OBIC BUSINESS CONSULTANTS CO.,LTD.
4733・Prime Market・Information & Communication
Business
OBIC BUSINESS CONSULTANTS CO.,LTD. (OBC) is a company founded in 1980 that specializes in core business software for domestic mid-sized and small-to-medium enterprises (SMEs). Its flagship "Bugyo Series" covers core business functions such as accounting, HR, and payroll, and is offered as Cloud SaaS (Bugyo Cloud, Bugyo V ERP Cloud, and Bugyo Cloud Edge), deployed nationwide through an indirect sales model via partner companies. Its main customers are domestic mid-sized, medium-sized, and small enterprises. The company's strength lies in its high reliability, underpinned by 100% compliance with legal and regulatory revisions, and it is also expanding AX (AI Transformation) support by combining this with AI agent services. Listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
Revenue consists of cloud services (subscription-based), related products, and Maintenance Service. In FY2026 (ending March 2026), cloud revenue reached ¥31,351 million (up 20.8% year on year), exceeding 61.0% of total revenue, as recurring-revenue (stock-type) income continues to expand. Sales are conducted through an indirect sales model via partner companies, which minimizes capital expenditure while maintaining a high operating margin (45.9%) and ordinary income margin (49.1%). All funding needs are met with internal funds, and the company continues to operate with no interest-bearing debt.
Company Strengths
Ranked No.1 in the ERP category of the "Nikkei Computer Customer Satisfaction Survey 2025-2026" for the 7th consecutive year and 18th time overall, and also No.1 in the HR/HR-tech software category. The company also won No.1 in the core business software category of the partner satisfaction survey for the 6th consecutive year and 14th time overall, continuing to earn high evaluations from both customers and partners.
For FY2026 (ending March 2026), the operating income margin is 45.9% and the ordinary income margin is 49.1%, maintaining one of the highest profitability structures in the industry. In addition to an asset-light business structure with minimal capital expenditure, expanding recurring revenue from the shift to Cloud SaaS supports the profit margin. The company also maintains strong financial soundness with a capital adequacy ratio of 76.7% and no interest-bearing debt.
In July 2025, "Bugyo i Cloud," "Bugyo V ERP Cloud," and "Bugyo Cloud Edge" became the first domestically developed SaaS ERP products registered on the ISMAP Cloud Service List. This has enabled sales channel expansion into new markets, including government agencies, and is diversifying the customer base beyond the existing market of private-sector mid-sized and small-to-medium enterprises.
ENVALITH's Perspective
Performance Trend
Revenue increased 47.9% over four years, from ¥34,758 million in FY2022 to ¥51,401 million in FY2026. Although there was a temporary decline in revenue in FY2023, double-digit growth has become established since FY2024. In FY2026, revenue reached ¥51,401 million (up 9.4% year on year), operating profit reached ¥23,581 million (up 8.4%), and net income attributable to owners of the parent reached ¥18,132 million (up 12.0%), with all metrics setting new record highs. The main drivers of growth were increased Cloud Service revenue (up 20.8% year on year) and the acquisition of new customers. As an external factor, demand for corporate DX promotion and operational efficiency improvement has served as a tailwind. The operating profit margin declined slightly to 45.9% from 46.3% in the previous period, but this was due to an increase in SG&A expenses (active investment in R&D expenses, advertising expenses, and personnel expenses) rather than a structural deterioration in profitability.
Growth Strategy
Pursuing sustainable growth through three pillars: Cloud AI integration, new market development, and strengthened partner collaboration
Started offering "Bugyo AI Agent New Lease Accounting Identification Cloud," "Consolidated Accounting Support Cloud," and other services. A differentiation strategy that leverages the highly accurate, regulation-compliant data infrastructure accumulated by the Bugyo series to improve AI precision, supporting AX (AI Transformation) for domestic mid-sized and small-to-medium enterprises. Also promoting the construction of an AI ecosystem with partners.
Completed ISMAP registration for "Bugyo i Cloud," "Bugyo V ERP Cloud," and "Bugyo Cloud Edge" — the first domestic SaaS ERP to do so. Taking this compliance with the government information system security assessment program as an opportunity, aiming to expand into previously untapped markets, including the government market, and thereby expand sales channels and business performance.
Started providing the new digital communication platform "Bugyo LAND User Cockpit." It consolidates and visualizes information previously scattered across customers, partners, and OBIC, aiming to improve the convenience of Bugyo Cloud (Cloud SaaS) and strengthen customer retention. Expected to contribute to lower churn rates and promotion of additional service sales.
Held "Partner Conference 2025" at 13 venues nationwide, promoting stronger collaboration with partner companies and proposals for digitalization support. Leveraging the strengths of the indirect sales model to expand sales reach while controlling in-house sales costs. Aggressive investment of ¥3,098 million in advertising expenses (up 21.1% year on year) is also supporting new customer acquisition.
Last updated: July 19, 2026