同社グループは、同社が情報基盤事業とCRM分野、ビジネスソリューション分野、SE分野、教育分野等の業界及び業務特化型ソリューションサービスを展開しており、そのほか医療機関向けPACSを主に展開するPSP(株)※1や、ITシステム基盤のコンサルティング・設計・構築、ネットワークシステムの運用・監視等を行うクロス・ヘッド(株)、システム開発やIT技術者の教育サービス等を展開する(株)カサレアル、金融取引統合管理システム「ARECCIA」シリーズの設計・開発等を行うアレクシアフィンテック(株)※2、ASEAN地域でコンタクトセンターCRMシステム/FAQナレッジシステムの提供・マーケティング・技術サポートを展開するTechMatrix Asia Co., Ltd.（タイ、2023年4月設立）など合計9社の連結子会社で構成されている。また、2022年4月にPSPとエムスリー＜2413＞の合弁会社として、AI技術を用いた医療画像診断支援サービスを提供するエムスリーAI(株)を設立し持分法適用会社としたほか、2024年3月に資本業務提携先のモビルス＜4370＞に追加出資し、持分法適用会社とした。モビルスはコンタクトセンター向けSaaSを提供しており、チャットボットや生成AIを活用したCXソリューションのノウハウを持つ。同社は、こうした技術・ノウハウを自社のCRM製品と連携することでCRM事業の強化・拡大を目指している。■Company Overview
1. Company Overview
The predecessor of Tech Matrix ＜3762＞ was Nichimen Data Systems Co., Ltd., which was established in 1984 as a strategic subsidiary of the sales division of Nichimen Corporation (currently Sojitz ＜2768＞). The greatest strength and feature is that it inherits know-how cultivated at trading companies, such as “connoisseur ability,” “marketing ability,” and high-level “business operation ability,” which discovers excellent products and services in terms of both technology and business, and is proceeding with business development.
The company group is developing industry and business-specific solution services in the information infrastructure business, CRM field, business solution field, SE field, education field, etc., and in addition, PSP Co., Ltd. (*1), which mainly develops PACS for medical institutions, Cross Head Co., Ltd., which performs consulting, design/construction of IT system infrastructure, operation/monitoring of network systems, etc., and develops system development and IT engineer education services, etc. ) It consists of a total of 9 consolidated subsidiaries, including Casarreal, Alexia Fintech Co., Ltd. *2, which designs and develops the financial transaction integrated management system “ARECCIA” series, and TechMatrix Asia Co., Ltd. (Thailand, established in 2023/4), which provides, marketing/technical support for contact center CRM systems/FAQ knowledge systems in the ASEAN region. Also, in 2022/4, M3 AI Co., Ltd., which provides medical image diagnosis support services using AI technology, was established as a joint venture between PSP and M3 ＜2413＞ and made it an equity method application company, and in 2024/3, an additional investment was made in Mobilus ＜4370＞, a capital and business partnership, making it an equity method applicable company. Mobilus provides SaaS for contact centers, and has know-how on CX solutions utilizing chatbots and generative AI. The company aims to strengthen and expand the CRM business by linking such technology and know-how with its CRM products.
*1 Shinsei PSP started in the form of absorption and integration of NOBORI Co., Ltd., which was established by the company in 2018 by dividing the medical system business, and the old PSP, which became a subsidiary in February 2022. The shareholder composition ratio of Shinsei PSP is 50.02% of the company, Mitsui & Co. ＜8031＞ 20.00%, M3 18.70%, and Dai Nippon Printing ＜7912＞ 11.28%.
*2 The company's financial system-related business was transferred and integrated into Alexia Fintech (made into a consolidated subsidiary in 2019) for the purpose of further business expansion in the financial field in 2023/7, and made it a wholly owned subsidiary.
