Supporting system modernization at financial institutions

Research evidence excerpt

Supporting system modernization at financial institutions

Global Markets Research

23 June 2026LiNKX

584A.T 584A JP / EQUITY: JAPAN SOFTWARE & IT SERVICES

Supporting system modernization at financial

institutions NEW LISTING

Business opportunities growing on recognition of record of support for

regional banks First trade 23 June 2026

Offer price JPY 790

Company overview

Shares outstanding 6,787,400The company provides system modernization support for the financial industry. Its track (at time of IPO) shares

record includes BaaS platform development support for Minna Bank and modernization

support for the core banking system at Hokkoku Bank. It has recently been increasing its

business opportunities, including by supporting the development of Biprogy's next- Research Analysts

generation core banking system for financial institutions, signing a partnership agreement Japan small cap

with Kyndryl Japan, and expanding its customer base among regional banks and other

Kiyoaki Suzuki - NSCfinancial institutions. kiyoaki.suzuki@nomura.com

Distinctive features +81 3 6703 1276

The company is focusing on the modernization of mission-critical systems at regional

banks and other financial institutions. It uses a development approach based on use of the

cloud, AI, and agile development, and focuses on specialized and highly challenging

areas. Its high weighting of overseas staff is one reason for its global-standard

development expertise.

Earnings

In 26/6, while growth is being driven by orders from existing customers, the number of

orders from new customers has started to rise. The company has been continuously

strengthening its engineer recruitment and thus expanding its business as it has won new

project orders. Looking ahead to 27/6 and beyond, we expect a growing contribution to