ENVALITH
テクマトリックス株式会社 logo

TECHMATRIX CORPORATION

3762・Prime Market・Information & Communication

Official website
テクマトリックス株式会社 logo
TECHMATRIX CORPORATION3762

Business

Techmatrix, founded in 1984, is an IT solutions company listed on the Tokyo Stock Exchange Prime Market. It operates three business segments: Information Infrastructure Business (cybersecurity products and services), Application Services Business (CRM, software quality assurance, and education-oriented SaaS), and Medical Systems Business (cloud PACS "NOBORI", AI, and PHR). Its major customers span a wide range including large corporations, telecom carriers, medical institutions, and public agencies, and it is distinguished by a one-stop service model that combines an eye for cutting-edge North American products with the operational know-how from its in-house developed software. Including 12 consolidated subsidiaries, the group achieved revenue of ¥71,734 million in FY2026 (ending March 2026), marking a new record high.

Business Model

The company secures continuous revenue by acquiring sales agency rights for cutting-edge IT products, mainly from North America, and providing full-line services from installation and maintenance to operational monitoring. In parallel, it offers proprietary SaaS products (FastHelp, NOBORI, Tsumugino, etc.) on a subscription basis, building up stock-type revenue. The stock ratio of the Information Infrastructure Business has reached 87.9%, and the order backlog of ¥105,431 million is enhancing visibility into future sales.

Company Strengths

The stock ratio of the Information Infrastructure Business reached 87.9% in FY2026 (ending March 2026), up from 82.3% in FY2024 (ended March 2024), and the segment's order backlog has accumulated to ¥78,880 million (+18.9% year on year). Steady accumulation of renewal orders for subscription-based cloud security products drove both revenue and operating profit to record highs.

The company has entered into long-term distribution agreements with more than 30 leading North American security vendors, including RSA (1996), F5 (2000), Palo Alto Networks (2009), Proofpoint, Tanium, Tenable, and Arctic Wolf. Many of these contracts feature automatic annual renewal, and the strengthened relationships built on years of track record form a barrier to entry.

NOBORI (Cloud PACS), a medical information cloud service provided by PSP Corporation, continued to see growth in the number of newly contracted facilities, bringing the order backlog of the Medical Systems Business to ¥19,425 million (+23.6% year on year). The stock ratio rose to 61.0% (from 49.9% in FY2024 (ended March 2024)), reflecting steady progress in the shift from on-premise to cloud.

ENVALITH's Perspective

Revenue for FY2026 (ending March 2026) rose 10.6% year on year to a record ¥71,733 million, while the operating margin improved only marginally to 10.8% (from 10.3% in the prior period). The Application Services Business fell into an operating loss of ¥148 million (versus operating profit of ¥142 million in the prior period), mainly due to rising personnel and cloud costs in the CRM segment and a change in the policy for recognizing R&D expenses in the education segment. Even in the FY2027 (ending March 2027) forecast, operating profit for this segment is expected to remain limited at ¥200 million, posing a risk that a prolonged upfront investment phase could continue to constrain overall margin improvement.

Advance payments (prepayments to suppliers) increased by ¥6,479 million year on year to ¥42,323 million, accounting for 41.7% of current assets. This reflects a structural funding requirement tied to advance payments for subscription-based cloud product procurement. Cash flow remains stable given the offsetting relationship with contract liabilities (advance receipts from customers) of ¥70,433 million, but the expansion of working capital alongside business growth warrants continued monitoring. Operating cash flow increased 92.3% year on year to ¥13,144 million, and cash balances remain ample at ¥35,801 million. However, the impact on capital efficiency should also be watched closely if M&A investments continue, such as the subsequent-event consolidation of Medmain as a subsidiary (acquisition consideration of ¥2,883 million).

The company's forecast for FY2027 (ending March 2027) calls for revenue of ¥81,800 million and operating profit of ¥8,200 million. Compared with the final-year targets of the medium-term management plan (revenue of ¥80,000 million and operating profit converted to ¥8,600 million), revenue is expected to exceed the target, while operating profit is projected to fall short at ¥8,200 million versus the ¥8,600 million target. Continued upfront investment in the Application Services Business, along with the consolidation impact of Medmain—a startup in its upfront investment phase that became a subsidiary as a subsequent event—are factors that will weigh on profit in the near term. External factors such as geopolitical risk and escalating US-China tensions disrupting supply chains could also affect product procurement costs.

Growth Strategy

Building recurring revenue, expanding into ASEAN, and deepening medical DX to achieve sales revenue of ¥81,800 million in the final year of the medium-term management plan

Continuing to promote the shift of Cloud-based Security Product Group to subscription models while strengthening cross-selling of the AI-driven SOC Operations Automation Solution. Through active investment in value-added services such as managed services, the company aims to achieve sales revenue of ¥59,500 million and operating profit of ¥7,240 million in this business for FY2027 (ending March 2027).

Leveraging Firmus, Malaysia's largest cybersecurity provider, which became a subsidiary in November 2024, as a base to deploy "cutting-edge security technology + security services" across the entire ASEAN market. Currently promoting the alignment of products and services by leveraging the complementary relationship between Japan and Malaysia.

Strengthening the cloud shift from the EV Insite Series (On-premise PACS) to NOBORI (Cloud PACS) for large medical institutions, accelerating the transition to recurring revenue. In April 2026, Medmain Inc. (pathology diagnosis support AI) was made a subsidiary, and the company is promoting the development and service deployment of a digital pathology diagnosis platform. The company aims to achieve sales revenue of ¥11,170 million and operating profit of ¥760 million in this business for FY2027 (ending March 2027).

Promoting the expansion of generative AI-driven contact center solutions in the CRM domain, accumulation of subscriptions in the Software Quality Assurance Tool Group domain, and collaboration with Benesse and deployment to high schools for Tsumugino in the education domain. After an initial investment phase, the company aims to achieve a turnaround to operating profit of ¥200 million in FY2027 (ending March 2027).

Last updated: July 19, 2026