Fiscal Year Ending March 2021

Financial Results
May 11, 2021

United, Inc.
(TSE Mothers：code 2497)

Agenda1

Financial Highlights of FY03/21

P1

2

Performance by Segment in FY03/21

P7

3

FY03/22 Outlook

P20

4

Appendix

P25

This presentation contains statements describing future plans, strategies, and performance forecasts of United and its affiliated companies. These statements
reflect forecasts based on management’s assumptions and beliefs using information available as of the date of this presentation. The accuracy of this information
is not guaranteed. Actual performance may differ substantially due to unforeseen circumstances in the operating environment. Company names and productnames are trademarks or registered trademarks of their respective companies.

1Financial Highlights FY03/21

Consolidated
Operating
Performance

Sales :
¥16,338 million (-22％ YoY)
Operating Income : ¥5,606 million (+10％ YoY)※

Excluding the Investment Segment:

Sales:¥10,400 million ( -25％ YoY)
Operating Loss:¥40 million (＋¥1,407 million YoY)

Growth Drivers
DX Platform
Segment

Sales:
Operating Loss:¥2,542 million (+34％ YoY)¥141 million (-381 million YoY)

KiRAMEX Co.

Investment
Segment

Sales:
Operating Income:¥5,937 million (-16％ YoY)
¥5,647 million (-14% YoY)

Investment Business

For theDetails

P8

For theDetailsP15

App Install Ad
Web AdMarketing

For theDetails

P17

Fogg, inc.
International Sports
Marketing Co., Ltd.
TREiS, inc.

For theDetails

P18

Brewus, Inc.

VENTURE UNITED, inc .

Earnings Drivers
Ad Technology
Segment

Sales:¥5,490 million (-19％ YoY)
Operating Income:¥771 million (-12% YoY)

Content Segment

Sales:¥2,384 million (-54％ YoY)
Operating Income: ¥243 million (+¥1,806 million YoY)2

FY03/21 Results vs. Forecast

Results exceeded forecasts at every level.

Forecast

ActualDifferenceSales

16,300 million yen

16,338 million yen+0.2%

Operating Income

5,300 million yen

5,606 million yen+5.8%

Ordinary Income

5,300 million yen

5,645 million yen+6.5%

Net Income*

3,600 million yen

3,728 million yen

+3.6%

EPS

―

168.07 yen

―

ROE

―

12.0%

―
* Refers to net income attributable to owners of parent.

3

FY03/21 Operating Income by Segment, EPS, ROE
Operating income* rose 7% YoY; EPS and ROE also grew.
• Content Segment turned profitable as a result of withdrawing from unprofitable operations.
• DX Platform Segment saw lower operating income owing to ramped-up hiring and higher ad spend.

～～(Millions of yen)

6,100

EPS

6,520

前期比＋7%

6,549

FY03/20

FY03/2162.45 yen

168.07 yen

5,647

ROE
243

875

771

239
△ 1,563△ 141
DX Platform
Investment

FY03/20

FY03/21

4.2%

12.0%

Ad Technology

20年3月期
FY03/20

Content

21年3月期
FY03/21

Note: Excludes headquarters expenses.
4

Consolidated P/L Statement

SG&A expenses were down 36% YoY despite ramping up hiring in the DX Platform Segment, reflecting
the deconsolidation of unprofitable operations and downsizing of offices accompanying a shift to atelework system.

FY03/20
Excl. Investment
Segment(Millions of yen)

YoY

FY03/21
Excl. Investment
Segment

Excl. Investment
Segment

Sales

20,911

13,836

16,338

10,400

- 22%

- 25%

Gross profit

9,780

3,092

8,590

2,822

- 12%

- 9%

SG&A expenses

4,679

4,540

2,983

2,863

- 36%

- 37%

820

820

114

114

- 86%

- 86%

3,859

3,720

2,868

2,748

- 26%

- 26%

5,101

- 1,448

5,606

- 40

+10%

+1,407

Non-operating income

48

48

48

48

+2%

+2%

Non-operating expenses

38

38

9

9

- 75%

- 75%

5,111

- 1,438

5,645

-1

+10%

+1,436Extraordinary profit

89

89

20

20

- 77%

- 77%

Extraordinary loss

3,641

3,641

177

177

- 95%

- 95%

Profit before income taxes

1,558- 4,990

5,488

- 158

+252%

+4,832Net Income*

1,403

N/A

3,728

N/A

+166%

N/A

Goodwill amortization
Other
Operating Income

Ordinary Income*: Refers to net income attributable to owners of parent.

