since the public sector market has a procurement process distinct from the private sector, entry barriers are high; the company is leveraging its advantage as an early registrant to pursue further project wins.

The company is developing AI-native features utilizing generative AI, such as automatic document generation and AI mapping. It invested ¥114 million in intangible fixed assets during the interim period of FY2026 (ending November 2026), aiming to drive upsell among existing customers and acquire new customers through enhanced cloud service functionality.

Leveraging a product portfolio built around two pillars—Data Optimize Solutions and Sales Management Solutions—the company is strengthening additional proposals to existing customers. Continued growth in contract liabilities (¥1,433 million at the interim period end) reflects a steady buildup of the recurring revenue base.

Last updated: July 17, 2026