Cacco Inc.
4166・Growth Market・Information & Communication
Business
Kacco, Inc. was established in 2011 and is listed on the Tokyo Stock Exchange Growth Market. Operating under a single segment, the SaaS-based Algorithm Provision Business, the company's core offerings are fraud detection services centered on the fraudulent order detection service "O-PLUX" and the fraudulent login detection service "O-MOTION," both aimed at e-commerce operators. It also provides Payment Consulting Service for BNPL operators and Data Science Service for corporate clients. Its main customers include e-commerce operators, financial institutions, and major ticketing sites. The company holds the No. 1 position in cumulative installations of paid fraud detection services at domestic e-commerce sites (according to a Tokyo Shoko Research survey as of end-March 2025), and aims to expand its business by leveraging tailwinds from tightened regulations under the revised Installment Sales Act and the Credit Card Security Guidelines Version 6.0.
Business Model
Revenue from the fraud detection service consists of stock revenue, which is the sum of a fixed monthly fee and volume-based charges tied to the number of screenings, and spot revenue such as initial implementation fees. In FY2025 (ending December 2025), the stock revenue ratio reached 79.7%, forming a stable revenue base. The structure is such that continued customer usage and an increase in the number of screenings directly translate into revenue growth, and the company aims to acquire new customers and improve unit prices through domain-specific solution proposals combining O-PLUX and O-MOTION.
Company Strengths
In the "Survey on Cumulative Installations of E-Commerce Fraud Detection Services" conducted by Tokyo Shoko Research (as of end of March 2025), O-PLUX achieved the No.1 position in cumulative installations of paid fraud detection services among domestic e-commerce sites. Brand strength and reliability backed by years of track record are the source of competitive advantage.
Recurring revenue from fraud detection services in FY2025 (ending December 2025) was ¥652,736 thousand (up 25.3% year on year). After declining to ¥520,790 thousand in FY2024 (ended December 2024), it recovered sharply on the back of the shift to a domain-specific solution strategy and tailwinds from tightening regulations. The ratio of recurring revenue to total net sales has reached 79.7%.
The mandatory implementation of measures to prevent unauthorized credit card use under the revised Installment Sales Act, and the mandatory introduction of EMV 3-D Secure and unauthorized login countermeasures under version 6.0 of the Credit Card Security Guidelines, directly stimulate demand for adoption among e-commerce merchants and financial institutions. Regulatory compliance functions as an external engine of business growth.
ENVALITH's Perspective
Performance Trend
Cumulative revenue for Q1 of FY2026 (ending December 2026) was ¥216 million (up 13.7% year on year), with an operating loss of ¥(23) million (compared with ¥(32) million in the same period of the prior year) and a quarterly net loss of ¥(23) million (compared with ¥(32) million in the same period of the prior year). Over the past five fiscal years, revenue trended as follows: ¥951 million (FY2021) → ¥1,077 million (FY2022) → ¥953 million (FY2023) → ¥734 million (FY2024) → ¥819 million (FY2025), reversing to growth after two consecutive years of decline. Operating income was positive at ¥179 million in FY2021 and ¥177 million in FY2022, but has been in operating loss for three consecutive fiscal years since FY2023. As external factors, the BtoC-EC market grew 5.1% year on year in 2024 to ¥26.1 trillion, with the EC penetration rate rising to 9.78%, while tightened regulations under the revised Installment Sales Act and Security Guidelines Version 6.1 are supporting the recovery in revenue. The full-year earnings forecast remains unchanged, with revenue of ¥900 million (up 9.9% year on year) and an operating loss of ¥(112) million.
Growth Strategy
Building an end-to-end fraud prevention platform through regulatory tailwinds, O-PLUX brand integration, and the X-log business acquisition
Fraudulent order prevention and fraudulent login prevention, previously offered separately, have been integrated under the "O-PLUX" brand, establishing an integrated proposal framework optimized by domain such as EC and finance. By promoting system integration with EC package and shopping cart providers, the company aims to reduce the implementation burden on customers and accelerate new customer acquisition.
The company acquired the "X-log" business from Nihon Cloudia Co., Ltd. at an acquisition cost of ¥25,850 thousand (April 1, 2026). By adding fraudulent click detection at the ad inflow stage, the company now offers an end-to-end solution covering everything from ad fraud prevention to login, order, and payment fraud prevention. This enables comprehensive proposals particularly for D2C businesses, aiming to strengthen competitiveness and expand the revenue base. The amount of goodwill and the assets and liabilities to be assumed remain undetermined at this time.
The company continues to work on securing orders for the SaaS-based BNPL system within the Payment Consulting Service and for data analysis projects within the Data Science Service. By cultivating revenue pillars beyond fraud detection, the company aims to reduce the risk of dependence on a single service and diversify net sales.
Last updated: July 17, 2026