SECURE,INC.
4264・Growth Market・Information & Communication
Business
SECURE, INC. provides one-stop solutions integrating AI (image recognition) technology with physical security, centered on three services: an access control system (SECURE AC), a surveillance camera system (SECURE VS), and an image analysis service (SECURE Analytics). Since shifting to a BtoB business model in 2010, the company has expanded its customer base to encompass small and medium-sized enterprises through large corporations, and as of December 2025 had a cumulative installation track record of over 13,000 companies. Its main customers are mid-sized and large enterprises in offices, commercial facilities, and factories, and it secures broad customer touchpoints through sales partners (accounting for approximately 90% of sales), led by ALSOK Co., Ltd. (32.5% of sales) and CBC Co., Ltd. (10.8% of sales).
Business Model
Approximately 90% of sales are indirect sales through sales partners (agencies), expanding customer touchpoints through a broad partner network including office design companies, security companies, and OA equipment sales companies. The main revenue source is system projects (hardware + software + installation) for SECURE AC and SECURE VS, to which engineering services (SECURE ES) and stock-type revenue from cloud-based services are added, forming a composite business model.
Company Strengths
According to a Fuji Keizai survey, the market share of face recognition for access control applications was 50.0% in 2024 (actual) and is projected at 50.8% in 2025 (on a volume basis). The cumulative number of licenses and devices installed for AI face recognition-related products reached 11,630 as of the end of December 2025, and cumulative installations of face recognition-related solutions surpassed 10,000 units as of the end of March 2025.
As of August 2025, the cumulative number of client companies exceeded 13,000. The company has built an indirect sales structure through sales partners that accounts for approximately 90% of sales, and the structure in which multi-industry partners such as office design companies, security companies, and OA equipment sales companies grasp customer needs early and create proposal opportunities is a source of competitive advantage.
The company operates two domestic labs, "Security System Lab" and "SECURE AI STORE LAB 2.0," and continues R&D of AI image recognition technology in cooperation with its subsidiary SECURE KOREA, Inc., located in Seongnam, South Korea. The company has built up a track record of commercializing R&D outcomes as new services, including the release of GUARD-FORCE Standard in July 2024.
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive fiscal years, from ¥3,379 million in FY2021 to ¥6,841 million in FY2025. Operating profit recovered after posting a loss of ¥170 million in FY2022, improving to ¥326 million in FY2025. In Q1 FY2026 (January–March), revenue was ¥2,371 million (up 31.0% year on year), operating profit was ¥234 million (up 54.0%), ordinary profit was ¥227 million (up 56.4%), and quarterly net profit attributable to owners of the parent was ¥150 million (up 57.0%), with growth accelerating across all profit line items. The main drivers of the revenue increase were the acquisition of large-scale projects for SECURE AC along with higher unit prices per project, and large-scale projects for SECURE VS targeting the logistics and data center sectors. As an external factor, robust demand driven by growing needs for labor-saving and unmanned operations, combined with advances in AI technology, has been underpinning performance. The full-year forecast remains unchanged, with revenue of ¥8,206 million (up 20.0% year on year) and operating profit of ¥620 million (up 90.1%).
Growth Strategy
Growth acceleration driven by four pillars: strengthening AI implementation capabilities, integrating TTG, the Ricoh Japan alliance, and expanding recurring stock-type revenue
In addition to large-scale projects such as shopping malls and data centers, unit price increases on standard projects drove a 71.3% year-on-year increase in Q1 FY2026. The company maintains a face recognition market share of over 50% while continuing its strategy of enhancing profitability on a per-project basis.
As of April 1, 2026, TTG (acquisition cost ¥842 million, voting rights ratio 56.2%) was made a subsidiary. The company is accelerating the provision of unmanned/labor-saving solutions for the retail industry by linking TTG's unmanned checkout store system utilizing AI cameras and weight sensors (nearly 250 stores installed) with the company's AI Store business. Quantification of goodwill amount and integration effects awaits future disclosure.
A capital and business alliance agreement was concluded in March 2026. The company aims to create new solutions that simultaneously achieve workplace DX and enhanced security by mutually leveraging Ricoh Japan's customer base of approximately 1 million business establishments nationwide and the company's security solutions and systems integration know-how.
The company is building up monthly recurring revenue from maintenance contracts and cloud services, establishing a stable revenue base less susceptible to economic fluctuations. Following the TTG acquisition, a monthly billing model for the unmanned checkout system is also expected to be added, further strengthening recurring revenue.
Last updated: July 17, 2026