ENVALITH
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Asgent, Inc.

4288・Standard Market・Information & Communication

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株式会社アズジェント logo
Asgent, Inc.4288

Business

AZ-COM Corporation (formerly AZJET Co., Ltd.) is a network security specialist established in 1997, listed on the Tokyo Stock Exchange Standard Market. Centered on the exclusive domestic import and sale of advanced overseas security products, the company provides solutions that combine these with managed security services (Security Plus) delivered through its in-house SOC. Its principal customers are government agencies and enterprise companies, and it maintains a broad portfolio ranging from large-scale network projects centered on Check Point Products to browser security, vulnerability management, and security for AI environments. The company operates in a single segment (Network Security Business), with net sales of ¥3,434 million in FY2026 (ending March 2026).

Business Model

The company's core business is a product-based model importing and selling products under sales agreements with overseas security vendors, to which it adds managed security services leveraging its in-house SOC to raise per-customer revenue and secure recurring income. New offerings such as Vicarius VRX and SecureLayer Browser Extension are being nurtured as subscription-based stock businesses, with the increase in the advance receipts balance (up ¥134 million year-on-year) indicating progress in this direction.

Company Strengths

The company has continued to win awards every year at Interop Tokyo, including consecutive Grand Prix wins in 2021 and 2022, followed by awards in 2023, 2024, 2025, and 2026. The latest Vicarius VRX won the runner-up prize in the 2025 Security (Enterprise) category, while Hirundo and Acronis Cyber Protect Cloud received the 2026 Judges' Special Award, demonstrating the company's high level of product selection and evaluation capability, as continuously recognized by third-party organizations.

The email sanitization and file sanitization solutions offered by Menlo (formerly Votiro) Products have maintained the No. 1 domestic market share for 8 consecutive years as of August 2025. This long-standing market-dominant position contributes to both continued customer usage and new customer acquisition, demonstrating an accumulation of sales track record and brand strength that is difficult for competitors to replicate in the short term.

SecureLayer Browser Extension has been adopted and put on sale as part of IIJ's cloud-based integrated endpoint security service, with subsequent adoption continuing at other companies following IIJ. In addition to its own direct sales, the company has built indirect channels through major ISPs and system integrators, forming a sales infrastructure that is increasingly accelerating the market penetration speed of new products.

ENVALITH's Perspective

Operating losses had continued for three consecutive fiscal years through FY2025 (ended March 2025), but in FY2026 (ending March 2026) the company achieved a turnaround to profitability at every stage of earnings, with net sales of ¥3,434 million (up 15.5% year on year), operating income of ¥146 million, and net income of ¥168 million. The equity ratio also improved by 7.1 percentage points, from 21.4% to 28.5%, and accumulated losses were reduced to ¥272 million. It should be noted that the impairment of fixed assets recorded at the end of the previous fiscal year (¥221 million) contributed to a significant decrease in depreciation expense (from ¥65 million to ¥17 million within SG&A expenses) as a one-time effect, but the improvement in gross profit margin (from 36.6% to 41.2%) indicates a genuine underlying improvement in earning power.

The earnings forecast for FY2027 (ending March 2027) anticipates net sales of ¥3,500 million (up 1.9% year on year) and operating income of ¥50 million (down 65.9% year on year), representing a significant decline in profit. The main factors are the limited initial sales contribution from the focus on expanding stock-business-type products, an increase in strategic investment in promoting AI utilization, promoting new products, and securing and developing advanced human resources, and increased costs due to exchange rate fluctuations and price rises. Attention should also be paid to external factors such as continued yen depreciation and rising procurement costs, which could act as pressure on earnings. The company is expected to remain profitable, but the time frame for recovering these investments will be a key focus of investment decisions.

Short-term borrowings of ¥330 million (down ¥70 million from ¥400 million in the previous fiscal year, following repayment) account for approximately 30% of current liabilities, indicating that financial flexibility remains constrained. On the other hand, advances received increased by ¥134 million, from ¥225 million to ¥359 million, which is noteworthy as a leading indicator showing the accumulation of stock-type revenue. The success of the medium-term shift in revenue structure will hinge on the progress in establishing the stock-business schemes for Vicarius and SecureLayer, the development progress of AI-SOC services, and the degree to which demand is stimulated by the SCS rating system (announced to be introduced around the end of fiscal 2026).

Growth Strategy

Transformation of revenue structure through stock-business conversion of new products, expansion into AI environment security, and SOC service sophistication

Continued acquisition of large-scale projects for government and enterprise customers with core products such as Check Point Products to secure stable revenue. In FY2026 (ending March 2026), large-scale projects drove sales expansion, achieving net sales of ¥3,434 million. The company also aims to capture new demand stimulated by the SCS Evaluation System, whose launch around the end of FY2026 (ending March 2026) has been announced.

Establish a stock-business-type sales scheme for Vicarius VRX and SecureLayer Browser Extension, leading to the development of sales channels different from those used previously. SecureLayer has continued to be adopted by other companies following its adoption by IIJ, and project pipeline is advancing. Vicarius VRX received the runner-up award at Interop Tokyo 2025, raising its brand recognition.

Launched domestic availability of Hirundo, a platform utilizing the world's first commercial machine unlearning technology, in April 2026. Through a proprietary technology that selectively removes specific risk factors from generative AI models, the company will pursue an approach different from conventional output-control-based measures to develop the market for improving AI safety. The aim is to create new revenue opportunities through the building of partner alliances and market education.

Improve the profitability of the SOC business, whose foundation has been strengthened, while advancing development toward the provision of AI-SOC Services. The company aims to establish a stable and continuous revenue base by expanding its service menu to comprehensively address customers' security needs.

Strengthening investment in securing and developing advanced talent in cutting-edge fields such as security and AI to support medium- to long-term growth and competitive strength. This is one of the main factors behind the projected significant decline in operating profit for FY2027 (ending March 2027), and the company positions it as an essential upfront investment for future growth.

Last updated: July 19, 2026