ONDECK Co., Ltd.
7360・Growth Market・Services
Business
ONDECK Co., Ltd. was established in 2007 and is listed on the Growth Market of the Tokyo Stock Exchange as an independent M&A advisory company. Under its corporate philosophy of "being a catalyst for corporate growth and transformation, and creating moral economic value," the company's primary business domain is intermediary and FA services for M&A transactions involving domestic small and medium-sized enterprises as parties. Operating through a two-location structure comprising its Osaka head office and Tokyo office, the company sources deals through a business alliance network with public institutions, financial institutions, and professional experts such as licensed practitioners. In addition to the M&A Advisory Business, the company organically integrates three businesses—the Investment Business, which makes direct investments in small, medium, and mid-sized enterprises, and the Consulting Business, operated by its consolidated subsidiary ONDECK Consulting Co., Ltd. (established in August 2025)—to provide high-value-added services to customers. Its main customers are owner-managers of small and medium-sized enterprises considering M&A as part of business succession or growth strategy.
Business Model
In the intermediary format, which accounts for the majority of revenue, the company enters into partnership intermediary agreements with both prospective transferors and prospective acquirers, and manages the M&A process through the sourcing, matching, and execution phases. It operates a fully success-fee-based model in which success fees are received from both parties at the time of deal closing. In FY2025 (ended March 2025), the number of deals closed was 22, with an average fee per deal of ¥39,292 thousand. In principle, referral fees are paid to those who introduce deals. Since fixed costs (personnel expenses, facility costs, and system costs) are incurred upfront, the level of deal closings has a major impact on the profitability structure.
Company Strengths
A dedicated player since the industry's early days, founded in 2005 and approved in 2006 as a certified advisor of the Kyoto Chamber of Commerce and Industry's "Kyosho M&A Market." The company has continued to build credibility within the industry, including through a capital and business alliance with the Teikoku Databank Group (2018). It has accumulated a corporate information database covering hundreds of thousands of companies as well as data on acquisition needs.
In addition to personnel with extensive M&A advisory experience, the company has built a system in which various specialists—including lawyers, certified public accountants (including U.S. CPAs), and licensed tax accountants—are involved in deals. As of the end of FY2025 (ending March 2025), the number of M&A consultants stood at 35. Rather than simply providing matching services, the company offers high-quality service as "project management operations" that support the entire execution process.
Against total assets of ¥1,158 million at the end of FY2025 (ending March 2025), net assets stood at ¥955 million (equity ratio of approximately 82%). The company held cash and deposits of ¥664 million, while long-term borrowings amounted to only ¥27 million. Even while recording an operating loss, the company has secured sufficient liquidity on hand, giving it the financial capacity to support its current phase of upfront investment.
ENVALITH's Perspective
Performance Trend
For the six months ended May 2026 (H1 FY2026, December 2025–May 2026), the company recorded 10 deals closed, revenue of ¥416 million, an operating loss of ¥104 million, an ordinary loss of ¥104 million, and a net loss attributable to owners of the parent of ¥70 million for the interim period. Comparison with the same interim period of the prior year is not possible due to the timing of when consolidated financial statement preparation began. Results over the past five fiscal years show an unstable pattern alternating between large profits in FY2022 and FY2024 and large losses in FY2023 and FY2025, and FY2026 (ending November 2026) was also in a loss position as of the interim stage. The full-year forecast (revenue of ¥1,630 million, operating income of ¥194 million) remains unchanged, but the interim progress rate stood at only about 25.5% on a revenue basis. The financial position remains sound, with total assets of ¥1,095 million, net assets of ¥884 million, and an equity ratio of 80.5%.
Growth Strategy
Increasing the number of closed deals and achieving a return to profitability through the expansion of the business alliance network, cultivation of consultants, and group synergies
Continuously promoting further expansion and strengthening of the business alliance network with public institutions, financial institutions, and professional experts such as licensed specialists (shigyo), in order to broadly develop proposal activities toward companies with latent M&A needs. Aiming to increase the number of closed deals through improved deal sourcing capability.
Continuing to share practical know-how through research presentations on M&A issues such as structure design based on past case studies, as well as on the engagement and proposal process. Aiming to improve the deal closing rate and per-deal transaction value by cultivating excellent consultants capable of providing high-quality services.
Organically linking the Investment Business and Consulting Business operated across the group with the M&A Advisory Business to provide customers with a wide range of solutions. Aiming to improve per-deal transaction value and profitability through the creation of high-value-added deals.
Maintaining the full-year earnings forecast announced on January 13, 2026 (net sales of ¥1,630 million, operating profit of ¥194 million, ordinary profit of ¥197 million, and net income of ¥131 million). The progress rate for the interim period remained at approximately 25.5% on a net sales basis, requiring a significant concentration of deal closings in the second half to catch up.
Last updated: July 17, 2026