CHIeru Co.,Ltd.
3933・Standard Market・Information & Communication
Business
Chieru Co., Ltd. is an education-ICT specialist company whose management philosophy is "Supporting teachers' classes worldwide with ICT, for the future of children." Founded in 1997 and listed on the Tokyo Stock Exchange in 2016, the group comprises 11 companies, including 8 consolidated subsidiaries and 2 affiliates. The company operates across three segments: class support systems, digital teaching materials, and security solutions for elementary and junior high schools; language learning systems, integrated ID management, and career guidance support services for high schools and universities; and ICT solutions for corporations and government offices. With the GIGA School Program as its primary business environment, the company's main customers are boards of education, schools, and universities nationwide.
Business Model
The company packages in-house developed class support, security, and ID management software as its core offering, bundled with hardware equipment, digital teaching materials, and cloud services. Sales are primarily conducted through bid participation via nationwide sales partners (SIers and sales agents). While building up recurring revenue through subscription-type services such as "InterCLASS Cloud Advance" and "InterCLASS Console Support," the company has also consolidated Trust Communications and Okijim through M&A, rapidly expanding its business targeting the Corporate & Government Division.
Company Strengths
The company develops and owns in-house a lineup of products directly linked to demand for device and network infrastructure under the second phase of the GIGA School Program (FY2024-FY2028), including the wireless communication visualization and stabilization solution "Tbridge", the cloud-based class support solution "InterCLASS Cloud Advance", and the Google Admin Console support solution "InterCLASS Console Support". This has enabled the company to build a product lineup that directly benefits from favorable policy tailwinds.
The company made Trust Communication Co., Ltd. a subsidiary in June 2024, and Okijim Co., Ltd. (51.6% equity stake) a subsidiary in December 2024. Consolidation of Okijim caused total assets to increase approximately 73%, from ¥6,119 million to ¥10,614 million. Sales in the Other segment rose 345.9% year on year to ¥2,370 million, and segment profit rose 634.8% year on year to ¥120 million, demonstrating that M&A is directly contributing to business expansion.
In FY2025 (ended March 2025), sales were nearly evenly distributed across three segments: ¥2,034 million in the Elementary & Junior High School Division, ¥2,493 million in the High School & University Division, and ¥2,370 million in Other (Corporate & Government Division). This avoids excessive dependence on any single customer base or market, providing a structure that somewhat mitigates the risk of fluctuations in GIGA School Program policy.
ENVALITH's Perspective
Performance Trend
Revenue expanded roughly 2.5-fold over five periods, from ¥4,095 million in FY2022 to ¥10,226 million in FY2026. Notably, growth reached approximately 50% in two consecutive periods, FY2025 (+49.2%) and FY2026 (+48.3%), with the expansion of the consolidation scope through M&A serving as the main driver. Operating profit reached a record high of ¥1,069 million in FY2026 (up 57.7% year on year), with the operating profit margin improving to 10.5%. As an external factor, the nationwide full-scale rollout of GIGA School Phase 2 has boosted demand, and the increase in contract liabilities is functioning as a leading indicator of future revenue. Net income attributable to owners of parent was ¥658 million (up 55.3% year on year). Comprehensive income was revised significantly upward to ¥926 million (revised from ¥793 million prior to correction), reflecting the incorporation of valuation differences on securities held by Okijimu.
Growth Strategy
Two pillars of growth: capturing demand from the second phase of the GIGA School Program and expanding business scope and regional coverage through M&A
Against the backdrop of full-scale nationwide infrastructure development from FY2024 to FY2028 (ending March 2029), the company aims to expand orders for terminals, network management, and operational services for elementary and junior high schools. Contract liabilities turned upward, reaching ¥2,761 million at the end of FY2026 (ending March 2026), and revenue contribution is expected to continue for a certain period going forward.
Through the M&A of Trust Communication (April 2024) and Okijim (consolidated December 2024, made a wholly owned subsidiary in November 2025), the company acquired regional bases in Shikoku, Kyushu, and other areas, as well as business for corporate and government clients. With the conversion to a wholly owned subsidiary, non-controlling interests were eliminated, and a unified group management structure was established.
By expanding cloud and subscription-based services such as InterCLASS Cloud Advance, the company aims to build up recurring revenue. The continued upward trend in contract liabilities is contributing to improved revenue stability and predictability.
Last updated: July 17, 2026