Softfront Holdings
2321・Growth Market・Information & Communication
Business
SoftFront Holdings Co., Ltd. is a communication software and services company founded in 1997. Its core "Communication Platform-related Business" provides the natural conversation AI platform "commubo", the cloud phone service "telmee", and the CMS "SITE PUBLIS", supporting corporate business automation and DX mainly in the contact center market. From FY2026 (ending March 2026), the company has newly added the "AI Data Center-related Business" (consulting, sales agency, and peripheral equipment sales) as a reporting segment, while also concurrently advancing the "Clean Energy Business" (preparations for opening grid-connected storage battery stations). Listed on the Tokyo Stock Exchange Growth Market.
Business Model
The core business consists of stock-type recurring revenue from monthly/usage-based SaaS offerings, commubo and telmee, and contract development/maintenance revenue from SITE PUBLIS. The newly launched AI Data Center Business generates flow-type revenue through consulting, sales agency, and peripheral equipment sales. Of the ¥960 million in consolidated net sales for FY2026 (ending March 2026), the Communication Platform Business accounted for ¥842 million (88%), while the AI Data Center Business accounted for ¥118 million (12%).
Company Strengths
In FY2026 (ending March 2026), commubo underwent a major version upgrade, implementing generative AI-driven customer front-end support and a knowledge function powered by LLM x RAG. External integrations with major PBX/CTI systems such as NEC UNIVERGE and BIZTEL were also expanded, achieving an industry-first internal line connection with on-premise PBX systems. Market recognition has also improved, as evidenced by winning the No. 1 spot overall in the voice bot category in the BOXIL document request ranking.
Following the third-party allotment of new shares and the exercise of stock acquisition rights in January 2025, total net assets at the end of FY2026 (ending March 2026) rose to ¥1,871 million, with the capital adequacy ratio increasing to 76.0% (from 72.0% at the end of the previous fiscal year). Cash and deposits stood at ¥1,704 million, providing the company with financial flexibility to make upfront investments in new businesses and to pursue future M&A.
In FY2026 (ending March 2026), the company disclosed adoption case studies across diverse industries and use cases, including Quants (collection calls), Nihon System Giken (technical support), Nihonkai Gas (service activation requests), and Kounan Driving School (reservations for elderly driver courses). A user community has also formed through in-person events of the user group "commubo DAY MEET," with the accumulation of implementation track records serving as the foundation for sales activities.
ENVALITH's Perspective
Performance Trend
Revenue expanded more than 2.5x over five fiscal periods, from ¥378 million in FY2022 to ¥960 million in FY2026, with FY2026 growth accelerating to +16.6% year-on-year. Operating profit, however, was negative in 4 of the 5 periods: -¥18 million in FY2022, -¥52 million in FY2023, -¥164 million in FY2024, +¥29 million in FY2025 (a temporary surplus), and -¥118 million in FY2026. In FY2026, upfront investment costs—including expenses to promote new businesses (AI data centers and clean energy), hiring, and office relocation—significantly pushed up SG&A expenses. As an external factor, sustained strong demand for corporate AI/DX investment has supported revenue growth, but this has not yet translated into profitability. Operating cash flow turned negative, at -¥219 million, and the company continues to rely on fundraising through financing activities (capital increases and stock acquisition rights) to sustain its structure.
Growth Strategy
Business expansion driven by deepening of existing SaaS operations and the twin pillars of AI data centers and clean energy
Implemented major version upgrades including knowledge functionality utilizing LLM x RAG and release of context-aware call transfer functionality. Expanded external partnerships with NEC UNIVERGE, BIZTEL and others, and rolled out OEM services to lower adoption barriers, aiming to expand stock-type revenue by accumulating adoption cases across multiple industries.
Launched consulting services for AI data centers, Cluster Engine reseller operations, and peripheral equipment sales, recording first-year revenue of ¥118 million. The company aims to expand its business scope by comprehensively covering related peripheral businesses including AI cloud services. The FY2027 (ending March 2027) earnings forecast is scheduled to be announced around June 2026.
Established a wholly owned subsidiary, Softfront Green Power Co., Ltd. (capital of ¥10 million), on April 3, 2026. Its business scope includes holding, operating, and asset management of grid-connected battery storage facilities, aggregation services for distributed power sources, and social implementation of clean energy RWA (Real World Assets). Joint discussions with GCL are ongoing, but no contracts have been concluded as of now.
Continuing to consider strategic expansion into new business areas, including M&A, in adjacent business fields. The company plans to utilize funds raised through third-party allotments and stock acquisition rights exercises (cash on hand of ¥1,704 million) for strategic investments, advancing both the restructuring of existing businesses and the strengthening of its financial foundation in parallel.
Last updated: July 19, 2026