BPLATS, INC.
4381・Growth Market・Information & Communication
Business
BPLATS, INC. operates under the mission "Subscription for All Business," developing and operating the cloud platform "Bplats®," which provides an end-to-end solution encompassing contract management, pricing calculation, billing, invoicing, and marketplace functions. As of the end of March 2026, the platform has been adopted by 178 companies (including free-version users), primarily large enterprises, supporting the launch and operation of subscription businesses across a wide range of industries, including telecommunications, IoT, cloud, and generative AI service providers. A key feature is its "connectivity function," which builds a trading ecosystem, and the platform's ability to go beyond simple management systems to support the design of commercial flows among multiple business operators serves as a key point of differentiation.
Business Model
Revenue is broadly divided into spot income, such as initial fees and initial development, and recurring income, such as monthly usage fees. Of the ¥727 million in net sales for FY2026 (ending March 2026), recurring income accounted for 74.0%, with continuous monthly billing forming the revenue base. The structure is such that as client companies adopt Bplats®, transaction and contract data accumulates, creating scope for unit price expansion through additional options and upgrades.
Company Strengths
The company has implemented know-how on complex usage-based billing and multi-tiered hierarchical management cultivated over many years for MVNO, hikari collaboration, and cloud service providers. It has functionality capable of handling IoT-specific ecosystems where sellers and buyers intersect, as well as advanced fee calculations based on generative AI token consumption and GPU resource usage, and possesses technical accumulation that competitors would find difficult to replicate in a short period.
The company obtained three certifications - ISO 9001, ISO/IEC 27001, and ISO/IEC 27017 - in 2017. In 2023, Bplats® Platform Edition v3 obtained JIIMA's "Certification for Legal Requirements of Electronic Transaction Software," publicly demonstrating compliance with domestic legal regulations. Its track record of adoption by major corporations and telecommunications carriers (Fujitsu, NTT DATA, NTT DOCOMO BUSINESS, etc.) underpins the brand's credibility.
As of the end of March 2026, the company had a customer base of 178 companies (including free-version users). In addition to its track record of transactions with major corporations such as Fujitsu, NTT DATA, NTT DOCOMO BUSINESS, and Tokyo Electron Device, in June 2025 the company concluded a sales partnership agreement with NSW Corporation, which has its own IoT products, thereby expanding its indirect sales channels.
ENVALITH's Perspective
Performance Trend
Revenue turned slightly positive at ¥727 million (up 2.9% year on year), but recurring (stock-type) revenue declined due to a decrease in the number of contracted companies, a shortfall offset by contributions from mid-sized projects in spot revenue. Cost of sales decreased from ¥550 million to ¥444 million owing to reductions in communication infrastructure costs, and the operating loss improved from ¥207 million to ¥126 million. However, an impairment loss of ¥772 million was recorded as an extraordinary loss, causing net loss for the period to widen to ¥925 million (versus ¥298 million in the prior period). Following the peak operating profit of ¥180 million in FY2023 (ended March 2023), the company has posted losses for three consecutive periods, and its financial base has rapidly deteriorated. For FY2027 (ending March 2027), the company forecasts a return to profitability with operating profit of ¥62 million, primarily due to a reduced depreciation burden.
Growth Strategy
Transition to an operating profit-generating structure through AI×Monetization new market development, cost reduction, and M&A utilization
For the rapidly expanding AI service market, the company leverages its subscription billing expertise to support complex usage-based fee calculation and billing management. In Q4 of FY2026 (ending March 2026), it secured the largest initial fee order since its founding from a generative AI service provider, and concrete results are beginning to emerge.
Telecom infrastructure cost reduction efforts, underway since two fiscal years prior, have been completed, resulting in a significant decrease in cost of sales. In addition, the recognition of impairment losses has reduced the depreciation burden on fixed assets, becoming a key driver for the return to operating profit in FY2027 (ending March 2027). The company is also promoting improved development efficiency and company-wide operational efficiency through AI utilization.
In June 2025, the company entered into a sales partner agreement with NSW Corporation (which owns its own IoT and other products). Since the beginning of the current fiscal year, the sales division has been reorganized and strengthened to enhance direct sales. The company is focusing on acquiring new contracts and upgrade deals, as well as increasing per-customer unit prices.
In May 2025, the company began operating "SaaSplats®," a SaaS online store for corporate customers. In October 2025, it launched "Bplats® Collabo," a renewed support system for fiber-optic collaboration service providers. The company is simultaneously pursuing expansion of stable revenue sources in existing businesses and development of new markets.
The company is considering M&A and capital/business alliances targeting operating companies with business synergies. It also continues to consider management support and additional equity financing through a business alliance with Growth Partners Co., Ltd. The company aims to resolve its negative net worth position and achieve a sustainable improvement in its revenue structure.
Last updated: July 19, 2026