ENVALITH
株式会社ビジュアル・プロセッシング・ジャパン logo

Visual Processing Japan Co., Ltd.

334A・Growth Market・Information & Communication

株式会社ビジュアル・プロセッシング・ジャパン logo
Visual Processing Japan Co., Ltd.334A

Business

Visual Processing Japan Co., Ltd. is a DAM (Digital Asset Management) specialist manufacturer founded in 1994. Centered on its proprietary product "CIERTO DAM｜PIM", the company operates the DX Solutions Business (Visual Processing Japan Co., Ltd., single segment), supporting enterprises in the production, management, and distribution of media and content. Its main customers are general corporations and public institutions that utilize websites and e-commerce sites, covering a wide range of industries regardless of sector. The company listed on the TSE Growth Market in March 2025. Cumulative CIERTO deployments have reached 280, and the company also offers internationally partnered products such as APROOVE WM (Work Management) and WoodWing Studio (Multi Channel Publishing). It ranked first in the Asia-Pacific DAM Software category of G2.com's 2025 rankings.

Business Model

Revenue models are broadly divided into subscription-type (cloud: initial technical revenue plus monthly usage revenue) and license-type (on-premise: license revenue plus monthly maintenance revenue). Continuing revenue after implementation (monthly usage, maintenance/support, etc.) accounts for approximately half of total sales, serving as a pillar of stable revenue. In FY2025 (ending December 2025), cloud sales were ¥688,315 million (up 19.3% year on year), the largest category, and ARR (annual recurring revenue) expanded to ¥980,943 thousand (up 19.2% year on year). Development and other revenue also contribute complementarily, forming a composite revenue structure.

Company Strengths

Since its founding in 1994, the company has specialized in DAM for over 30 years, releasing its self-developed "CIERTO DAM" in 2016 and Japan's first DAM-integrated PIM, "CIERTO PIM," in 2021. Proprietary products that integrate DAM and PIM are rare even globally, and the company also holds a patent for FS monitor technology (obtained in 2022). It ranked No. 1 in the G2.com Asia Pacific DAM Rankings for FY2025.

For the fiscal year ended December 2025, ARR reached ¥980,943 thousand (up 19.2% year on year), the number of new CIERTO licenses was 46 (up 48.3% year on year), and the cumulative number of licenses in use reached 280. The churn rate remained low at 2.44%, and the expansion of the subscription revenue base continues to support ongoing sales growth.

Following its listing in March 2025, the company concluded official sales agency agreements with TOPPAN Inc. and Fujifilm Business Innovation Japan Ltd., expanding its certified collaboration partners to a total of five companies. It has also strengthened external API integrations with Shopify, HeartCore CMS, WordPress, BOX, Google Drive, and others, enhancing product competitiveness and expanding sales channels.

ENVALITH's Perspective

In Q1 of FY2026 (ending December 2026), net sales were ¥372 million (up 27.5% year on year), while operating profit was ¥63 million (up 41.9%) and quarterly net income was ¥46 million (up 118.8%), with profit growth substantially exceeding sales growth. The disappearance of listing-related expenses, share issuance costs, and foreign exchange losses (totaling over ¥14 million) recorded in the same quarter of the previous year contributed significantly to the 111.0% increase in ordinary income, and it is necessary to confirm the underlying improvement in profitability on a real, ongoing basis after excluding these one-time factors. As an external factor, the continued expansion of DX investment demand and growing interest in AI and automation are providing a tailwind.

The full-year forecast for FY2026 (ending December 2026) remains unchanged, with net sales of ¥1,520 million (up 10.7% year on year), operating profit of ¥301 million (up 15.8%), and net income of ¥205 million (up 16.0%). Q1 net sales of ¥372 million represent 24.5% of the full-year forecast, which appears to be generally in line with plan when accounting for seasonality. On the other hand, Q1 operating profit of ¥63 million represents only 21.0% of the full-year forecast, and absorbing increased expenses (personnel costs, development investment, etc.) toward the latter half of the year will be a challenge. The dividend forecast for FY2026 (ending December 2026) is currently undetermined, and clarification of the shareholder return policy is awaited.

The current churn rate of 0.70% is at a low level, but the risk of an increase in churn rate accompanying customer base expansion requires ongoing monitoring. The concentration of sales in CIERTO is a strength as long as product competitiveness is maintained, but the risk of intensified competition from the emergence of alternative products or the entry of major cloud vendors cannot be ruled out. In addition, as a growth company that has just gone public, inherent risks include the small employee base and high dependence on key personnel, as well as the risk that rising recruitment and training costs could pressure profit margins. On the positive side, the equity ratio of 79.8% indicates high financial soundness, and the company maintains debt-free management.

Growth Strategy

Growth acceleration driven by three pillars: strengthening sales partnerships, expanding AI integration, and leveraging overseas partner products

Accelerating new contract acquisition centered on cloud deployment of CIERTO DAM｜PIM. Achieved 19 new contracts in 1Q of FY2026 (ending December 2026), a 46% increase year-on-year. Driving parallel expansion into promotional DX for companies utilizing websites and e-commerce sites, as well as knowledge sharing and intellectual property management use cases, to build sustained ARR growth.

Leveraging authorized reseller agreements with TOPPAN, Fuji Film Business Innovation Japan, and others to pursue customer development beyond the reach of the company's own sales resources. Aiming to secure large-scale deals through the customer base and credibility of major partners.

Leveraging integration with overseas partner products such as "APROOVE WM" developed by Belgium's APROOVE SA to secure large-scale SaaS deals in the media and content production project management domain. Revenue contribution confirmed in 1Q of FY2026 (ending December 2026).

Received orders for and completed multiple large-scale development projects, including for government agencies, expanding revenue from the development business. New development project revenue in 1Q of FY2026 (ending December 2026) grew 250.2% year-on-year. Aiming to diversify revenue through combined proposals of the development business and SaaS.

Implemented a stock split at a ratio of 2 shares for every 1 share of common stock, effective May 1, 2026. Aims to lower the investment amount per unit and expand the investor base, including individual investors, while improving stock liquidity.

Last updated: July 17, 2026