ENVALITH
株式会社インティメート・マージャー logo

Intimate Merger, Inc.

7072・Growth Market・Services

Official website
株式会社インティメート・マージャー logo
Intimate Merger, Inc.7072

Business

Intimate Merger, Inc. is a company specializing in data management platforms (DMP), founded in 2013. Through "IM-DMP," which is built around audience data accumulated since its founding, the company operates broadly, ranging from supporting targeted advertising in the digital marketing domain to leveraging data in X-Tech fields such as finance, sales, and HR. With cookies becoming unavailable in roughly 60% of domestic browser environments, the company provides post-cookie infrastructure centered on its proprietary common ID solution, "IM-UID." In recent years, it has also been expanding its role as a platform for providing "AI-Ready data" that is easy for generative AI to learn from and analyze, and is advancing its transformation into a data infrastructure company that goes beyond the boundaries of digital marketing. The company is listed on the Growth Market of the Tokyo Stock Exchange.

Business Model

The company is transitioning its business model from conventional labor-intensive managed operation services toward a "data infrastructure provision model" (infrastructure model) that serves as the foundation for AI and automation tools. The stock-type revenue model, in which data usage fees are generated according to ad delivery volume when distribution operators such as DSPs/SSPs use IM-UID, is expanding. In marketing support, the proportion of self-service sales is increasing, advancing the shift toward a scalable revenue structure not dependent on headcount. Major customers are digital ad delivery operators, agencies, and general business companies, with Fan Communications (13.0% of sales) and Lawson/United Cinemas (11.9%) as key clients.

Company Strengths

With cookies unavailable in roughly 60% of domestic browser environments (Safari, Edge, etc.), IM-UID is a common ID solution that can reach iPhone users and others without being affected by cookie restrictions. Strengthened integration with Google Ad Manager has increased ad delivery volume, expanding data usage fee revenue linked to delivery volume.

Since its founding in 2013, the company has continuously accumulated behavioral history obtained from partner web media into IM-ID/IM-UID, and holds multi-layered data covering demographic, geographic, and psychographic dimensions. As AI-ready data organized without including personal information, it has become an asset capable of meeting demand for integration with generative AI platforms and corporate core systems.

In the fiscal year ended September 2025, operational efficiency improvements driven by generative AI progressed, curbing selling, general and administrative expenses including personnel costs. Against 12.3% growth in net sales, operating profit surged 164.2% (from ¥86 million to ¥228 million), achieving a significant improvement in profit margin. Operating cash flow also expanded sharply, from ¥10 million in the previous period to ¥218 million.

ENVALITH's Perspective

In the first half of FY2026 (ending March 2026) (October 2025 – March 2026), the company achieved revenue growth and profit growth, with net sales of ¥1,809 million (up 6.8% year-on-year), operating profit of ¥159 million (up 19.7%), and profit attributable to owners of parent for the interim period of ¥109 million (up 23.7%). Against the full-year forecast (net sales of ¥3,704 million, operating profit of ¥284 million), the first-half progress rate was 48.8% for net sales and 56.0% for operating profit, and the company itself described this as "generally within the expected range." There has been no revision to the full-year earnings forecast, and given the second-half-weighted structure of the business, the likelihood of achieving the full-year targets is judged to be high.

Gross profit margin improved from 26.7% in the same period of the previous year to 27.5% in the current interim period, reflecting the continued effect of the transformation of the revenue structure. On the other hand, cash flow from operating activities decreased to ¥128 million from ¥150 million in the same period of the previous year. This was mainly due to a significant increase in income tax payments, from ¥7 million to ¥64 million, a structural factor associated with a higher tax burden accompanying improved profit levels. Selling, general and administrative expenses increased to ¥339 million (from ¥319 million in the same period of the previous year) due to increases in fixed costs such as server expenses and increased sales promotion expenses, and cost control will be a focus going forward.

In the data management and data analytics domain, data usage fees are expanding steadily due to an increase in advertising delivery volume utilizing IM-UID, while in marketing support, the number of accounts has remained stagnant, as in-house management of advertising operations by some clients has only partially materialized. The number of accounts for Performance DMP has been on a declining trend, and only in the current quarter did the decline finally bottom out. Together with the risk of customer concentration (the top two clients account for approximately 25% of revenue), accelerating the acquisition of new customers will be key to sustained growth. As an external factor, a slowdown in corporate marketing investment due to uncertainty over the economic outlook could act as a headwind.

Growth Strategy

Aiming to expand the business by shifting toward a data-infrastructure provision model and expanding into AI and X-Tech domains

Continuing to drive expansion of IM-UID usage through major platforms such as Google Ad Manager. Aiming for scalable revenue growth through a data usage fee collection model linked to ad delivery volume. A steady upward trend in data usage fees was confirmed in the interim period of the first half of FY2026 (ending September 2026).

Capturing surging demand for high-quality audience data driven by AI agent-driven generative AI and SGE/LMO adaptation, and expanding the company's role as a supplier of data for AI training and reference purposes. Inquiries and business discussions have increased following the release of new services and pricing structures, and this is being nurtured as a new revenue source.

Responding to client companies' needs to bring digital marketing in-house, and promoting the provision of services that allow self-service data procurement. Although the effect of increasing unit prices has been confirmed, growth in the number of accounts has been somewhat stagnant, and improving the efficiency of the new customer acquisition process is a challenge.

Automation of the screening of unprofitable projects has continued to improve profit and unit prices. Efficiency improvements in the order acquisition process for new deals caused the decline in the number of accounts to bottom out in the current interim period. The company is working to build a system that can efficiently acquire high-quality accounts.

Last updated: July 17, 2026