ENVALITH
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Showcase Inc.

3909・Standard Market・Information & Communication

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株式会社ショーケース logo
Showcase Inc.3909

Business

Showcase, Inc. was founded in 1996 and listed in 2015 as a DX cloud services company. In its core DX Cloud Business, the company provides the "NaviCast Series (FormAssist, etc.)", which has held the No. 1 market share in the input form optimization market for 10 consecutive years, and the "ProTech Series (ProTech ID Checker, etc.)", an online identity verification/eKYC service adopted by over 400 companies including megabanks and telecom carriers. In December 2024, the company became a consolidated subsidiary of AI Fusion Capital Group Co., Ltd., and in March 2025, ReYuu Japan Co., Ltd., which operates the reuse device business, was excluded from consolidation. The company has now completed its structural transformation into a SaaS-focused group whose main customers are financial institutions, telecom carriers, and secondhand dealers, among others.

Business Model

The DX Cloud Business bases its earnings foundation on subscriptions (recurring revenue), with consultants holding Web Analyst certification making additional proposals to existing customers to raise average revenue per customer. This is supplemented by delivery revenue from DX support contract development projects. The Advertising & Media Business complements stable earnings through SEO media operations and SNS advertising management, while the Investment-Related Business diversifies revenue through fund distribution income and startup investments.

Company Strengths

FormAssist has achieved the No.1 ranking for 10 consecutive years (FY2014–FY2023 forecast) in vendor-based sales share in the input form optimization market, according to an ITR survey. Its customer base centered on financial institutions and high-value-added proposals by consultants holding Web Analyst certification make it difficult for competitors to imitate.

ProTech ID Checker has a cumulative installation record of over 400 companies, including megabanks, telecom carriers, and secondhand dealers. In FY2026 (ending March 2026), it completed acquisition of the international security standard SOC 2® Type 2, giving it strong appeal for reliability to major financial institutions and telecom carriers.

In FY2026 (ending March 2026) (15 months), the DX Cloud Business achieved sales of ¥1,376 million against segment profit of ¥534 million, a profit margin of 38.8%. Following the deconsolidation of ReYuu, the low-profitability reuse business has fallen away, and the group's overall profit structure has become concentrated in the high-margin SaaS business.

ENVALITH's Perspective

In FY2026 (15-month irregular fiscal period, ending March 2026), the DX Cloud Business posted segment profit of ¥534 million and a profit margin of 38.8%. Although consolidated revenue will shrink following the exclusion of ReYuu, earnings quality has improved substantially. The FY2027 (ending March 2027, 12-month period) forecast of ¥1,460 million in revenue and ¥150 million in operating profit will serve as a touchstone for the standalone earning power of the DX Cloud Business.

As of the end of FY2026 (ending March 2026), it was determined that no material uncertainty exists regarding the going concern assumption; however, cash flow from operating activities has remained negative for four consecutive periods (-¥14 million for the fiscal year under review). Cash and cash equivalents have declined to ¥727 million, of which ¥1,000 million has been lent to the parent company AIF on an unsecured, non-guaranteed basis, and this related-party risk continues to warrant close attention.

The enforcement of the revised Act on Prevention of Transfer of Criminal Proceeds in April 2027 is a structural factor expanding demand for eKYC, but it will take time for companies to prepare their responses and execute budgets. The FY2027 (ending March 2027) operating profit forecast of ¥150 million exceeds the FY2026 (15-month period, ending March 2026) figure of ¥126 million when converted to a 12-month basis, and is premised on accelerated new adoption of ProTech ID Checker and improved unit pricing. Whether demand can be front-loaded ahead of the regulation's enforcement will be the key point of evaluation.

Growth Strategy

Leveraging the eKYC regulatory tailwind and synergies with the AIF Group to accelerate revenue growth in the DX Cloud Business

Centered on ProTech ID Checker, which has been installed at over 400 companies cumulatively, the company is driving new customer acquisition and expanding usage among existing customers against the backdrop of the April 2026 revision to the Act on Prevention of Unauthorized Use of Mobile Phones and the April 2027 enforcement of the Act on Prevention of Transfer of Criminal Proceeds. The product lineup has been expanded with the launch of a My Number IC authentication app.

"NaviCast AI-OCR" was launched in February 2025, adding an automatic input function via document photography. Leveraging its foundation as the No. 1 EFO provider for 10 consecutive years, the company aims to raise customer unit price and reduce churn by adding value through AI functionality.

Completion of SOC 2® Type 2 certification, an international security standard, has demonstrated the company's ability to meet the security requirements of major companies such as megabanks and telecom carriers. The company is simultaneously advancing the establishment of a rigorous security management framework and improving its revenue structure.

Through AIF's participation in December 2024, the company aims to strengthen its decision-making capabilities for business expansion and growth investment by leveraging M&A expertise and know-how. It is actively rolling out DX support (Cloud Integration) to companies within the AIF group, contributing to productivity improvements across the group as a whole. The ¥1,000 million loan to the parent company (repayment due April 2027) is also part of efforts to improve capital efficiency.

Last updated: July 19, 2026