Peers Co.,Ltd.
7066・Growth Market・Services
Business
Piaz Inc. operates a Consulting Business that supports productivity improvements at sales sites, with major customers including telecom carriers, carrier shops, and consumer electronics retailers. Its services consist of three areas: "Sales Promotion," "Online Customer Service/Sales," and "AI Boarding." The NTT Docomo Group is a key customer accounting for 63.6% of sales composition, and in August 2025, the company acquired the "bellFace" business, a phone-based interview system for the financial industry, aiming to expand its customer base into the banking and securities industries. Listed on the Tokyo Stock Exchange Growth Market.
Business Model
The company provides telecommunications carriers and retailers with a combination of consulting, online customer service system operations, and AI utilization training (mimik, etc.). By internalizing SES operations, it suppresses outsourcing costs and improves its cost structure. Using revenue and EBITDA as key KPIs, it is promoting diversification of revenue sources through optimization of its business portfolio via M&A and business transfers.
Company Strengths
Sales to the NTT DOCOMO Group reached ¥3,884 million (63.6% of sales composition), a substantial increase of 37.1% year-on-year. The company is deepening its relationship with this key customer through contracted operation of services such as "d Service Online Counter" and "Docomo Hikari Online Helper Center."
In FY2025, despite sales of ¥6,103 million (down 1.7% year-on-year), the company achieved operating profit of ¥559 million (up 16.4% year-on-year) and EBITDA of ¥767 million. Suppressing outsourcing costs through in-house utilization of SES business personnel contributed to improving the cost structure, resulting in higher profit margins.
While divesting the unprofitable Remote Work Box business and recording a gain on sale, the company made bellFace System Co., Ltd. a wholly owned subsidiary in August 2025. This has secured a customer base in the financial industry, practicing agile business portfolio management aimed at diversifying away from dependence on the telecommunications industry.
ENVALITH's Perspective
Performance Trend
From FY2021 to FY2025, revenue expanded from ¥3,130 million to ¥6,104 million, and operating profit expanded from ¥101 million to ¥559 million, continuing an expansionary trend. In the first half (interim period) of FY2026 (ending September 2026), the company achieved increased revenue and profit, with revenue of ¥3,668 million (up 17.7% year on year), operating profit of ¥356 million (up 13.4% year on year), and ordinary profit of ¥397 million (up 33.3% year on year). However, as income taxes and other items surged from ¥47 million in the same period of the previous year to ¥159 million, profit attributable to owners of the parent for the interim period turned to a decline, coming in at ¥237 million (down 5.3% year on year). The full-year forecast has been revised to revenue of ¥7,800 million (up 27.8% from the previous fiscal year), operating profit of ¥445 million (down 20.3% year on year), and net profit of ¥270 million (down 33.3% year on year), with a significant decline in profit expected in the second half. In terms of external factors, a gradual economic recovery underpinned by improving employment and income conditions is supporting the business environment, while elevated energy prices due to geopolitical risks and rising prices are increasing uncertainty about the outlook.
Growth Strategy
Advancing diversification of revenue and reducing telecom dependence through M&A, AI, and Digital Content Business
PMI and infrastructure development for group companies acquired through past M&A activities have progressed smoothly, with profit contribution becoming evident in the first half of FY2026 (ending March 2026). Combined with company-wide cost control, this is contributing to increases in operating income and ordinary income.
Through the newly established AIO Partners Co., Ltd. and the acquisition of Forkwell, Inc. as a subsidiary, the scope of consolidation expanded by two companies in the current interim period. The company is simultaneously strengthening the foundation of its existing businesses and entering new business domains.
In the Digital Content Business launched in-house, substantial monetization was achieved through the provision of informational content, and the transition to a profit contribution phase was confirmed in the first half of FY2026 (ending March 2026).
In the proprietary AI system development service, initiatives utilizing generative AI to support compliance and internal control operations have progressed, with knowledge accumulated through the implementation and operation phases at client companies. Going forward, the policy is to expand sales activities primarily targeting listed companies and financial institutions.
Through the expansion of online sales support for the financial industry, including banks and securities companies, via the bellFace business, the company aims to reduce its dependence on the telecommunications industry and diversify its revenue sources. Profit contribution from PMI progress is beginning to become evident.
Last updated: July 17, 2026