ENVALITH
バーチャレクス・ホールディングス株式会社 logo

Virtualex Holdings, Inc

6193・Growth Market・Services

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バーチャレクス・ホールディングス株式会社 logo
Virtualex Holdings, Inc6193

Business

Virtualex Holdings is a CRM-specialist group founded in 1999, comprising four consolidated subsidiaries—Virtualex Consulting, Time Intermedia, VX Act, and Virtualex Kyushu—under a pure holding company. Its business consists of two segments: the IT & Consulting Business (net sales of ¥4,028 million) and the Outsourcing Business (net sales of ¥2,852 million). A key feature is its ability to provide end-to-end services, from CRM strategy formulation to system construction and implementation, and Contact Center Outsourced Operations (BPO), supporting customer touchpoint transformation primarily for major corporations. Listed on the TSE Growth Market.

Business Model

In the IT & Consulting Business, the company provides CRM strategy planning, system construction, and licensing/cloud subscription sales of the CRM package inspirX, and by continuing to receive outsourced operation of the Mother Centers built through these engagements as part of the Outsourcing Business, it accumulates long-term recurring revenue. The structure in which consulting serves as the starting point for orders, chaining into technology implementation and operations outsourcing, underpins the stability and scalability of earnings.

Company Strengths

Since its founding in 1999, the company has continuously maintained three functions—consulting, technology, and operations—within the CRM domain under a single group. In FY2026 (ending March 2026), it achieved both IT & Consulting Business revenue of ¥4,028 million with a segment profit margin of 23.4%, and Outsourcing Business revenue of ¥2,852 million, with its one-stop provision capability underpinning the high profit margin.

The company has established a method of taking on Mother Center operations built through consulting as outsourced operations, then expanding horizontally into other business areas of major clients. In FY2026 (ending March 2026), this initiative bore fruit, with Outsourcing Business revenue increasing 3.7% year on year to ¥2,852 million and segment profit increasing 4.4% year on year to ¥520 million.

The company is rolling out its in-house developed multi-channel CRM package "inspirX" on a cloud subscription basis, advancing the shift from license sales to recurring-type revenue. In FY2026 (ending March 2026), it invested ¥38 million in developing new additional features for inspirX and other offerings, continuously strengthening product competitiveness.

ENVALITH's Perspective

The net loss attributable to owners of the parent of ¥81 million recorded for FY2026 (ending March 2026) was mainly attributable to an investment securities valuation loss of ¥402 million recorded as an extraordinary loss. On the other hand, operating profit, which reflects the core business, improved significantly to ¥394 million (+41.3% year on year), and ordinary profit rose to ¥442 million (+139.1% year on year), indicating that the underlying business is on a recovery trajectory. The balance of investment securities decreased sharply from ¥427 million at the end of the previous fiscal year to ¥157 million, suggesting that the risk of similar valuation losses has diminished.

Net sales to the major customer TEPCO Energy Partner were ¥765 million in FY2026 (ending March 2026), down from ¥860 million in the previous fiscal year, accounting for approximately 11.1% of consolidated net sales. This represents a decrease of approximately ¥95 million year on year, and the risk of dependence on a specific customer continues to warrant close attention. It should also be noted that this customer spans both the IT & Consulting Business and the Outsourcing Business, meaning that any contraction in transactions could have an impact spreading across multiple segments.

The company forecasts net profit attributable to owners of the parent of ¥260 million for FY2027 (ending March 2027) (versus a net loss of ¥81 million in the previous fiscal year), representing a significant recovery. This is mainly due to the disappearance of the one-time factor of the investment securities valuation loss, but ordinary profit is forecast to decline to ¥400 million (down 9.7% year on year), reflecting fluctuations in non-operating income and expenses (the previous fiscal year included a gain of ¥40 million from investment partnership operations). Progress in shifting focus toward recurring-type business and raising unit prices for existing customers will be key to achieving the forecast.

Growth Strategy

Recovery of profitability and sustainable growth through AI, shift to recurring revenue, and strengthened one-stop coordination

Expansion of AI-driven consulting and IT services, positioned as a growth strategy. Management has noted that this is steadily gaining traction in FY2026 (ending March 2026), contributing to improved utilization rates and profit margins in the IT & Consulting Business.

Continued efforts to strengthen linkage from consulting and system development projects to outsourcing engagements, converting flow-type revenue into recurring revenue. Horizontal expansion into other business areas of major clients bore fruit again in FY2026 (ending March 2026), with Outsourcing Business sales up 3.7% year on year.

Continued policy of steadily negotiating unit price increases with existing client companies to improve profit margins. The gross profit margin for FY2026 (ending March 2026) improved slightly to 25.1% (from 24.9% in the prior period). The company plans to continue these efforts in FY2027 (ending March 2027) as well.

While remaining attentive to economic uncertainty stemming from destabilizing overseas conditions and other factors, the company plans to focus aggressively on winning new projects. Toward achieving the FY2027 (ending March 2027) sales forecast of ¥7,000 million (up 1.7% year on year), the company is promoting new client acquisition in both the IT & Consulting Business and the Outsourcing Business.

Last updated: July 19, 2026