5

Dividend for FY03/21
We plan to pay a year-end dividend of ¥19 in accordance with our consolidated payout ratio target of
20%. This will bring the full-year dividend up to ¥34.

Details of Annual Dividends
FY03/21

Recorddate
Dividend
per
share
Total
annualdividends
Payoutratio(Annual)

FY03/20

InterimYear –EndInterimYear - End

Sep.30, 2020

Mar.31, 2021

Sep.30, 2019

Mar.31, 2020

¥ 15.0¥ 19.0¥ 11.0¥ 2.0¥ 750 million¥ 290 million

20.1％

20.8％

6

Agenda1

Financial Highlights of FY03/21

P1

2

Performance by Segment in FY03/21

P7

3

FY03/22 Outlook

P20

4

Appendix

P25

This presentation contains statements describing future plans, strategies, and performance forecasts of United and its affiliated companies. These statements
reflect forecasts based on management’s assumptions and beliefs using information available as of the date of this presentation. The accuracy of this information
is not guaranteed. Actual performance may differ substantially due to unforeseen circumstances in the operating environment. Company names and productnames are trademarks or registered trademarks of their respective companies.

7

DX Platform Segment: Sales and Operating Income

Sales rose 34% YoY driven by growth at KiRAMEX Co.
Operating income fell ¥381 million YoY as a result of ramped-up hiring in the DX Platform Segment as awhole and higher ad spend at KiRAMEX Co.

Operating Income Trend (Millions of yen)

Sales Trend (Millions of yen)
YoY

239

2,542

＋34％
YoY

-381 million

1,892

116
712

692

74

67

660 6443817525
434 413Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
△ 17
△ 29

351

Aired TVcommercial△ 141
20年3月期
FY03/20

21年3月期
FY03/21

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

FY03/20

FY03/20

FY03/21

FY03/20-170

FY03/21

FY03/21
8

KiRAMEX Co.’s Growth Potential: Rising Need for IT Personnel Development

With the shortage of IT personnel in Japan, the lack of skills and talent has become a barrier topromoting digital transformation (DX), and we expect demand for training IT personnel to grow moving
forward.
Expanding IT Personnel Shortages*1
Supply and demand of IT
personnel in Japan(‘000 people)

Growing demand for IT skills and personnel*2
Barriers to promoting digitaltransformation (DX)(n=1,649)

IT personnel shortage in JapanIT personnel in Japan

79
41

106

113

2020

2030

1st

Lack of skills and shortage of talent for
digital technology

2nd

Cost of investment

3rd

Lack of execution capabilities for designingand implementing new business processes

4thCurrent internal management structure

5th

Corporate culture*1: Ministry of Economy, Trade and Industry “Survey on Supply and Demand of IT Human Resources” (2019). IT personnel defined as including systems consultants anddesigners, software creators, and other information processing and communication engineers.

*2: Dentsu Digital (2020) “Corporate Digital Transformation Survey in Japan (2020)” Survey results for employees of Japanese companies with 500 or more employees.

9Highlights of KiRAMEX Co.

Number of Students (FY)*

Sales+67% YoY
on an increase in membershipand higher spend per member

30,173Operating income

25,242-21% YoY

17,742
11,584owing to ramped-up personnel
hiring and higher ad spend

3,880
FY03/17

FY03/18

FY03/19

FY03/20

FY03/21* Total for paying/free members of Online Bootcamp and corporate training.
10

KiRAMEX Co.’s Competitive Advantage: High Quality Training
Using engineers employed in relevant fields to provide instruction makes it possible for students toacquire practical skills.
Mentors are chosen through a selection process with an acceptance rate of about 10%, and there are
currently about 1,000 mentors in total.

High Quality Mentors

Learning effects from mentoring

Approximately 1,000 quality mentors who have passed
the selection process, which tests for technical andcommunication skills and has an about 10% acceptance
rate, provide instruction to students.*

High education quality is achieved through regularmentoring and daily Slack support from activeengineers.

