BeeX Inc.
4270・Growth Market・Information & Communication
Business
BeeX, Inc. is a cloud solutions specialist company whose core business is migrating corporate core systems (particularly SAP systems) from on-premises environments to public clouds. Founded in 2016, it listed on the Tokyo Stock Exchange Growth Market in 2022. It is characterized by an end-to-end service that combines multi-cloud support for the three major cloud platforms—AWS, Azure, and Google Cloud—with deep expertise in SAP systems. Its main customers are large and mid-sized enterprises that use SAP systems, and it serves a wide range of industries including major manufacturers such as AGC Inc. (14.0% of net sales). The company operates three services: Cloud Integration (migration and implementation), MSP (operation and maintenance), and Cloud License Resale (license resale).
Business Model
A structure in which new customers are acquired through Cloud Integration (flow-type revenue), and after migration is completed, the business converts to stock-type revenue through MSP (operation and maintenance) and Cloud License Resale (monthly billing agency services). In the fiscal year ended February 2025, the revenue composition was Cloud License Resale 59.5%, Cloud Integration 30.7%, and MSP 9.8%. The two stock-type services together account for approximately 70% of revenue, forming a stable revenue base. Cloud License Resale also provides added value by procuring in foreign currency and invoicing customers in yen.
Company Strengths
In February 2024, the company obtained Premier Tier Service Partner status, the highest tier of AWS partnership (the 15th company in Japan to do so). With 266 AWS certifications held by 60 individuals, 56 Microsoft certifications held by 15 individuals, 25 Google certifications held by 8 individuals, and 79 SAP certifications held by 25 individuals, the company retains a large number of certified engineers proficient in both multi-cloud and SAP, achieving technical differentiation from competitors.
Since its founding in 2016, the company has specialized in migrating SAP systems to the cloud, building an integrated system that provides consulting, design, construction, migration, and operation/maintenance in a single seamless service. This positions the company to directly capture industry-wide migration demand arising from the end of standard support for SAP ERP6.0 (2027) and the end of extended support (2030), a rare position in the market.
The number of MSP customers at fiscal year-end expanded from 49 companies in FY2021 (ending February 2021) to 90 companies in FY2025 (ending February 2025). The number of Cloud License Resale accounts increased approximately 2.7-fold, from 260 in Q1 FY2023 (ending February 2023) to 700 in Q4 FY2025 (ending February 2025). Combined revenue from the two recurring-revenue services reached ¥6,416 million (approximately 69% of net sales), demonstrating steady expansion of a stable revenue base.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years has continued to grow at a high average annual rate exceeding 25%, from ¥4,355 million in FY2022 to ¥10,626 million in FY2026. Cumulative revenue for the first quarter of FY2027 (ending February 2027) also maintained its growth trajectory, reaching ¥3,002 million (up 18.3% year on year). On the profit side, however, operating profit in FY2026 turned negative for the first time, falling to ¥593 million (down 9.7% year on year), and the deterioration continued in the cumulative first quarter of FY2027 (ending February 2027), with operating profit of ¥122 million (down 18.7% year on year). The main causes are an increase in cost of sales (higher outsourcing costs from use of external development resources and increased license purchase costs) and higher selling, general and administrative expenses (increased personnel and recruitment costs). In terms of the external environment, demand for DX and AI remains solid, but the shift in revenue mix toward Cloud License Resale is structurally pushing down the gross margin. Financial soundness is maintained, with total assets of ¥5,812 million and an equity ratio of 53.1%.
Growth Strategy
Pursuing medium-term growth through four pillars: expansion of recurring revenue, capturing SAP migration demand, acquisition of AI-related projects, and investment in human capital
The company is building up resale revenue from AWS, Azure, and other platforms, supported by steady growth in new contracts and increased usage fees from existing large-scale contracts. In the cumulative first quarter of FY2027 (ending February 2027), the business achieved a 31.9% year-on-year increase, functioning as the core of the company's recurring revenue base.
The company is capturing migration demand ahead of the end of standard support for SAP ERP 6.0 (2027) and the end of extended support (2030). In the first quarter, integration revenue declined 3.3% year on year due to a shift of project start timing to the second half, but inquiries are described as trending upward.
The company is pursuing the acquisition of AI and data analytics projects, a growth field, to diversify Cloud Integration revenue. Track record of winning AI and data analytics projects was confirmed in the first quarter as well, with continued accumulation alongside small- and medium-sized projects.
The company is proactively allocating personnel and recruitment expenses to the sales division to build a foundation for medium- to long-term order expansion. Cumulative SG&A expenses for the first quarter of FY2027 (ending February 2027) increased 27.5% year on year, reflecting a phase of upfront investment that weighs on near-term profit but is positioned as a step toward future revenue expansion.
Last updated: July 17, 2026