Internetworking and Broadband Consulting Co.,Ltd.
3920・Standard Market・Information & Communication
Internetworking and Broadband Consulting Co.,Ltd.
3920・Standard Market・Information & Communication
Business
IBC Co., Ltd. is an IT infrastructure operation support company established in 2002. Centered on its self-developed information management and performance monitoring software, the System Answer Series, the company operates across three business segments: license sales, provision of various services, and merchandise sales. Its main customers span a wide range of industries, including government, education, healthcare, finance, manufacturing, distribution, and telecommunications, with the company acquiring new users primarily among municipalities and manufacturers. It leverages nationwide sales capabilities by combining three channels: indirect sales via partner companies, direct sales, and high-touch sales. In October 2025, the company launched a new service, ITOGUCHI, expanding its business into the multi-cloud operation support domain. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
The primary revenue source is license sales of the System Answer Series (¥1,248 million in FY2025 (ending September 2025), approximately 52% of revenue composition), with a 96% license renewal rate forming stable, recurring revenue. This is combined with service provision (¥625 million), including operations management cloud services such as SAMS (Next-Generation MSP Service), security services, and network services, along with product sales (¥531 million) associated with resolving customer challenges. Indirect sales leveraging a network of partner companies support nationwide expansion, and the structure promotes cross-selling through proposals for additional services to license-adopting customers.
Company Strengths
In FY2025 (ended September 2025), 96% of customers whose licenses were up for renewal continued to renew System Answer. This high renewal rate forms a stable foundation for recurring revenue, and license sales grew 20.6% year on year to ¥1,248 million. Combined with new customer acquisition centered on local governments and manufacturers, this supports continued expansion of the core revenue source.
In FY2025 (ended September 2025), cost of sales remained at ¥554 million (approximately 23% of net sales), and gross profit reached ¥1,849 million (gross margin of approximately 77%). Because license sales of in-house developed software form the core of revenue, revenue growth tends to translate directly into profit. Operating profit grew 46.9% year on year to ¥565 million, achieving profit growth that outpaced revenue growth.
Since its founding, the company has specialized in IT system monitoring and operational support for over 20 years, independently developing high-speed data collection and analysis technology for multi-vendor environments. It has a deployment track record across a wide range of industries, including public services, education, healthcare, finance, manufacturing, distribution, and information and communications, and the accumulated know-how continues to contribute to expanding product functionality and enriching consulting content.
ENVALITH's Perspective
Performance Trend
Performance over the past five fiscal years recovered from a loss in FY2022 (ending September 2022) (operating loss of ¥48 million) as the bottom, achieving record-high results in FY2025 (ending September 2025) with net sales of ¥2,405 million and operating profit of ¥565 million. In the first half of FY2026 (ending September 2026) (cumulative), net sales rose to ¥1,092 million (+1.8% year on year), maintaining revenue growth, but operating profit of ¥229 million (-9.0% year on year) and interim net profit of ¥160 million (-13.3% year on year) both declined from the same period a year earlier. This was mainly due to the disappearance of subsidy income (¥12 million) recorded in the same period last year, an increase in selling, general and administrative expenses (¥626 million, up ¥23 million year on year), and the postponement of a large-scale network project to the second half. The full-year forecast has been revised upward to net sales of ¥2,700 million (+12.3% year on year) and operating profit of ¥630 million (+11.5% year on year), with expectations of renewing the record-high profit. The equity ratio also improved to 63.2% (from 60.8% at the end of the previous fiscal year), indicating enhanced financial soundness.
Growth Strategy
Composite growth driven by expansion of stock-type licensing, rollout of new services, and strengthening of security offerings
In addition to maintaining a high contract renewal rate among existing customers, the company is promoting new contract acquisition through switch-overs from other companies' systems. License revenue for the first half of FY2026 (ending September 2026) reached ¥656 million (up 9.6% year on year), exceeding plan, indicating steady progress in strengthening the foundation of the stock-type business.
Against a backdrop of growing needs for countermeasures against cyberattacks, demand for the Security Assessment Service continues to be reported as robust. The company is steadily increasing its presence as a new revenue source, and aims to expand service revenue through cross-selling to its existing customer base.
With the launch of the new service "ITOGUCHI" in October 2025, the company has entered the new domain of multi-cloud environment operations support. It aims to capture cloud migration demand driven by DX and AI promotion, and to increase per-customer revenue through synergies with the System Answer Series.
The price revision for System Answer G3 implemented in 2025 aims to strengthen the revenue structure by raising the per-license unit price. As the new pricing is applied upon renewal by existing customers, contributions to both net sales and profit margin are expected.
Under the progressive dividend policy, the annual dividend forecast for FY2026 (ending September 2026) has been set at ¥22 (up 83% from ¥12 in the previous fiscal year). The company has clearly stated its policy of enhancing shareholder value through stable and continuous profit distribution, and plans to pay an interim dividend of ¥11 on June 22, 2026.
Last updated: July 17, 2026