ENVALITH
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AMIYA Corporation

4258・Growth Market・Information & Communication

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AMIYA Corporation4258

Business

Amiya Co., Ltd. is a comprehensive cybersecurity provider operating two business segments: Data Security Business and Network Security Business. In the Data Security Business, the company centers its offering on its proprietary product, the ALog Series (ALog / ALog Cloud), which incorporates a patented automatic log conversion technology and has achieved a cumulative track record of over 6,000 contracts. Around this core product, the company also offers the comprehensive security outsourcing service SecuSapo and an education business. In the Network Security Business, the company provides the cloud-based network management service Network All Cloud (with a track record of over 5,000 contracts) and Verona SASE, which supports zero-trust architecture. Its major customers span a wide range from large corporations to small and medium-sized enterprises, and the company has adopted as its vision the resolution of the social challenge of the security personnel shortage through "security automation."

Business Model

The company is promoting a shift from traditional one-time license sales to a subscription-based (monthly billing) model, aiming to stabilize revenue through the accumulation of ARR (annual recurring revenue). In the Data Security Business, SaaS delivery of "ALog Cloud" adds managed services to increase the monthly unit price, while in the Network Security Business, usage fees for the "Network All Cloud" cloud service become recurring revenue each year. The company also leverages indirect sales and OEM supply through major vendors such as Fujitsu and NetApp, diversifying its sales channels into multiple layers.

Company Strengths

The ALog Series holds patented technology that automatically converts logs from any device into a unified format, with a cumulative track record of over 6,000 contracts. In April 2025, it was ranked No.1 among domestic SIEM products. In November 2024, the company also obtained a patent for its "AI Risk Scoring" function, resulting in high technical barriers to entry.

In FY2025 (fiscal year ending December 2025), the Data Security Business posted a segment profit margin of 41.3% (net sales of ¥2,481 million, segment profit of ¥1,024 million), while the Network Security Business recorded segment profit of ¥1,008 million against net sales of ¥3,456 million. Both businesses maintain high profitability.

In May 2025, the company entered into a capital and business alliance with NTT Communications Corporation (now NTT DoCoMo Business Corporation). In September of the same year, it began providing ALog for NTT DoCoMo Business's integrated security network service "docomo business RINK®," achieving sales channel expansion through a major telecommunications carrier.

ENVALITH's Perspective

Operating profit of ¥1,052 million in FY2025 (versus ¥526 million in the prior period) expanded rapidly, roughly doubling in a single year, and the profit growth substantially outpaced the revenue growth rate (an approximately 24.5% increase). Operating leverage from the accumulation of subscription revenue has become evident, and the shift toward a recurring revenue model can be assessed as progressing steadily.

The subsidiarization of Ampere Inc., disclosed as a material subsequent event in the Q1 FY2026 (ending December 2026) financial results report (most recent period revenue of ¥1,886 million, operating profit of ¥137 million, operating margin of approximately 7.3%), will contribute to expanding the group's revenue scale, but its margin is low compared to the existing businesses' margin (over 40%), and the impact on consolidated margins warrants close monitoring. In addition, the revision of dividend per share from ¥0 (pre-correction) to ¥25 (for three consecutive periods) indicates that Ampere has a track record of stable dividends.

As an external factor, the frequent occurrence of ransomware attacks and rising demand for compliance with cybersecurity guidelines serve as a strong tailwind for performance. On the other hand, the intensifying entry of major IT companies and foreign-affiliated vendors into the security market continues, and maintaining the price competitiveness of the ALog Series (ALog / ALog Cloud) and the degree of penetration of ALog Cloud for small and medium-sized enterprises will serve as a litmus test determining the sustainability of medium-term growth.

Growth Strategy

Four pillars of growth: expansion of ALog Cloud subscriptions, strengthening of zero-trust security offerings, partnership with a major corporation, and scale expansion through M&A

Through the cloud-based log management service "ALog Cloud", the company is expanding subscription sales to semi-major, mid-tier, and small-to-medium enterprise segments that were previously difficult to reach. It aims to stabilize revenue and improve profit margins through the accumulation of ARR.

The company is promoting an increase in orders for "Verona SASE", which captures demand for migration to zero-trust security. By leveraging the demand shift toward cloud-based and managed network services driven by the shortage of IT engineers, it aims to strengthen the revenue base of the Network Security Business.

The company is leveraging NTT DOCOMO Business's corporate customer base and sales network to promote the expansion of sales of the ALog Series and network security services. It aims to accelerate the acquisition of projects targeting major corporations and enhance credibility.

Disclosed as a significant subsequent event in the Q1 FY2026 (ending December 2026) financial results report. Ampere is a security-related company with net sales of ¥1,886 million and operating profit of ¥137 million in its most recent fiscal year. The subsidiarization aims to expand the group's business scope and strengthen its revenue scale.

Last updated: July 17, 2026