Globe-ing Inc.
277A・Growth Market・Services
Globe-ing Inc.
277A・Growth Market・Services
Business
Globing Inc. is a strategy and DX consulting firm established in 2017 and listed on the TSE Growth Market in November 2024. Its core offering is Joint Initiative (JI)-type consulting, in which the firm acts as an "insider with an outside perspective," working alongside C-level executives from within the client organization to drive transformation. Major clients include large enterprises such as Honda Motor Co., Ltd., Persol Cross Technology, and MTG Co., Ltd. In addition to its consulting business, the company operates a cloud product business (currently in an upfront investment phase) that converts accumulated know-how into SaaS offerings. Through the establishment of X-AI.Labo, it is also promoting the social implementation of AI Transformation (AI-X).
Business Model
Consulting business accounts for over 99% of revenue, generated through service provision based on quasi-delegation contracts. JI-type projects (43.6% of sales) deepen client stickiness and raise unit prices through deep involvement within the client organization. The in-house AI utilization team, "GLB Intelligence," aims to improve consultant productivity, targeting revenue growth that is not proportional to headcount. The cloud products business is currently in an upfront investment phase, with a minor revenue scale.
Company Strengths
JI revenue expanded roughly 2.9x, rising from ¥1,249 million (29.9% of sales) in FY9 to ¥3,600 million (43.6% of sales) in FY10. The deep-engagement model, in which the company embeds itself within clients and reports directly to CxOs, has reduced client attrition risk and contributed to higher deal unit prices.
In FY10 (fiscal year ended May 2025), net sales reached ¥8,256 million (up 97.7% year on year), operating profit reached ¥2,801 million (up 657.7% year on year), and net income reached ¥1,768 million (up 578.8% year on year). Gross profit margin reached 67.9%, demonstrating high profitability.
AI-related revenue expanded roughly 5.3x, rising from ¥470 million (11.3% of sales) in FY9 to ¥2,478 million (30.0% of sales) in FY10. The company is advancing on two fronts: in-house AI engineering capability through the establishment of X-AI.Labo, and improving consultant productivity via AI through GLB Intelligence.
ENVALITH's Perspective
Performance Trend
For FY2026 (ending May 2026, consolidated), the company achieved net sales of ¥11,513 million (up 39.4% year-on-year), operating income of ¥4,142 million (up 47.9%), ordinary income of ¥4,111 million (up 47.7%), and net income attributable to owners of the parent of ¥3,051 million (up 72.6%), marking substantial increases across all metrics. The operating margin improved to 36.0% (from 33.9% in the prior period). The Consulting segment led growth with external sales of ¥11,108 million (up 35.2%) and segment profit of ¥5,051 million (up 34.6%), while the AI segment turned profitable with external sales of ¥405 million (up 856.8%) and segment profit of ¥234 million (versus a loss of ¥102 million in the prior period). The continued expansion of demand for DX and AI adoption support in the market environment has provided a tailwind. For FY2027 (ending May 2027), under IFRS the company forecasts revenue of ¥16,100 million, operating profit of ¥4,830 million, and profit attributable to owners of the parent of ¥3,381 million.
Growth Strategy
The company aims for non-continuous growth through raising the JI ratio, expanding AI-related sales, increasing headcount, and transitioning to a holding company structure.
The company is actively promoting mid-career hiring to secure new projects and expand the scale of existing ones. In FY2026 (ending March 2026), headcount expansion remains the primary driver behind the 39.4% increase in net sales, and the company plans to continue investing in recruitment. Raising average consultant compensation is also positioned as a means of strengthening recruitment competitiveness.
By expanding JI (Joint Initiative) projects centered on strategic accounts, the company aims to build long-term relationships with clients and raise per-client unit prices. In FY2026 (ending March 2026), expansion of JI projects remains the main driver of sales and profit growth, contributing to maintaining a high operating margin of 36.0%.
The company is advancing PoCs and requirements definition with major clients for three products: the Spend Intelligence Suite, an AI planning-support agent (Globing-kun), and AI Gijiroku-kun (AI meeting minutes tool). Following the internalization of AI engineering capabilities through the absorption-type merger of X-AI.Labo, the AI business achieved a profitability turnaround in FY2026 (ending March 2026), with external sales of ¥405 million and segment profit of ¥234 million.
The company plans to transition to a holding company structure (WAO Holdings Co., Ltd.) via a company split (absorption-type split), effective December 1, 2026. In anticipation of expanding its business portfolio through M&A and new business development, the company aims to strengthen group management functions and accelerate decision-making within each business. This is subject to approval at the Annual General Meeting of Shareholders on August 27, 2026.
The company voluntarily adopted IFRS for its consolidated financial statements starting with the securities report for FY2026 (ending March 2026). The aim is to improve international comparability of financial information and strengthen its appeal to global investors. Consolidated earnings forecasts for FY2027 (ending March 2027) have already been disclosed on an IFRS basis.
Last updated: July 17, 2026