ENVALITH
BIPROGY株式会社 logo

BIPROGY Inc.

8056・Prime Market・Information & Communication

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BIPROGY株式会社 logo
BIPROGY Inc.8056

Business

BIPROGY Inc. is a comprehensive IT services company established in 1958 and listed on the Prime Market of the Tokyo Stock Exchange (with 34 consolidated subsidiaries). It operates across five segments—System Services (Contracted Software Development, SE Services, Consulting), Support Services (maintenance, Implementation Support Services), Outsourcing (IT system operation outsourcing), Software (licensing), and Hardware (equipment sales and leasing)—providing integrated IT solutions from identifying clients' management issues through to resolving them. Its main customers are core industries such as financial institutions, retailers, electric power utilities, government agencies, and manufacturers. The company also has consolidated subsidiaries in major ASEAN countries and is expanding its global ICT/DX business. Revenue for FY2026 (ending March 2026) was ¥433,686 million.

Business Model

The company provides end-to-end services aligned with customers' IT investment cycles, spanning upstream consulting and system development (System Services), product sales (Software and Hardware), post-implementation maintenance (Support Services), and operations outsourcing (Outsourcing). In particular, it is expanding its service-oriented business centered on proprietary packaged software such as BankVision® and its new managed services brand GASSAI®, building a stable, recurring revenue base.

Company Strengths

BankVision®, a full banking system supporting open environments and public cloud, continued to win new financial institution users, while adoption of front-end services such as the international remittance workflow SurFIN® also expanded. In FY2026 (ending March 2026), Software segment revenue came to ¥47,444 million (up 5.2% year on year), reflecting steady accumulation of licensing revenue.

In FY2026 (ending March 2026), the System Services segment recorded revenue of ¥140,845 million (up 8.0% year on year) and maintained a high segment profit margin of 36.3%. Leading indicators were also solid, with orders received of ¥145,110 million (up 10.3% year on year) and order backlog of ¥42,389 million (up 11.2% year on year), underpinned by growing development projects for financial, retail, and electric power clients.

In January 2026, the company made Catalina Marketing Japan K.K., which operates AOUMI™, one of Japan's largest retail media networks, a wholly owned subsidiary, and also successively brought Mattrz Co., Ltd., AFON IT Pte. Ltd., iByte Solutions Sdn. Bhd., and others into the group. It also made investments in North American startups through a CVC fund, continuing to strengthen the group's overall capabilities.

ENVALITH's Perspective

Following the acquisition of Catalina Marketing Japan Co., Ltd., goodwill surged from ¥2,539 million to ¥48,378 million, and total assets also expanded to ¥380,669 million. The ratio of equity attributable to owners of the parent declined by 4.1 percentage points, from 51.1% to 47.0%. The purchase price allocation remains at a provisional calculation stage, and uncertainty remains as the final amount of goodwill recognized and the allocation of intangible assets have not yet been finalized. Until CMJ's earnings contribution takes full effect, it will be necessary to continuously monitor the risk of goodwill impairment and the rise in financial leverage.

The company's forecast for FY2027 (ending March 2027) calls for strong growth, with revenue of ¥470,000 million (up 8.4% year on year) and operating profit of ¥48,400 million (up 13.6% year on year), while profit attributable to owners of the parent is expected to remain at only ¥32,200 million (up 3.2% year on year). This structure, in which net income is pressured by an increase in short-term borrowings associated with the CMJ acquisition (current borrowings surged from ¥9,467 million to ¥40,525 million) and by acquisition-related expenses, is expected to continue. In terms of the external environment, the increase in software investment expected for FY2026 as indicated by the BOJ Tankan survey is a tailwind, but U.S. trade policy and volatility in financial and capital markets are seen as downside risks.

The annual dividend for FY2026 (ending March 2026) was ¥130 (up ¥20 year on year), with a dividend payout ratio of 40.5%, achieving the consolidated dividend payout ratio target of 40% or more set out in the Management Policy (2024-2026). The company also conducted share buybacks totaling ¥10,000 million, bringing total shareholder returns to ¥21,745 million. On the other hand, the company raised ¥30.0 billion in short-term borrowings to fund the CMJ acquisition, causing the ratio of interest-bearing debt to cash flow to rise from 0.9 years to 1.3 years. The forecast dividend of ¥140 for FY2027 (ending March 2027) (payout ratio of 42.0%) indicates continued dividend increases, but this is premised on sustained expansion of operating cash flow (¥57,566 million) to balance M&A investment with shareholder returns.

Growth Strategy

Deepening the five core business focus areas and pursuing M&A and three growth business areas to achieve revenue of ¥470,000 million in FY2027 (ending March 2027)

Concrete results are emerging in each focus area, including continued acquisition of new BankVision® users, establishment of a data utilization platform for the retail industry through the CMJ subsidiary acquisition, favorable progress in network projects for power companies, and expansion of OT network and security projects.

Progress is being made on providing AI services through "Data&AI Solutions," steady expansion of the new managed services brand "GASSAI®," DX support for mid-sized and small-to-medium enterprises through the consolidation of Mattrz Corporation as a subsidiary, expansion of ICT/DX business in major ASEAN countries, and investment in North American startups through a CVC fund.

Completed the wholly-owned subsidiary conversion of Catalina Marketing Japan Co., Ltd. (January 2026, consideration paid of ¥39,642 million), incorporating the retail media network "AOUMI™," which utilizes actual purchase data. The allocation of acquisition consideration is still at a provisional calculation stage, with the realization of synergy effects being a future challenge.

Achieved an annual dividend of ¥130 for FY2026 (ending March 2026) (dividend payout ratio of 40.5%) and also carried out share buybacks of ¥10,000 million. For FY2027 (ending March 2027), an annual dividend of ¥140 (projected dividend payout ratio of 42.0%) is planned, continuing to achieve the shareholder return policy set out in the "Management Policy (2024-2026)."

Last updated: July 19, 2026