Accrete Inc.
4395・Growth Market・Information & Communication
Business
Acreat Co., Ltd. launched its corporate SMS delivery business in 2010 and has led the domestic market for 16 years. The company currently provides services to over 5,300 corporate clients and continues to compete for the top share in domestic SMS delivery volume. Under the Medium-Term Management Plan [2025-2027] "Business Diversification and Structural Reform" announced in February 2025, the company has transitioned to a three-segment structure comprising: (1) Communication Business (SMS and messaging), (2) Solutions Business (AI, security, and GPU servers), and (3) Investment & Incubation Business (investments in AI and development-related ventures). The company is actively pursuing M&A and partnerships both domestically and overseas, aiming to move away from its reliance on the single SMS business.
Business Model
Core earnings derive from pay-per-use SMS delivery (via domestic carriers and overseas aggregators), with stable revenue underpinned by continuous growth in delivery volume across more than 5,300 corporate clients. In addition, the company is transitioning to a structure that layers on diverse revenue models from subsidiaries acquired through M&A, including GPU server sales, AI solutions (ANOTHER AI), the bid information platform "Nyusatsu-Oh," and ad operation support. Of the ¥8,791 million in net sales for FY2025, the Communication Business accounted for ¥6,516 million (74.1%), with the two new segments accounting for the remainder.
Company Strengths
Since creating the domestic corporate SMS delivery market in 2010, the company has led the market for 16 years and now maintains a customer base of over 5,300 corporate clients. Domestic SMS delivery volume grew 34.2% year-on-year, maintaining high growth and establishing a solid position in the ongoing battle for top market share within the industry.
In FY2025, the Communication Business achieved net sales of ¥6,516 million, segment profit of ¥1,136 million, and a segment profit margin of 17.4%. The disappearance of the impairment loss (¥439,943 thousand) recorded in the previous period also contributed, resulting in a significant improvement in segment profit, up 88.1% year-on-year. It functions as a revenue base for the group as a whole.
The company has concluded connection agreements with all four major domestic carriers: NTT DOCOMO (via DOCOMO Business Solutions, contract period from March 2026 to February 2028), KDDI, SoftBank, and Rakuten Mobile. The delivery infrastructure supporting all carriers represents a competitive advantage that new entrants cannot easily replicate.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years has followed an expansionary trend: ¥2,834 million in FY2021 → ¥6,191 million in FY2022 → ¥5,434 million in FY2023 → ¥6,348 million in FY2024 → ¥8,791 million in FY2025. In Q1 of FY2026 (ending December 2026), revenue was ¥2,167 million (+10.5% year-on-year), maintaining revenue growth, but operating profit fell sharply to ¥82 million (-24.1% year-on-year) and quarterly net income attributable to owners of the parent dropped to ¥41 million (-31.3% year-on-year). The main causes were a decline in overseas SMS revenue, a delay in the launch of Fourglobe, and an increase in SG&A expenses. The full-year earnings forecast (revenue of ¥9,590 million, operating profit of ¥656 million) remains unchanged. As a subsequent event, in April 2026 the company took out a short-term loan of ¥2,000 million for working capital related to the GPU Server-related Business, and attention is focused on business performance trends from Q2 onward.
Growth Strategy
While defending the SMS business foundation, the company aims to achieve a "transition away from a single SMS business model" through AI, GPU, and M&A initiatives
Building on the SMS delivery foundation, the company is advancing its evolution into a multi-channel CPaaS platform integrating LINE, RCS, and other channels. The provision of "SMS Connect for LINE" through collaboration with Fourglobe accelerates multi-channelization, aiming to enhance the added value of the Communication Business and raise average customer spend.
Against the backdrop of AI infrastructure demand driven by the spread of generative AI, the high-performance GPU server provision business pushed Solutions Business net sales for Q1 FY2026 (ending December 2026) up 2,955.4% year-on-year. In April 2026, the company borrowed ¥2,000 million from Mizuho Bank, securing working capital for business expansion.
CustIntCo Japan Co., Ltd., a joint venture with Singapore-based CustIntCo Pte Ltd (Acrete holding a 51% stake, capital of ¥10 million), is scheduled to be established in May 2026. The company plans to strategically offer and jointly develop the Genie AI engine series domestically, aiming for new expansion into the mental healthcare and healthcare markets.
Fourglobe (LINE-based integrated marketing), which became a subsidiary in September 2025, took longer than expected to launch, resulting in a loss recorded in Q1. Profit accumulation is planned from Q2 onward. Efforts are also underway to enhance the value of data utilization at Zunow's "Nyusatsu-Oh" through the application of AI technology.
Last updated: July 17, 2026