2. Business content
The company's business segment consists of three businesses: information infrastructure business, application service business, and medical systems business. Looking at the composition ratio by business segment for the last 3 periods, the information infrastructure business is the main business accounting for 60% or more in sales revenue and operating profit. Also, the application service business and medical system business are on the same scale as sales revenue in the latter half of the 10% range, but in terms of the composition ratio of operating profit, the application service business is at a low level of 5.4% for the fiscal year ending 2024/3. This is mainly due to continued upfront investment in the education field, which is being developed as a new field. Looking at operating margins by business segment for the fiscal year ending 2024/3, the medical systems business is the highest at 15.5%, followed by the information infrastructure business at 11.4% and the application service business at 3.9%.
(1) Information infrastructure business
In the information infrastructure business, we utilize our unique acumen in the network and security fields, identify products with high technical capabilities, competitiveness, and growth potential, mainly in North America, and provide one-stop solutions from system construction to maintenance/support, and operation/monitoring services, not just product sales.
It mainly targets fields such as virtualization solutions*1, next-generation networks, security, storage, etc., and demand for cloud-based security countermeasures products has grown significantly in the past few years against the backdrop of an increase in cyber attacks against corporate information systems. The main products and services handled include Palo Alto Networks ＜PANW＞ next-generation firewall*2 and SASE ※3 (Secure Access Service Edge), F5 ＜FFIV＞ load balancer*4, Trellix's unauthorized intrusion prevention system, ProofPoint ＜pfPT＞ next-generation email security solution, and Dell Technologies clusters There are many products that have a high market share in the world, such as storage, etc., and each is a primary sales agent. Palo Alto Networks products are the largest in terms of product sales structure ratio as a share of standalone sales revenue.
*1 Technology related to resources (servers, storage, software, etc.) that make up computer systems. In addition to being able to use something composed of multiple components by logically making it look like one thing, conversely, one thing can be used by logically pretending to be multiple.
*2 Identifies applications that pass through regardless of the port number or protocol used, and identifies and controls users that use them. A security system that performs visualization and control required in an IT network environment by performing scanning against a wider range of threats.
*3 SASE: Providing comprehensive network and security functions from the cloud. As the spread of cloud services progresses, until now cloud policies have often been applied to each usage service, but SASE is a new concept of consolidating into a single cloud and comprehensively managing it.
*4 A device that appropriately allocates (distributes) to multiple servers when a large number of accesses (loads) are concentrated in order to prevent decreased response or system downtime due to concentrated access to websites.
As the information security-related market continues to expand, competition for orders is also intensifying, but in addition to having an advanced and highly competitive product lineup that can meet diverse needs and high solution capabilities backed by technical capabilities, the company's comprehensive ability to provide one-stop high-quality services, such as maintenance support systems and operation/monitoring services 24 hours a day, 365 days a year, has become an advantage, and sales results are mainly for major companies and government offices It's expanding. Their efforts have been evaluated by various vendors and received numerous awards. Specifically, following receiving the “JAPAN Distribution Partner of the Year” * from Palo Alto Networks for 6 consecutive years since 2018, 2023 is the “2023 JAPAC Distribution Partner of the Year (JAPAC: Asia-Pacific region including Japan)” which is given to the agency that left the most outstanding achievements in the Asia-Pacific region It also won an award. In addition to that, it has received similar awards from many vendors, such as Tanium (Group), which provides endpoint security products, Nippon Proofpoint Co., Ltd., which provides next-generation email security products, and Dell Technologies, which provides storage products.
* “JAPAN Distribution Partner of the Year” recognizes Japanese distributors that have achieved significant results in sales results, growth from the previous fiscal year, and provision of support services after sales, and the company has received the award for 6 consecutive years since 2018.
Cross Head, a consolidated subsidiary, operates and monitors network systems, sells security products and storage products, and supports the introduction of cloud services. We are involved in many ways to support the introduction of AWS (Amazon Web Services) and implementation support for Cybozu ＜4776＞ SaaS solutions. OCH, which is a subsidiary of Cross Head, sells and provides products developed in-house related to data backup and information security measures, and products for building remote work environments to small and medium-sized enterprises along with support services. The sales structure ratio of these subsidiaries in the same business segment is estimated to be around 15%.
(Author: FISCO Visiting Analyst Joe Sato)