Batonz. Co., Ltd.
554A・--・--
Batonz. Co., Ltd.
554A・--・--
Business
Batonz Co., Ltd. was established in 2018 as a spin-off from Nihon M&A Center Inc., under the vision of "realizing a society where anyone, anywhere, can engage in M&A easily and freely." Its core services are built on two pillars: the M&A Platform "BATONZ" (Matching Service), in which sellers, buyers, and M&A support institutions all participate, and "M&A SaaS," a business support SaaS for M&A support institutions. Boasting a cumulative total of 3,421 completed deals and 305,957 cumulative registered buyers (as of the end of March 2026), the company supports business succession and the resolution of successor issues for small and medium-sized enterprises across all industries nationwide. It listed on the Tokyo Stock Exchange Growth Market in April 2026.
Business Model
Revenue consists of four layers: (1) system usage fees charged upon deal completion on the M&A Platform (2% of the deal value), (2) FA Support Service fees for sellers (5% of the deal value), (3) monthly fees for Sourcing Support for buyers, and (4) monthly fees for M&A SaaS aimed at M&A support institutions. Of the ¥2,004 million in net sales for FY2026 (ending March 2026), the M&A Platform accounted for ¥1,504 million (75%) and M&A SaaS accounted for ¥439 million (22%), with subscription-type revenue forming a stable foundation.
Company Strengths
As an open platform where sellers, buyers, and M&A support institutions gather, it has a cumulative total of 43,888 published listings, 305,957 registered buyers, and 1,964 partner M&A support institutions (including 1,134 institutions, equivalent to about one-third of the support institutions registered with the Small and Medium Enterprise Agency). This has established a structure in which increases in listings and participants generate a mutually reinforcing virtuous cycle.
The SaaS for M&A support institutions provides a group of 25 functions covering everything from deal acquisition to execution, with an extremely low annual churn rate of 2.3%. In FY2026 (ending March 2026), M&A SaaS revenue was ¥439 million (up 21.0% year on year), accumulating steadily as monthly recurring revenue.
In FY2026 (ending March 2026), the number of FA support cases was 176 (versus 140 in the previous period), and the fee per case expanded to ¥3,220 thousand (versus ¥1,557 thousand in the previous period), approximately 2.1 times the prior-period level. This was the main factor behind the 45.3% increase in revenue even as the number of closed deals decreased by 6.5% year on year, with the shift from volume to quality directly contributing to improved profitability.
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), revenue was ¥2,004 million (up 45.3% year on year), operating profit was ¥364 million (up 600.3% year on year), and net income attributable to owners of parent was ¥262 million (up 539.0% year on year), reflecting a rapid improvement in profitability. The main driver was a substantial rise in per-deal contract unit prices (system usage fee unit price +62%, FA fee unit price +107%). Cost of sales growth was contained at 23.9%, while selling, general and administrative expenses increased 23.5% due to headcount expansion and higher advertising expenses associated with IPO preparations. Operating cash flow rose 273% year on year to ¥543 million, and the financial base has also been strengthened.
Growth Strategy
Establishing the platform as the de facto standard, driving business DX through AI utilization, and expanding into areas adjacent to M&A
In addition to the existing open platform, the company aims to implement a closed matching function capable of handling non-disclosed deals, thereby improving convenience for both sellers and buyers and maximizing deal distribution and the number of closed transactions.
The company will implement AI in the deal-origination process (financial analysis and automated IM creation) and the matching process (automated creation of lists of M&A candidate companies), and automate confidential information management via VDR, thereby enhancing the value of M&A SaaS and improving the productivity of FA operations.
Leveraging its points of contact with sellers and buyers who have M&A needs, the company launched a recruiting business in November 2025 to introduce CXO-level talent and growth-driving personnel. Going forward, the company will continue to develop and roll out management support solutions, aiming to establish its position as a success partner for the entire business built around M&A as the starting point.
The company will build a multi-layered check system, including mandatory FA support for share transfer deals, mandatory interim reporting such as basic agreements for all deals, and enhanced AI-based detection of unreported closed deals, thereby improving trust in the platform and expanding its user base.
Against the current partner base of 1,964 institutions, only 512 of the 34,020 certified management innovation support institutions are the company's partners, leaving substantial room for expansion. The company will pursue continued expansion through enhanced M&A SaaS functionality and a strengthened partner program.
Last updated: July 19, 2026