ULURU.CO.,LTD.
3979・Growth Market・Information & Communication
Business
Uluru Co., Ltd. holds the vision of "Solving labor shortages, enriching people and businesses," and operates across three business axes—CGS (Crowd Generated Service) Business, BPO Business, and Crowdsourcing Business—built on the foundation of "Shufti," a crowd worker network of approximately 490,000 workers. The company operates multiple SaaS products, including its core bid information alert service "NJSS," the phone reception outsourcing service "fondesk," and the photo SaaS for childcare/nursery facilities "EnPhoto," with major customers including companies participating in government and public agency bids, small and medium-sized enterprises, and childcare/nursery facilities. In FY2026 (ending March 2026), revenue reached ¥7,751 million, and company-wide ARR exceeded ¥600 million, with recurring revenue driving overall company performance.
Business Model
In the CGS Business, tasks are outsourced to crowd workers on "Shufti," and the resulting deliverables are aggregated and processed to be provided as SaaS on a monthly subscription basis, adopting a stock-type model. Since NJSS receives contract amounts as advance payments, contract liabilities accumulate as contracts increase, resulting in a highly financially efficient structure that essentially requires no normal working capital. The BPO Business complements revenue through a two-pronged approach: spot outsourcing utilizing internal and external resources, and BPaaS (Bid BPO, etc.) (recurring type).
Company Strengths
NJSS had 7,295 paid contracts as of end-March 2026, with ARR of ¥3,835 million (as of end-March 2026), and a stable low 12-month average churn rate of 1.42%. Due to its prepayment-based contract structure, working capital requirements are extremely small, so growth in contracts translates directly into cash generation. LTV has risen to ¥2,570 thousand (as of end-March 2026), indicating high quality and sustainability of earnings.
By owning Shufti in-house, which had approximately 490,000 registered users as of end-March 2026, the company can operate the CGS Business without depending on external platforms. The know-how of combining crowd workers with systems has been accumulated over many years, making it difficult for competitors to replicate in a short period. This resource is supplied across multiple services including NJSS, fondesk, and EnPhoto.
The BPO Business had a cumulative customer base of 5,964 companies as of end-March 2026, and has established in-house operated sites such as the Tokushima Center, Oita Center, and the Tokushima Tsurugi-cho office (acquired in October 2024). BPO revenue for FY2026 (ending March 2026) was ¥1,734 million (up 7.4% year on year), and segment profit was ¥233 million (up 70.4% year on year), representing a significant improvement in profitability, with stable order intake secured through a two-pronged approach of spot-type and BPaaS-type services.
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive fiscal years, rising from ¥4,029 million in FY2022 (ended March 2022) to ¥7,752 million in FY2026 (ending March 2026), representing a CAGR of approximately 17.8%. Operating profit peaked at ¥1,324 million in FY2024 (ended March 2024) before declining sharply to ¥763 million in FY2025 (ended March 2025) due to growth investments, but turned to a recovery trend in FY2026 (ending March 2026), reaching ¥932 million. Net profit attributable to owners of the parent also rose sharply to ¥737 million, up 60.9% year on year. For FY2027 (ending March 2027), the company forecasts revenue of ¥9,100 million (+17.4%), operating profit of ¥1,120 million (+20.1%), and EBITDA of ¥1,530 million (+20.0%), anticipating continued double-digit growth. As for the external environment, tailwinds continue from corporate demand for DX promotion and the trend toward digitalization at government offices.
Growth Strategy
Aiming for a medium- to long-term CAGR of 20% or more through expansion of the bidding market centered on NJSS, growth of multiple SaaS offerings, and M&A
In addition to continued expansion of paid contracts, which reached 7,275 (as of end-December 2025), the company aims to raise unit prices by shifting to an ARPU-increasing policy. It seeks to improve penetration into the TAM of approximately 400,000 companies through collaboration with peripheral services such as nSearch, GoSTEP, and Bid BPO.
The company aims to continue expanding paid contracts, which reached 6,094 (as of end-December 2025), while maintaining the churn rate at a record-low level (1.1%). It will strengthen ARPU growth and customer retention by expanding the lineup through the new service "fondesk IVR."
The company is promoting an increase in per-facility revenue through the expansion of EnPhoto contracted facilities, which reached 5,360 (as of end-December 2025), and an increase in the proportion of dispatched photographers. It aims to expand the TAM and achieve segment profitability by entering the Tokyo metropolitan area elementary and junior high school market through the Yokohama Sogo Photo M&A.
The company is accelerating the commercialization of the CGS Business Other segment, which recorded external sales of ¥47 million for the first time in the cumulative nine months of FY2026 (ending March 2026). Companywide, it targets EBITDA of ¥1,530 million (up 20.0% year on year) in FY2027 (ending March 2027).
Last updated: July 19, 2026