Startia Holdings, Inc.
3393・Prime Market・Wholesale Trade
Business
Startia Holdings, operating under a holding company structure with 10 consolidated subsidiaries, is an IT solutions vendor providing "Total Office Solutions" primarily to small and medium-sized enterprises. Its business is broadly composed of two pillars. The IT Infrastructure Business comprehensively supports office IT infrastructure, including multifunction printers, business phones, network equipment, security, electricity retail, and fiber collaboration services. The DX Solutions Business supports digital marketing and business automation through the integrated SaaS platform "Cloud CIRCUS," the RPA tool "RoboTANGO," and the iPaaS "JENKA." Founded in 1996, the company listed in 2005 and transitioned to the Tokyo Stock Exchange Prime Market in 2022, reflecting a long-established business foundation.
Business Model
In the IT Infrastructure Business, in addition to flow-type revenue from equipment sales, installation, and maintenance, ARPU is continuously increased by introducing multiple stock-type products—such as Electricity Retail, Fiber Collaboration, and Bijisuke—to the same customer. In the DX Solutions Business, the foundation is MRR accumulation through SaaS subscriptions, and the combination of customer success and inside sales BPO achieves both churn prevention and additional order intake. Cross-selling that leverages the customer bases of both businesses in a mutually reinforcing manner serves as the main engine of revenue growth.
Company Strengths
With sales of ¥18,895 million in the IT Infrastructure Business and ¥4,877 million in the DX Solutions Business serving as twin drivers, the company is promoting the introduction of multiple products to existing customers. The contract renewal rate has remained high even after maintenance fee increases, with long-standing customer relationships functioning as a barrier to competitive entry.
The DX Solutions Business achieved a segment operating margin of 19.4%, with profit up 44.5% year on year in the current period. The number of attendees at AIO-related seminars reached 5 times the previous level, and the company has established a framework to capture the AI utilization needs of small and medium-sized enterprises through its own product lineup, functioning as a highly profitable growth engine.
For FY2026 (ending March 2026), operating cash flow was ¥3,057 million (up 77.9% year on year), and cash and cash equivalents stood at ¥7,671 million. While proceeding with the repayment of long-term borrowings, the company maintained net assets of ¥8,490 million, demonstrating financial capacity to simultaneously fund M&A activities and shareholder returns (dividends of ¥1,200 million and share buybacks of ¥361 million).
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), net sales reached ¥23,790 million (up 7.1% year on year), operating profit reached ¥3,242 million (up 18.4%), and profit attributable to owners of parent reached ¥2,318 million (up 18.3%), with all metrics setting new record highs. The operating profit margin on sales improved to 13.6% (from 12.3% in the previous fiscal year), and ROE reached 29.0% (from 27.3% in the previous fiscal year). In terms of external environment, rising demand for network security supported equipment sales in the IT Infrastructure Business. For FY2027 (ending March 2026), the company forecasts net sales of ¥26,000 million (up 9.3% year on year) and operating profit of ¥3,550 million (up 9.5%), anticipating continued growth in both revenue and profit.
Growth Strategy
Two-pronged growth strategy: expanding the customer base through roll-up M&A and maximizing customer LTV through BPaaS evolution
Strengthening the expansion of sales areas and customer base through business transfers, acquisitions, and integration of similar companies as a core strategy of the medium-term management plan. The company aims to add ¥8.0 billion in sales revenue and ¥800 million in operating profit from the M&A and synergy area by FY2028 (ending March 2028).
Evolving beyond mere SaaS tool provision into a BPaaS (BPO + SaaS) model with the execution capability to support business operations, aiming to prevent churn and maximize customer LTV. Promoting improvements in consulting BPO coverage rate and retention rate for customer success.
With attendance at AIO (AI search optimization) seminars reaching five times the previous level, the company is accelerating efforts to convert the growing digital adoption needs of SMEs amid the spread of generative AI into orders for Cloud CIRCUS-related products and consulting services.
Strengthening cross-selling of multiple products to a single customer across both segments. In the IT Infrastructure Business, promoting recurring-revenue products such as Electricity Retail & LED Lighting (Environmental Services), Fiber Collaboration, ISP & Phone Line Subscription Agency Services, and Corporate Total Support "Bijisuke"; in the DX Business, promoting combined proposals such as RPA and iPaaS, to increase customer LTV.
While continuing to focus on growth support for existing investees, the company is focusing on realizing investment recovery opportunities (EXITs). It recorded a gain of ¥50 million on the sale of shares in affiliated companies in FY2026 (ending March 2026), and is advancing the monetization of its portfolio.
Last updated: July 19, 2026