ENVALITH
株式会社BlueMeme logo

BlueMeme Inc.

4069・Growth Market・Information & Communication

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株式会社BlueMeme logo
BlueMeme Inc.4069

Business

BlueMeme Inc. is a DX-focused company that provides contracted development services combining low-code technology and agile methods to mid-sized and large business corporations, centered on its proprietary development methodology "AGILE-DX." In addition to the parent company, the group consists of four companies in total: OPENMODELS, which operates a platform business using low-code technology; BlueMeme Partners, an investment business; and Microcoat (acquired in January 2025), based in Fukuoka. The company's core focus is the development of core business systems such as sales management, production management, and warehouse management, providing comprehensive support up through the establishment of client companies' in-house IT development teams. As Asia's first and one of only nine premier partners of OutSystems® worldwide, the company enjoys a high barrier to entry.

Business Model

Revenue consists of two segments: "Professional Services" and "Software License Sales." The former comprises consulting and contract development leveraging AGILE-DX, as well as training for engineers, while the latter involves the annual sale of subscription licenses for OutSystems®, Creatio®, Workato®, MarkLogic®, and others. The structure features a mutually complementary relationship in which the expansion of contract development promotes the adoption and further sale of licenses, and is designed so that building long-term relationships with customers through support for in-house development contributes to revenue stability.

Company Strengths

The Company is the first Asian company to be certified as a Premier Partner, the highest tier in the OutSystems partner program, a qualification held by only 9 companies worldwide, equivalent to approximately 2% of all partners. In fiscal year 2024, the Company received the "Most Registered Deals Award" and the "OutSystems Partner Impact Award" in the Asia-Pacific region, establishing an outstanding position in both technical capability and sales performance.

The order backlog at the end of FY2025 (ended March 2025) increased sharply to ¥1,196,498 thousand, reaching 207.2% of the ¥577,401 thousand at the end of the previous fiscal year. Orders received also increased continuously to ¥2,724,090 thousand (up 106.6% year on year), and in contrast to the decline in net sales for the current fiscal year (down 6.3%), the leading indicators supporting future sales have clearly improved. The main driver was the expansion of contracted development within Professional Services.

The Company began operations in 2012 as Japan's first OutSystems sales agent and has established its proprietary development methodology, "AGILE-DX," which combines low-code and agile approaches for large-scale systems. Its system, which provides one-stop services from upstream business analysis through to operation and maintenance, is difficult for domestic competitors to easily replicate, and achieves development productivity more than twice that of scratch development.

ENVALITH's Perspective

For the cumulative nine months of FY2026 (ending March 2026), the company recorded operating income of ¥113 million and net income attributable to owners of the parent of ¥74 million, a clear swing to profitability from the operating loss of ¥60 million and net loss of ¥72 million in the same period of the prior year. Although SG&A expenses increased from ¥878 million to ¥1,015 million, the 53.0% increase in net sales absorbed this rise, confirming an improvement in the earnings structure. The progress rate for the nine-month cumulative period against the full-year forecast (operating income of ¥150 million) stands at 75.8%, and the likelihood of achieving the full-year target in the fourth quarter is high.

The company has not revised the full-year earnings forecast announced on May 13, 2025 (net sales of ¥3,300 million, operating income of ¥150 million, net income of ¥100 million). Cumulative nine-month net sales of ¥2,513 million have reached 76.2% of the full-year forecast, requiring an additional ¥787 million to be accumulated in the fourth quarter. In terms of the external environment, demand for DX in the market remains solid, and the probability of achieving the forecast is high, with attention focused on whether there is room for upside.

The structure whereby the majority of net sales depends on OutSystems®-related services remains unchanged, leaving a residual risk that a decline in the product's competitiveness or a change in its pricing policy would directly impact business performance. Because the DX Business is operated as a single segment, the diversification effect is also limited. In addition, on the financial side, attention should be paid to the fact that the equity ratio declined from 64.6% at the end of the previous fiscal year to 58.3%, with current liabilities expanding mainly due to an increase in accounts payable (from ¥1,080 million to ¥1,372 million).

Growth Strategy

Aiming for FY2026 (ending March 2026) net sales of ¥3,300 million through deepening support for in-house DX development, leveraging subsidiaries, and M&A

Promoting continued expansion of consulting and contracted development centered on OutSystems®, alongside recruitment and training of engineers and securing service partners in preparation for future demand. Cumulative net sales for the first three quarters increased 53.0%, functioning as the primary growth engine.

The subsidiary, established in June 2025, was brought into the scope of consolidation from the first quarter, strengthening the group's service delivery framework. Non-controlling interests increased from ¥19 million to ¥78 million, reflecting the subsidiary's business activities gaining momentum.

Focusing on research and development to promote greater efficiency in service delivery through the use of low-code technology and agile methodologies. Selling, general and administrative expenses increased to ¥1,015 million, but net sales growth absorbed this increase, securing operating profit.

Last updated: July 17, 2026