CHANGE Holdings,Inc.
3962・Prime Market・Information & Communication
Business
Change Holdings, Inc. operates under the mission of "Change People, Change Business, Change Japan," pursuing a two-pillar business structure comprising the NEW-IT Transformation Business, which handles private-sector DX, M&A brokerage, and cybersecurity, and the PubliTech Business, centered on the hometown tax donation platform "Furusato Choice" and the "LoGo Series" of SaaS offerings for local governments. Its main customers span a wide range, including private companies and SMEs (DX and M&A brokerage), local governments and central government ministries nationwide (public-sector DX), and hometown tax donors and municipalities (regional revitalization). Under its medium-term management plan "Digitize & Digitalize Japan (Phase3)," the company aims to promote collaboration among local governments, regional financial institutions, local companies, universities, and other stakeholders, and to establish a model for regional revitalization.
Business Model
In the PubliTech Business, fee income from the hometown tax donation platform (regional revitalization domain) and monthly SaaS subscription fees for local governments (public sector DX domain) form a high-margin, stable revenue base, with segment profit margin reaching 47.8%. In the NEW-IT Transformation Business, revenue sources include service income from DX training, BPO, and consulting, success fees from M&A brokerage, and sales of cybersecurity solutions. The company's strategy is to continuously expand its revenue base through group expansion via M&A and synergies among group companies.
Company Strengths
The PubliTech Business, centered on Trust Bank, which operates the hometown tax donation portal Furusato Choice (Hometown Tax Donation Platform), achieved revenue of ¥29,591 million, segment profit of ¥14,156 million, and a profit margin of 47.8% in FY2026 (ending March 2026). Even after the abolition of points, donation amounts have remained at the same level as the previous period, demonstrating the high customer stickiness of the platform.
LoGoChat has been adopted by over 1,550 local governments (combined paid and free versions), and LoGoForm has been adopted by over 800 local governments, giving the company a deep sales and service foundation across local governments nationwide. Revenue in the public sector DX domain expanded rapidly to ¥6,505 million in FY2026 (ending March 2026), up 66.5% year on year, and the company is establishing itself as standard infrastructure for local government DX.
Starting with the acquisition of Trust Bank as a subsidiary in 2018, the company has successively made subsidiaries of E-Guardian (cybersecurity), fundbook (M&A brokerage), Tokoh Computer Service (carbon credits), Onwords (inbound), and others. Revenue in FY2026 (ending March 2026) expanded to ¥52,827 million, approximately 5.2 times the level in FY2022 (ending March 2022), with the ability to build a business portfolio through M&A serving as the company's main growth engine.
ENVALITH's Perspective
Performance Trend
Revenue expanded more than fivefold over five fiscal periods, from ¥10,140 million in FY2022 (ended March 2022) to ¥52,827 million in FY2026 (ending March 2026), maintaining an M&A-driven rapid growth trajectory. However, the revenue growth rate for FY2026 slowed to 13.9% from 25.3% in the prior period. Operating profit came to ¥11,225 million (down 16.4% year on year), and profit attributable to owners of the parent came to ¥6,937 million (down 7.1% year on year), marking the first profit decline in two periods. The main causes were the disappearance of the one-time gain of ¥1,569 million from stock revaluation recorded in the prior period, and a substantial increase in selling, general and administrative expenses (up ¥4,406 million year on year). The operating margin fell from 28.9% to 21.2%. For FY2027 (ending March 2027), the company forecasts revenue of ¥57,823 million to ¥59,000 million and operating profit of ¥11,500 million to ¥12,500 million as a range. On the external environment front, it is a positive sign that donation amounts held steady at the same level as the prior period following the abolition of the Furusato Nozei (hometown tax donation) point system.
Growth Strategy
Business expansion through M&A and alliances, and the trinity strategy of "DX × Regional Revitalization × Security"
In addition to expanding individual hometown tax donations, driven by the tailwind from the abolition of hometown tax donation points, the company aims to strengthen Government Crowdfunding® and corporate hometown tax donations to improve market share. The inbound tourism field through Onwords's consolidation and the Sports IP Co-Creation Business through Field-X's consolidation are also being nurtured as new revenue pillars.
The company is promoting continued growth in the number of paid accounts and contracted organizations for LoGoChat (over 1,550 local governments) and LoGoForm (over 800 local governments), as well as expansion into the quasi-public sector. It also aims to expand new services for government agencies, such as DX support for the Ground Self-Defense Force, and strengthen the acquisition of central government agency projects.
The company is expanding its customer base by strengthening partnerships, and promoting governance consulting and the development and deployment of security products to address new risks in the AI era. Amid rising demand against a backdrop of frequent incidents at major domestic companies, the company is focusing on strengthening sales of the Cybersecurity Service to the manufacturing industry.
The BPO business aims to expand into new BPO domains while improving productivity through the use of AI. The M&A brokerage business aims to improve the volume and efficiency of lead acquisition through strengthened alliances with major financial institutions, thereby increasing the deal conversion rate. The DX tool business is focusing on expanding sales to the manufacturing and retail industries.
In light of the shortfall in the FY2026 (ending March 2026) earnings forecast and changes in the business environment, the operating profit target for FY2028 (ending March 2028) (previously: equivalent to ¥18.0 billion) has been revised and pushed back to FY2030 (ending March 2030). For FY2027 (ending March 2027), the company aims for operating profit of ¥11,500 million to ¥12,500 million, seeking a gradual recovery in profit.
Last updated: July 19, 2026