Quants Research Institute Holdings, Inc.
9552・Prime Market・Services
Business
QUANTUM SOKEN HOLDINGS Co., Ltd. is an M&A intermediary-focused holding company established in 2018 and listed in 2022. Its core subsidiary, M&A Research Institute Holdings Inc., provides hybrid M&A intermediary services combining the AI Matching Algorithm with DX, accounting for approximately 91% of the group's revenue. Its main customers are owners of domestic small and medium-sized enterprises facing succession issues who wish to sell their businesses, as well as prospective buyer companies. Since transitioning to a holding company structure in 2023, the group has expanded its business scope to include Consulting operations (Quantum Consulting Co., Ltd.), Operating Lease operations (Soken Lease Co., Ltd.), and overseas M&A Intermediary Services (M&A Research Institute Singapore Pte. Ltd.). Consolidated revenue for FY2025 (ending September 2025) was ¥16,603 million.
Business Model
In the M&A Intermediary Services business, the company enters into advisory agreements with both companies seeking to sell and prospective buyer companies, adopting a full success fee model under which intermediary fees are collected only upon deal completion. The fee structure, which does not charge retainer fees or interim fees (on the seller side), serves as a competitive advantage in winning deals. In FY2025 (ended September 2025), the average brokerage fee per deal was ¥64.7 million, with 234 deals closed. The Consulting business is in an upfront investment phase, recording revenue of ¥1,452 million but remaining at a loss.
Company Strengths
The company has in-house developed a proprietary algorithm that combines generative AI, NLP, and machine learning, integrated with a core business system that has undergone over 12,000 rounds of enhancement. In FY2025 (ended September 2025), the average closing period across all completed deals reached 7.2 months, with operational efficiency gains also extending to competitive advantages in talent recruitment.
The company adopts a Full Success Fee Model, charging no upfront or interim fees from companies seeking to be acquired. While it is common for competitors to charge upfront and interim fees, this low barrier to entry has contributed to expanding the number of deals secured, and the company maintains a high level of organic search volume among domestic M&A intermediary service providers for inbound customer acquisition.
In FY2025 (ended September 2025), the company added 78 new staff, building a team of 390 M&A advisors by fiscal year-end. AI-driven automatic extraction of prospective buyer candidates enables even inexperienced hires in M&A to become productive immediately, achieving both stronger recruiting capability and organizational expansion simultaneously.
ENVALITH's Perspective
Performance Trend
In the interim period of FY2026 (ending September 2026) (October 2025 to March 2026), revenue was ¥10,296 million (up 34.4% year on year), operating profit was ¥3,023 million (up 26.6%), and profit attributable to owners of parent for the interim period was ¥1,905 million (up 27.9%). This marks a clear recovery from the sluggish performance in the full-year FY2025 (ending September 2025) (revenue of ¥16,603 million, operating profit of ¥4,778 million). As an external factor, the structural persistence of the aging of business owners and the lack of successors, together with government support measures for business succession, continues to underpin M&A demand. The full-year forecast has been revised to revenue of ¥22,292 million (up 34.3% year on year) and operating profit of ¥5,778 million (up 20.9%). Looking at revenue trends over the past five fiscal years, the trajectory has moved from ¥3,912 million in FY2022, to ¥8,643 million in FY2023, to ¥16,550 million in FY2024, to ¥16,603 million in FY2025 (flat), and now to a full-year forecast of ¥22,292 million in FY2026, putting the company back on a re-accelerating growth path.
Growth Strategy
Growth strategy centered on four pillars: deepening M&A Intermediary Services, achieving profitability in the Consulting business, establishing the leasing business, and overseas expansion
Improving deal-closing efficiency through continuous enhancement of the AI Matching Algorithm and promotion of operational DX. The number of deals closed in the interim period of FY2026 (ending September 2026) was a steady 110. Continued expansion of hiring for M&A advisors aims to increase overall deal-handling capacity.
Expanded the number of consultants to 199 as of the interim period-end, capturing robust client demand and increasing revenue by 194.2% year-on-year. The upfront investment phase continues, resulting in a segment loss of ¥248 million, but the company aims to improve profitability through scale expansion.
Soken Lease Co., Ltd., established in January 2025, acquired one aircraft (acquisition cost of ¥5,195 million) and commenced leasing operations. Recorded interim revenue of ¥115 million. The company aims to cultivate this as a new earnings pillar, utilizing JOLCO as well. Leverage is utilized through asset acquisition funded by bank borrowings.
Continuing to strengthen the framework for winning overseas deals, based out of the Singapore local subsidiary. Capturing the overseas expansion needs of domestic SMEs and demand for cross-border M&A, positioning this as a complementary growth axis to the domestic intermediary business.
At the Board of Directors meeting on May 15, 2026, resolved to conduct a share buyback of up to 4,300,000 shares with a total acquisition value of up to ¥3,800 million (acquisition period from May 18, 2026 to May 17, 2027). This corresponds to a maximum of 7.95% of total shares issued (excluding treasury shares), aiming to improve EPS and strengthen shareholder returns.
Last updated: July 17, 2026