Power Solutions, Ltd.
4450・Growth Market・Information & Communication
Business
Power Solutions, Inc. was established in 2002 and operates a single segment, "Business Technology Solutions," targeting financial institutions such as asset management companies, securities firms, and trust banks as its primary customers, offering three services: ① DX Promotion & DX Consulting Services, ② RPA-related Services, and ③ Infrastructure Engineering. The company's business domain is the optimization of the "last one mile"—the final process from the introduction of general-purpose services by various SIers (system integrators) to their actual use by business departments—and it has established a position in a niche area that is difficult for major SIers to enter. Its consolidated subsidiaries consist of five companies: Execution, OLDE, Innovative Solutions, Hakko Systems, and With-Tech, and it is listed on the Tokyo Stock Exchange Growth Market. Sales for FY2025 (ending December 2025) reached ¥8,100 million.
Business Model
The company combines a "unified sales-and-delivery system," in which consultants handle everything from project acquisition to service delivery, with an "end-to-end system" that provides everything from business consulting to design, development, and operations/maintenance. Prime projects—direct transactions with financial institutions as end users—account for 95.2% of net sales, achieving a high-margin structure free of intermediary margins. Under the MD system (profit management by department/business unit), consultants' incentives are linked to project performance, maintaining a high customer retention rate of 89.1%.
Company Strengths
The company has a track record of transactions with leading firms in the asset management industry ranked by investment trust net assets, establishing continuous business relationships with major financial institutions such as Nomura Asset Management (12.8% of sales) and Sumitomo Mitsui Trust Asset Management (12.5% of sales). It can horizontally deploy know-how related to system environments common among financial institutions, achieving cost advantages in the last-mile domain where major SIers find it difficult to enter.
In FY2025 (ending December 2025), of total sales of ¥4,419,607 thousand, sales from prime contracts amounted to ¥4,206,890 thousand (a ratio of 95.2%). Of the 64 companies with transaction records in FY2024 (ending December 2024), 57 continued transactions in FY2025 (ending December 2025) as well (retention rate of 89.1%). The company also acquired 17 new clients, confirming a balance between deepening existing relationships and acquiring new business.
Starting with the consolidation of Execution as a subsidiary in 2021, the company has continuously carried out M&A activities, including the establishment of OLDE and acquisition of Mini Con Digital Work in 2023, the acquisition of Innovative Solutions in 2024, and the acquisitions of Hakko Systems and With Tech in 2025. The company expects an increase in sales of approximately ¥1.1 billion from M&A in FY2026 (ending December 2026). It has also obtained UiPath's Diamond Partner (top tier) certification.
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive fiscal years, from ¥3,801 million in FY2021 to ¥8,100 million in FY2025. In Q1 of FY2026 (December), revenue remained on a growth trajectory at ¥2,287 million (+11.7% YoY). On the profit side, however, SG&A expenses surged +26.3% YoY (from ¥462 million to ¥584 million), and office relocation expenses (extraordinary loss) were also incurred, resulting in a sharp decline in profits: operating profit down 20.2% and net profit down 27.4%. The company explained this as "a decline in line with the plan" and has kept its full-year forecast unchanged (revenue of ¥10,000 million, operating profit of ¥516 million, net profit of ¥217 million). As an external factor, demand for business solutions in the asset management industry remains robust, and the newly consolidated With Tech and Yakko Systems contributed to revenue growth.
Growth Strategy
Aiming for CAGR growth through advancement into upstream consulting, continued M&A, and workforce expansion during the three-year transformation period
Leveraging the high customer stickiness reflected in an 89.1% transaction continuation rate, the company aims to increase revenue per customer through cross-selling and deepening services for existing clients. In Q1 FY2026 (ending March 2026) as well, existing businesses grew steadily, supported by stable demand.
Promoting expansion of the customer base beyond the asset management sector. The company aims to simultaneously reduce dependency risk on the Nomura Group and expand its overall sales scale. Expanding demand across the asset management industry, driven by the expansion of NISA and iDeCo, serves as a tailwind.
Currently implementing reskilling of personnel into RPA talent to raise unit prices (OLDE). The increase in SG&A expenses accompanying workforce expansion (+26.3% year-on-year) is putting pressure on profits in the short term, but is positioned as an advance investment for medium-term revenue expansion.
Promoting the shift from "building" to "using" and advancement into the most upstream consulting domain as core initiatives of the medium-term management plan. The three-year period from 2025 to 2027 is positioned as a "transformation period toward a leap forward," aiming for a shift to high-value-added services.
The new consolidation of Wiz Tech (DX) and Hakko Systems (Infrastructure) contributed to the increase in revenue in Q1 FY2026 (ending March 2026). The company will continue to expand its business domains and talent base through M&A, aiming to achieve full-year sales of ¥10,000 million (+23.5% year-on-year).
Last updated: July 17, 2026