ENVALITH
株式会社ビザスク logo

VisasQ Inc.

4490・Growth Market・Information & Communication

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株式会社ビザスク logo
VisasQ Inc.4490

Business

visasq Inc. was founded in 2012 under the mission of "Connecting Knowledge and Challenge," and operates a business knowledge-focused knowledge-sharing platform, the "Knowledge Platform Business," as a single segment. The number of registered experts has surpassed 700,000 (as of the end of FY2025 (ending February 2025)), with major clients including consulting firms, institutional investors, and corporate clients in manufacturing, IT, healthcare, and other industries. Domestically, the company is a pioneer that has shaped the market centered on "visasq interview," and it has driven global expansion following the acquisition of the US-based Coleman Research Group, Inc. in November 2021. The company offers a diverse range of products across three areas: the domestic corporate business, the domestic ENS business, and the overseas ENS business.

Business Model

In response to research requests from clients (corporations, consultancies, financial institutions, etc.), matching is conducted by combining a database of over 700,000 experts with sophisticated operations. Operating revenue is recognized as the service usage fee, which is the consideration paid by clients (transaction volume) less expert honoraria. Against transaction volume of ¥14,535 million in FY2026 (ending March 2025)... wait, let me not alter this—operating revenue was ¥9,975 million against transaction volume of ¥14,535 million in the fiscal year ending February 2026. In addition to the full-support type "visasq interview," the company diversifies its revenue sources through the self-matching type "visasq lite" and a variety of other products such as surveys, reports, and partners.

Company Strengths

As of the end of FY2025 (ending February 2025), the number of registered experts exceeded 700,000. As a pioneer that has shaped the domestic market since its founding in 2012, the company has built an overwhelming database. The number of client accounts in the domestic corporate business reached 1,821 accounts in FY2025 (ending February 2025), with gross transaction value per account continuing to expand, reaching ¥2.0 million.

In November 2021, the company made Coleman Research Group, Inc. of the United States a wholly owned subsidiary, establishing an expert network with Japan and the US as its home markets. In August 2023, it opened a base in Phoenix, Arizona, in the United States, establishing a global system capable of 24-hour response. In the domestic ENS business, the all-expert proposal system, including overseas experts, has entered the stage of actual operation.

Centered on visasq interview, the company offers a variety of knowledge-provision services in diverse formats, including visasq expert survey, visasq partner, visasq report, visasq now, visasq lite, visasq board, and visasq web exhibition. The gross transaction value of the domestic corporate business expanded from ¥1,837 million in FY2022 (ending February 2022) to ¥4,478 million in FY2025 (ending February 2025).

ENVALITH's Perspective

Operating profit for Q1 of FY2027 (ending February 2027) reached ¥424 million (up 51.6% year-on-year), and adjusted EBITDA came to ¥374 million (up 73.4% year-on-year), marking a substantial improvement in profitability. Against the full-year operating profit forecast of ¥1,400 million, the Q1 progress rate stands at approximately 30%, which can be regarded as a favorable start even accounting for seasonality. The confirmation of continued profitability for a second consecutive fiscal period should contribute to restoring investor confidence.

Regarding fixed assets of Coleman Research Group, Inc., an impairment loss of ¥66 million was recorded again in the current Q1, continuing the pattern of ongoing asset impairment following the ¥76 million recorded in the same period of the previous year. In addition, the growth rate of transaction volume in the Global ENS overseas business remained at approximately +3% year-on-year, sluggish compared to the domestic business (+17%, +16%). As an external factor, attention should also be paid to the possibility that uncertainty over US trade policy could affect demand from consulting and financial services clients.

Transaction volume maintained growth, reaching ¥3,963 million (up 11.3% year-on-year) in Q1 of FY2027 (ending February 2027), putting the full-year forecast of ¥15,989 million (up 10.0% year-on-year) within reach. On the other hand, retained earnings on the balance sheet remain in a cumulative deficit of ¥(11,157) million, and total shareholders' equity continues to be negative. The equity ratio has shown an improving trend at 26.1% (versus 21.5% at the previous fiscal year-end), but continuous accumulation of profit is essential for financial soundness, and the forecast of a decline in net income to ¥750 million (down 15.9% year-on-year) is also a point to note.

Growth Strategy

Aiming for a handling volume of ¥30 billion or more in FY2030 (ending February 2030) through deepening in three domestic domains, AI utilization, and global platform integration

Restructured the organization to enable proposing and providing diverse products to customers, promoting efforts to uncover latent demand within the existing customer base. Achieved high growth of +17% in handling volume and +24% in operating revenue in Q1 of FY2027 (ending February 2027), with the effects of these initiatives reflected in the figures.

Migrating transactions to a globally common platform, leveraging a global database of projects and expert information, and strengthening compliance standards to secure competitive advantage. Achieved growth of +16% in both handling volume and operating revenue in Q1 of FY2027 (ending February 2027).

Promoting profitability improvement through faster and more sophisticated matching, and the incorporation of generative AI into business processes. Also aiming to improve profitability in the Global ENS overseas business through promotion of AI utilization, among other measures. Adjusted EBITDA improved significantly by +73.4% year-on-year.

While interviews, the core product, continue to perform well in the US, efforts are underway to reinforce the product value of surveys, which performed well last year. The handling volume growth rate in Q1 of FY2027 (ending February 2027) remained at approximately +3% year-on-year, and accelerating growth through reinforcement of surveys remains a challenge.

The final target of the medium- to long-term growth strategy, combining deepening in three domestic domains, AI utilization, and global platform integration. The full-year handling volume forecast for FY2027 (ending February 2027) is ¥15,989 million (+10.0% year-on-year), and maintaining the growth trajectory toward the ¥30 billion target is required.

Last updated: July 17, 2026