Feedforce Group Inc.
7068・Growth Market・Services
Business
Feedforce Group Inc. is a pure holding company (transitioned in September 2021) built around the concept of "delivering corporate information to users in an appropriate form," supporting B2B enterprises in the digital marketing and e-commerce domains. Comprising 7 consolidated subsidiaries and 1 affiliate, the group operates three segments: managed digital advertising agency services and data feed marketing support for enterprises (Professional Services), SaaS tool provision (SaaS Business), and Shopify-based e-commerce build support (DX Business). Leveraging technical partnerships with digital platform providers such as Google and Meta, the company provides services to a broad customer base ranging from major corporations to SMBs.
Business Model
Professional Services, accounting for roughly 60% of revenue, is centered on fee income from performance-based ad management proxy services and data feed support for enterprise clients, achieving a high-profitability structure with an operating margin of 42.5% (FY2025, ended May 2025). The SaaS Business secures stable recurring revenue through subscription-type tools such as dfplus.io and Social PLUS. The DX Business, centered on Shopify-based e-commerce build support and app development, is in a growth investment phase. The three businesses form group synergies in areas such as the data feed field, creating a circular structure in which upstream ad management know-how feeds back into SaaS products.
Company Strengths
In FY2025 (ending May 2025), the Professional Services segment recorded an operating margin of 42.5% (net sales of ¥2,637 million, operating profit of ¥1,122 million). Anagrams' net sales expanded for five consecutive fiscal years, from ¥1,499 million in FY2021 (ending May 2021) to ¥2,574 million in FY2025 (ending May 2025), with segment profit also increasing from ¥791 million to ¥1,122 million. The simultaneous deepening of enterprise client relationships and acquisition of new clients underpins this high profitability.
The Group collaborates as a technical partner with major digital platform providers such as Google and Meta, and possesses in-depth knowledge of the technical requirements of each platform. This relationship enables smooth ad placement and API utilization, serving as a differentiating factor from competitors. The track record of DF PLUS, which has also been adopted by numerous major advertising agencies, underpins this reliability.
The number of projects using dfplus.io expanded approximately 2.4-fold, from 175 in FY2021 (ending May 2021) to 414 in FY2025 (ending May 2025). Social PLUS also increased from 309 to 467 projects. Net sales of the SaaS Business as a whole grew approximately 2.1-fold, from ¥601 million (FY2021, ending May 2021) to ¥1,259 million (FY2025, ending May 2025), forming a stable subscription-based revenue base.
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive fiscal years, from ¥3,005 million in FY2022 (ending May 2022) to ¥4,912 million in FY2026 (ending May 2026). The operating margin temporarily declined from 30.9% in FY2022 (ending May 2022) to 29.2% in FY2024 (ending May 2024), but then improved substantially, rising from 36.4% in FY2025 (ending May 2025) to 40.3% in FY2026 (ending May 2026). Profit was boosted by the completion of the downsizing of unprofitable operations within the DX Business and its return to profitability (operating income of ¥144 million), as well as the disappearance of the ¥90 million loss on sale of investment securities recorded in the prior fiscal year. As external tailwinds, the domestic internet advertising market renewed its all-time high (2025: up 10.8% year on year to ¥4 trillion), and the BtoC-EC market continued to expand (2024: up 5.1% year on year to ¥26.1 trillion). For FY2027 (ending May 2027), revenue is forecast at ¥5,741 million (up 16.9% year on year) and operating income at ¥2,362 million (up 19.2% year on year).
Growth Strategy
Deepening group synergies, leveraging ECPower, and achieving FY2028 (ending May 2028) revenue of ¥8,000 million
Achieved a turnaround to operating profit of ¥144 million in FY2026 (ending May 2026) through the downsizing of unprofitable operations and improved profitability. For FY2027 (ending May 2027), including the contribution from ECPower, revenue of ¥787 million (up 44.1% year on year) and operating profit of ¥280 million (up 94.4% year on year) are projected.
ECPower, which provides a customer analytics tool specialized for Shopify, was made a wholly owned subsidiary, expanding the EC support foundation of the DX Business. The deemed acquisition date is set as the end of the current consolidated fiscal year, with full-scale profit and loss contribution beginning from FY2027 (ending May 2027).
Promoting efficiency in advertising operations through the utilization of generative AI, while working to expand the value provided through enhanced data utilization and consulting functions. For FY2027 (ending May 2027), revenue of ¥3,358 million (up 12.0% year on year) and operating profit of ¥1,382 million (up 8.1% year on year) are projected.
In addition to the continuous functional expansion of existing services centered on CRM PLUS on LINE, the company is promoting the mid- to long-term expansion of service domains and the development of new features in anticipation of the generative AI era. For FY2027 (ending May 2027), revenue of ¥1,595 million (up 16.8% year on year) and operating profit of ¥700 million (up 25.2% year on year) are projected.
The company aims to achieve its medium-term targets by continuing active investment, including deepening collaboration among group companies, strengthening sales support and functional development for existing services, developing new services, exploring emerging markets, and partnering with entities offering potential synergies.
Last updated: July 17, 2026