ENVALITH
株式会社データ・アプリケーション logo

Data Applications Company, Limited

3848・Standard Market・Information & Communication

Official website
株式会社データ・アプリケーション logo
Data Applications Company, Limited3848

Business

Data Applications, Inc. was established in 1982 as a software company specializing in data exchange middleware. Between 2024 and 2025, the company made WEEL, DTC, and Melon subsidiaries, transitioning from its former single-segment structure to a three-segment structure comprising "Software Business," "System Integration Business," and "AI-Related Business." Its flagship products are the enterprise data integration platform "ACMS Apex" and the cloud-based data integration platform "ACMS Cloud." Major customers include leading system integrators and information service companies, led by Fujitsu (14.0% of sales), with indirect sales (via agents) as the primary sales channel. The company's business is founded on corporate demand for DX promotion and data integration, with consolidated net sales of ¥4,322 million for FY2026 (ending March 2026).

Business Model

In the Software Business, ACMS Apex and ACMS Cloud license, maintenance, and cloud services are provided on a subscription basis, building a stable revenue base with a recurring revenue ratio of 83.3% and MRR of ¥89 million. As of FY2026 (ending March 2026), new one-time (perpetual) sales were discontinued, completing the transition to a fully subscription-based model. EDI/EAI System Integration Business by DTC (revenue of ¥1,328 million) and Generative AI Contract Development by WEEL and Melon (AI-Related Business revenue of ¥567 million) are driving scale expansion.

Company Strengths

Since the launch of ACMS in 1989, the company has continued product development specialized in the EDI, EAI, and data integration fields. ACMS Cloud achieves a monthly uptime rate of 99.5% and processing performance of 4,000 transactions/hour. For the existing products ACMS Apex and RACCOON, processing time for small-volume, high-frequency data has been reduced by up to 50% (based on the company's own measurements), reflecting continuous strengthening of technological superiority.

In the Software Business for FY2026 (ending March 2026), the recurring revenue ratio reached 83.3% and MRR reached ¥89 million. As of FY2026 (ending March 2026), the company has discontinued new one-time (perpetual license) sales and completed the full transition to a subscription-based model. The accumulation of recurring revenue is structurally enhancing the predictability and stability of sales.

As of the end of FY2026 (ending March 2026), the equity ratio stood at 68.4%, with cash and cash equivalents of ¥4,112 million. Interest-bearing debt remained limited to ¥348 million, maintaining a financial structure that is effectively close to debt-free. Backed by abundant cash, the company has adopted an aggressive shareholder return policy, targeting a total payout ratio of 100% (full payout) and a DOE of approximately 3.5%–5.0%.

ENVALITH's Perspective

In FY2026 (ending March 2026), group revenue expanded significantly to ¥4,322 million due to the consolidation effect of subsidiaries, but cost of sales ratio rose from 30.5% to 48.3%, causing gross margin to decline to 51.7% (69.5% in the prior period). Continued goodwill amortization of ¥95 million, increased subsidiary management costs, and extraordinary losses of ¥44 million (compensation payments) also contributed, resulting in net income attributable to owners of the parent of ¥156 million, down 41.8% year-on-year. EBITDA saw only a slight increase to ¥481 million (from ¥440 million in the prior period), and absorbing integration costs following the M&A is the most pressing near-term challenge.

With the termination of one-time sales from April 2026 onward, the short-term revenue growth rate of the Software Business may slow. On the other hand, contract liability balances increased from ¥731 million to ¥1,012 million, indicating steady progress in building up future revenue in advance. The total remaining performance obligations of ¥919 million (up from ¥665 million in the prior period) also demonstrate an expanding, visualized revenue base. Amid continued cautious stance on DX investment among companies as an external factor, the success or failure of the transition to subscriptions will determine business performance from FY2027 (ending March 2027) onward.

The dividend for FY2026 (ending March 2026) is ¥35 per share (ordinary dividend of ¥26 plus a commemorative dividend of ¥9 for the 40th anniversary of founding), with a dividend payout ratio of 142.5% and total dividends of ¥223 million, significantly exceeding net income of ¥156 million. As a new policy, the company has adopted a full-payout approach targeting a total return ratio of 100% and DOE of 3.5% to 5.0%; however, against projected net income of ¥178 million for FY2027 (ending March 2027), the projected total dividend amount of approximately ¥124 million (¥35 per share × approximately 3.55 million shares) is expected to improve consistency with the profit level. That said, maintaining high shareholder returns amid continued goodwill amortization burden presupposes the realization of profit growth.

Growth Strategy

Aiming for net sales of ¥6,000 million in FY2028 (ending March 2028) through ACMS Cloud expansion, group synergies, and full transition to subscription-based sales

The cloud-based data integration platform "ACMS Cloud" launched on November 28, 2025. The company is expanding its sales channels through strengthened collaboration with sales agents, seminars, and enhanced sales materials. FY2027 (ending March 2027) is positioned as the year to accelerate the ACMS Cloud business, leveraging group synergies through construction collaboration with DTC.

Effective from shipments made on and after April 1, 2026, new one-time (perpetual) sales have in principle been discontinued in favor of a unified subscription model. During the transition period, growth rates may temporarily slow, but the company aims to build a stable future revenue base by accumulating MRR of ¥89 million and a contract liability balance of ¥1,012 million. Recurring revenue ratio stands at 83.3%, and the subscription ratio at 49.1% currently.

By consolidating three subsidiaries—DTC (EDI/EAI, SI), Melon (AI development, time-series analysis), and WEEL (generative AI contract development)—the company is building a vertically integrated group spanning data integration, AI, and business infrastructure. Intra-group sales of ¥144 million have been generated, and substantive synergies have begun, including DTC's collaboration on the ACMS Cloud construction framework. Efforts to strengthen hiring of AI talent and data scientists also continue.

Human capital management is set forth as one of the three strategies in the medium-term management plan. The company is advancing environmental improvements such as strengthened hiring focused on engineers, certification as "Best Workplace" under the D&I AWARD 2025, and certification as an Excellent Health Management Corporation 2026. At DTC, the company aims to improve future profit margins through continued new graduate hiring and an increased in-house development ratio.

Last updated: July 19, 2026