MERCURY INC.
5025・Growth Market・Information & Communication
Business
MERCURY INC. was founded in 1991 (predecessor) and has spent over 30 years collecting and accumulating real estate big data—brochures, price lists, floor plans, and related materials—on newly built condominiums in the three major metropolitan areas (Greater Tokyo, Kansai, and Tokai). Building on this foundation, the company operates a "Platform Business" and a "Digital Marketing Business." Its main customers include condominium developers, real estate brokers, and real estate sales companies. In August 2024, a tender offer by GA technologies Inc. was completed, making MERCURY a consolidated subsidiary of GA technologies (with a 52.3% voting rights stake acquired). Its database has grown to cover 64,956 buildings, 2,846,866 housing units, and 45,781 brochures (as of February 28, 2025), forming a proprietary asset base with high barriers to entry.
Business Model
In the Platform Business, the company provides subscription-based, monthly-fee services "Summary Net" and "Rianavi" to new condominium developers, securing stable revenue with ARR of ¥833,682 thousand and a churn rate of 0.2%. The "Data Download Service" for second-hand brokerage firms operates on a usage-based fee model, with an average of 3,208 client companies. In the Digital Marketing Business, the company earns advertising placement fees and management fees through CGM advertising, listing ad operations, and site production. The SaaS structure, which involves low variable costs linked to revenue, generates profit leverage.
Company Strengths
The company has collected concept books, floor plans, and price lists—obtainable only at the time of new condominium sales—for over 30 years. This has reached 64,956 buildings, 2,846,866 units, and 45,781 brochures, and since retroactively collecting such data is extremely difficult, this constitutes a barrier to entry that effectively blocks new competitor entrants.
The service has been adopted by all 20 companies in the top 20 of the annual new condominium unit supply ranking (FY2024, Real Estate Economic Institute survey). With an extremely low churn rate of 0.2% (FY2025 (ending February 2025)) and ARR of ¥833,682 thousand, the company has established a stable, recurring revenue base.
In August 2024, the company became a consolidated subsidiary of GA technologies, and has recorded interest income from group financing transactions (the main driver of non-operating income of ¥5,308 thousand in FY2025 (ending February 2025)). The company has explicitly stated that maximizing ongoing group synergies is a management priority going forward, with cooperation strengthening on both the financial and business fronts.
ENVALITH's Perspective
Performance Trend
Over the past five fiscal years, revenue grew moderately from ¥1,373 million (FY2022) to ¥1,602 million (FY2026), while operating profit fluctuated significantly from ¥203 million to ¥74 million, with sharp profit contractions experienced in FY2024 and FY2026. In Q1 of FY2027 (ending February 2027) (March–May 2026), revenue was ¥421 million (+6.2% YoY), operating profit was ¥28 million (+21.1% YoY), and quarterly net profit was ¥20 million (+21.7% YoY), reflecting increases in both revenue and profit. As an external factor, new condominium sales prices in the three major metropolitan areas continued to rise, and the secondhand condominium market remained at elevated price levels, indicating a solid business environment in the customer industry. A significant decrease in software amortization expenses (down 45.1% YoY) pushed the gross profit margin up to 42.9% (from 40.1% in the same period last year), indicating that structural profit improvement is underway. The full-year forecast (revenue of ¥1,703 million, operating profit of ¥117 million) remains unchanged.
Growth Strategy
Pursuing growth along three axes: SaaS ARPU improvement, expansion into the new rental market segment, and deepening GA Group synergies
The transition to the new pricing revision implemented in April 2026 has contributed since 1Q, and the Platform Business's MRR is steadily expanding. The company aims to improve ARPU through the combined effect of additional licenses and the pricing revision, strengthening its stable subscription-based revenue base.
Leveraging the rental-related database developed since the previous fiscal year, the company released "Rent Assessment DX" in April 2026. It aims to develop a new customer base among rental management and brokerage companies, targeting revenue diversification that does not depend solely on the existing new-build condominium segment.
Strengthening web advertising operations and advertising sales through collaboration with real estate media. In 1Q, Digital Marketing achieved high growth of +17.4% year on year, driven by web advertising and media collaboration. The company aims to capture customer acquisition support demand, buoyed by the resilient real estate market.
Continuing to create synergies with the GA technologies group in terms of data, customers, and technology. In addition to financial synergies such as interest income from intra-group financing transactions, the company will pursue expansion of its customer base through intra-group cross-selling.
Last updated: July 17, 2026