Bewith, Inc.
9216・Prime Market・Services
Business
Bewith Inc. is a Contact Center & BPO specialist company founded in 2000 (a Pasona Group subsidiary). Its proprietary cloud PBX "Omnia LINK (Cloud PBX)" serves as the source of its competitive advantage, providing one-stop services from operational planning and design through training and operations. The Contact Center business accounts for approximately 70% of net sales, serving customers across a broad range of industries including finance, telecommunications, electric power, and public sector. The company operates 18 locations nationwide with 7,017 booths, and approximately 2,000 staff engage in work-from-home operations. External sales of Omnia LINK (SaaS-based license sales) are also being cultivated as a second pillar of earnings, with external sales ARR reaching ¥1,070 million as of the end of May 2025 (up 35.6% year on year).
Business Model
Main revenue comes from monthly fees for providing staff working hours, systems, and facilities through contact center and BPO outsourcing. Approximately two-thirds of net sales come from full outsourcing arrangements. In addition, license revenue (ARPU of approximately ¥20 thousand per license) accumulates through SaaS-based external sales of Omnia LINK, a system refined through the company's own in-house operations. Because Omnia LINK serves as the core system for contact centers, switching costs are high, and long-term continuing contracts are expected.
Company Strengths
While the Japanese PBX market remains dominated by US manufacturers, the company internalized Omnia LINK by acquiring Ibrit in 2016. This has enabled cost reductions of ¥10 million to ¥100 million per new site and deployment in as little as a few days. An in-house utilization rate of 75.4% (as of May 2025) demonstrates proven operational performance, underpinning product quality.
For FY2025 (ended May 2025), Omnia LINK's external sales ARR reached ¥1,070 million (up 35.6% year-on-year). The number of licenses at period-end was 4,460 (approximately 1.4x year-on-year). In the fourth quarter, the company shipped a record 964 licenses for a single quarter, indicating that its strategy of winning large-scale deals is beginning to bear fruit.
The company operates 18 sites nationwide with 7,017 booths, and approximately 2,000 personnel engaged in work-from-home operations. Its cloud PBX enables flexible use of home-based and satellite work arrangements, providing strong BCP capability and flexible seat capacity expansion. The company has continued to expand its sites since its listing on the TSE Prime Market in March 2022, aiming to maximize order-taking opportunities.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥38,253 million in FY2024, then declined slightly to ¥36,424 million in FY2025 and ¥36,322 million in FY2026, pressured by a contraction in workload from certain public-sector projects. Meanwhile, operating profit bottomed out at ¥1,069 million in FY2025 (down 58% year on year from FY2024) and recovered by 9.1% to ¥1,167 million in FY2026, on a recovering trend. Optimization of seat capacity at operating sites and containment of the indirect labor cost ratio contributed to reducing cost of sales and SG&A expenses. Ordinary profit rose 17.6% to ¥1,181 million, also aided by a narrowing of equity-method investment losses (from ¥73 million to ¥12 million). Net income attributable to owners of the parent was ¥579 million (up 27.9% year on year). However, compared with ¥1,777 million in FY2022 and ¥1,833 million in FY2024, there remains significant room for profit levels to recover further. For FY2027, the company forecasts revenue of ¥38,300 million and operating profit of ¥1,600 million (up 37.1% year on year), supported by expectations of resilient outsourcing demand and expanding AI-related investment as external tailwinds.
Growth Strategy
Advancing the transition to a BPM model, global expansion of Omnia LINK, and sophistication of the revenue structure through AI utilization
Transforming the traditional labor-intensive (person-month based) BPO revenue structure by shifting to a transaction-based billing model tied to usage volume, leveraging AI agents to create high value-added services. In parallel, the company is strengthening its consulting-type services that provide end-to-end support for AI implementation, aiming to secure new projects and improve unit prices.
Leveraging the local customer base and AI development capabilities of Radiant Communication Sdn. Bhd., which became a consolidated subsidiary in May 2026, to accelerate the localization and multilingual support of Omnia LINK. The company aims to establish a unique position in the Malaysian market, while integrating its proprietary AI agent "KeyAI" with Omnia LINK to provide a comprehensive AI contact center solution.
As of the end of FY2026 (ending May 2026), the number of licenses reached 5,721 (up 28.3% year on year), and ARR grew 37.8% year on year, driven by the shipment of large-scale projects, resulting in steady expansion. The company will continue to promote external sales expansion both domestically and internationally, aiming to stabilize revenue through the accumulation of SaaS-type recurring revenue.
While maintaining the effect of the reduction in the indirect labor cost ratio implemented in FY2026 (ending May 2026), the company continues to establish an appropriate organizational structure in line with the sales level. Through the active use of AI to improve business process efficiency, the company aims to enhance productivity and achieve an operating profit margin of 4.2% in FY2027 (ending May 2027), up from 3.2% in FY2026 (ending May 2026).
Last updated: July 17, 2026