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ULURU.CO.,LTD.

3979・Growth Market・Information & Communication

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株式会社うるる logo
ULURU.CO.,LTD.3979

CGS Business NJSS

uluru's core SaaS. Provides government bid information on a stock-type basis, generating the majority of company-wide profit

PeriodCurrentPreviousChange
Net sales (full year, FY2025 (ended March 2025))¥3,245 million¥2,874 million↑
Segment profit (full year, FY2025 (ended March 2025))¥1,405 million¥1,492 million↓
ARR (as of end-December 2025)¥3,681 million¥3,302 million↑
NJSS paid contracts (as of end-December 2025)7,275 contracts7,073 contracts↑
NJSS churn rate (12-month average, as of end-December 2025)1.44%1.50%↓

Business Details

A segment centered on the bid information alert service "NJSS," which uses crowd workers to collect and database bid and award information from approximately 8,800 bidding entities, providing it to private companies via a monthly subscription model. The segment also offers the bid information search service "nSearch," the information support tool "GoSTEP," and the BPaaS "Bid BPO." This is the core business of the uluru Group, accounting for approximately 48% of net sales and the majority of profit, forming a stable revenue base through a stock-type business model.

Recent Overview

Cumulative Q3 net sales up 15.8%, ARR surpasses ¥3.6 billion with paid contracts expanding to 7,275

For the nine months ended December 2025 (April 2025-December 2025) of FY2026 (ending March 2026), CGS Business NJSS net sales were ¥2,752 million (up 15.8% year on year), segment EBITDA was ¥1,417 million (up 26.6%), and segment profit was ¥1,266 million (up 24.1%). As of end-December 2025, paid contracts totaled 7,275 (an increase of 117 from the previous quarter-end), ARR was ¥3,681 million, and ARPU (daily-prorated) rose to ¥1,302, on an upward trend. The 12-month average churn rate improved to 1.44%. The rollout of peripheral services such as "Bid BPO" and "GoSTEP" also continued. Costs increased due to human capital investment and marketing initiatives.

Key Products

service
NJSS

Collects and databases bid and award information from approximately 8,800 bidding entities. Comprehensively collects PDF scan information through manual work by crowd workers, providing a high-quality database that is difficult to achieve with system crawlers alone. Paid contracts totaled 7,275 (as of end-December 2025), with ARR of ¥3,681 million.

service
nSearch

Automatically collects all case information using natural language processing and machine learning, offered at a low price. Although it belongs to the same market as NJSS, it differs in positioning in terms of price and information comprehensiveness, with both services aiming to maximize the market and expand share. Paid contracts totaled 772 (as of end-December 2025).

platform
GoSTEP

A subscription-based information support tool that enables comprehensive search and management of public institution business (budget) information, disclosed and statistical information, trends and characteristics of local governments as seen from bid data, and organizational information needed for approaches. Deployed as a peripheral service to NJSS.

service
Bid BPO

A BPaaS (Business Process as a Service) combining bid-related know-how accumulated through NJSS with case execution know-how held by uluru BPO. Launched in November 2023. Provides one-stop support from bid participation through case execution.

Growth Drivers

  • Continued expansion of paid contracts (7,275 as of end-December 2025, up 117 from the previous quarter-end)
  • Shift toward a policy of raising ARPU (ARPU trending upward to ¥1,302 as of end-December 2025)
  • Stable low churn rate (12-month average of 1.44%, improved from 1.50% at the previous fiscal year-end)
  • Expansion of the bid market through peripheral services such as nSearch, GoSTEP, and Bid BPO
  • Stable scale of the domestic bid market (over ¥20 trillion annually) and low penetration of current paid contracts relative to the TAM of approximately 400,000 companies (approximately 2%)

Risks

  • Cost increases from human capital investment and marketing initiatives are pressuring profit margins (full-year FY2025 (ended March 2025) segment profit down 5.9% year on year)
  • Risk of slowing growth in paid contracts (rising churn rate, slower pace of new customer acquisition)
  • Risk of increased churn among existing customers due to the policy of raising ARPU
  • Risk of losing market share due to the emergence of competing services
  • Changes in the cost structure of information collection due to changes in public institution bidding systems and progress in digitization

Last updated: June 24, 2026