Vario Secure Inc.
4494・Standard Market・Information & Communication
Business
Vario Secure, Inc. integrates multi-functional security capabilities—firewall, IDS, ADS, and more—into a single unit centered on its in-house developed network security appliance, the VSR (Vario Secure Router), and provides a one-stop service covering everything from installation to 24/7/365 monitoring, operation, and maintenance. Its primary customers are mid-sized and small businesses that face difficulty securing their own IT specialist personnel, and as of the end of February 2026, the company has deployed its services to 7,651 sites across all 47 prefectures nationwide. In addition to its security BPO service, the company also offers endpoint security (Vario EDR), data backup (VDaP), and managed LAN/Wi-Fi services, building a comprehensive security BPaaS platform.
Business Model
End users can utilize rental equipment without purchasing devices, outsourcing overall security operations for only an initial fee and a fixed monthly fee. Stock-type security BPO services account for 87.6% of revenue, forming a structure in which revenue accumulates as the number of installed sites increases. Sales are centered on indirect sales through distributors such as telecom carriers and ISPs (OEM partners and resale partners), enabling the company to maintain a nationwide sales network at low cost.
Company Strengths
The cancellation rate (on a value basis) for FY2026 (ending February 2026) remained at an extremely low 0.72%. Revenue from Security BPO Service was ¥2,491 million, accounting for 87.6% of total revenue, forming a stable business foundation through a recurring model in which revenue accumulates as the number of sites increases.
VSR is developed in-house, and the company provides everything from equipment procurement, core software development, installation and configuration, to 24/7/365 monitoring operations as a single provider. Unlike overseas products, inquiry response is rapid, and the company has built a nationwide on-site maintenance system with a target response time of within 4 hours. The rapid troubleshooting and configuration changes enabled by in-house development support a high customer retention rate.
The company has built a sales network covering all 47 prefectures nationwide in partnership with sales agents such as telecom carriers, ISPs, and data center operators. In FY2026 (ending February 2026), sales through the major agent USEN ICT Solutions totaled ¥1,007 million (35.5% of revenue), while sales through SoftBank totaled ¥587 million (20.7% of revenue), reflecting a strong relationship with major telecom-affiliated agents.
ENVALITH's Perspective
Performance Trend
Revenue expanded moderately from ¥2,567 million in FY2022 to ¥2,843 million in FY2026 (ending March 2026). Meanwhile, operating profit peaked at ¥752 million in FY2022, declined to ¥492 million in FY2025, and recovered to ¥562 million in FY2026 (ending March 2026). The main causes of the profit decline were increases in license fees and maintenance costs stemming from soaring raw material and energy prices, along with rising personnel expenses. In FY2026 (ending March 2026), the effects of price revisions, increased Vario EDR (Endpoint Security Service) licenses, and growth in higher-unit-price IS service projects contributed to higher revenue, absorbing the cost increases and turning the results to profit growth. The company is also benefiting from favorable external tailwinds, including expanding demand for security outsourcing amid the diversification and sophistication of cyberattacks.
Growth Strategy
Expansion of Security BPO Service, AI utilization, and transformation into an AI security company through collaboration with HEROZ
Implement price revisions for existing customers and agencies to improve unit prices, while strengthening the agency network through measures such as assigning dedicated personnel for the Chubu region, continuing to build up recurring revenue.
Increase the number of licenses by securing endpoint security projects through major agencies, expanding the service scope from perimeter-based security into the endpoint domain.
HEROZ will become a wholly owned subsidiary through a share exchange with an effective date of June 30, 2026. By combining HEROZ's AI technology with the Company's industry domain knowledge and data, the Company will promote the expansion of services into the zero trust domain as an AI security company.
In the sale of internet security equipment, promote the development of new sales agencies to reduce dependence on specific agencies, diversifying the revenue base.
Started providing a ransomware countermeasure package for medium-sized and small-to-medium enterprises from August 2025. Continue to develop services that address new security challenges, expanding the business domain as an integrated security vendor.
Last updated: July 19, 2026