Active engineers who havepassed our selection process(10% acceptance rate)

Mentoring from active engineers.*• Online mentoring twice a week
• Daily Slack support from 3pm to 11pm

Improve student proficiency and retention
All Programming
Training Instructors* Some courses are taught by non-engineers (designers, marketers, etc.) depending on the content.
11

KiRAMEX Co.’s Growing Student Base:
Expanding Course Offering, Ramped-Up Ad Spend
To grow our student base and broaden our target audience, we added new courses and ramped up ad
spend, including for TV commercials.

Expanding Course Offering

Ramped-up Ad Spend

We continued adding courses to expand our target audience.
Our offering includes courses ranging from introductory
courses for non-engineers to those covering advanced
technologies such as AI, as well as general web development.

In addition to degital advertisements, we aired TV commercials
to capture new customers.

59

Number of Courses Offered*

41

24
19
13
- Target area: Kanto region- Air period: March 11, 2021―March 21, 2021
FY03/17
2017年

FY03/18
2018年

FY03/19
2019年

FY03/20
2020年

FY03/21
2021年

3月末

3月末

3月末

3月末

3月末

* Includes corporate training courses
12

KiRAMEX Co.’s New Service TechAcademy Works: An Overview
We launched our new service TechAcademy Works.
TechAcademy graduates can work on real-world projects together with mentors to gain practicalexperience before finding employment or starting their own business.
This is a new service never before seen in conventional programming education services, leveraging
our strength of having active engineers as mentors.

Traditional programming training services
Step.1

Step.2Acquire skills bylearning programming

Employment,
Freelance

Start business or employment
without practical experience

Common Concerns••

Will I be able to use my new skills at work?
Will I be able to get work on my own?

TechAcademy
Step.1

Step.2Acquire skills bylearning programming

TechAcademy
Works

Step.3

Employment,
Freelance

Remove concerns
Boost skills

TechAcademy accepts projects from companies
and graduates work with mentors to complete them
13

KiRAMEX Co.’s Business Tie-ups
KiRAMEX Co. continued strengthening ties with companies in various industries to capture newcustomers and expand our student base.

Business Tie-up with Shikumi Design Inc.

Business Tie-up with Attackers Business School, Inc.

We aim to capture new customers by providing services
through a collaboration between TechAcademy Junior andShikumi Design's no-code visual programming app Springin’.

We aim to expand our student base by partnering with andoffering TechAcademy's programming courses to studentsof Attackers Business School, an entrepreneurship training
program run by ABS, Inc.

Shikumi Design Inc.

Attackers Business School, Inc.

Representative

Representative

Shunsuke Nakamura

Yasushi ItoBusiness

Business

Develops and sells visual programming app "Springin’",musical instrument app "KAGURA", etc.

Operates education, guidance, advice, and assistancebusinesses to develop entrepreneurial and managerial
talent.

14

Investment Segment: Sales and Breakdown of Operational Investment Securities
The segment achieved FY03/21 sales of ¥5,937 million on the sale of securities, fund performance fees
recorded by Venture United, Inc., and gains on distributions from investment in funds as LP.
At end-FY03/21, operational investment securities totaled ¥30,953 million.*

Sales Trend (Millions of yen)

Breakdown of Operational Investment Securities

7,075

InvesteeCompanies

As of March 31, 2021

(amount on BS)

5,937

20年3月期
FY03/20

Listed shares

Mercari, Inc.
SOCIALWIRE Co., Ltd.
CyberBuzz, Inc.

Approx. ¥27.0 Bn

Unlisted
sharesMore than
50 companies

Approx. ¥2.7 Bn

Investment infunds as LP

More than
25 funds

Approx. ¥1.3 Bn

21年3月期
FY03/21* Of this amount, operational investment securities related to Mercari totaled ¥26,355 million (3.3% of voting rights held, as of March 31, 2021).
Unlisted shares are valued at investment book value; listed shares are marked to market.
15

Investment Segment: Investment Portfolio

Major Directly Invested Start-ups

Major Invested Funds as LP

Post IPO

Middle ~ Later

Seed ~ Early

16

Investment Segment: IPO Approval of WonderPlanet Inc.
Portfolio company WonderPlanet Inc. has been approved for listing on the Mothers market of the Tokyo
Stock Exchange, with its IPO scheduled for June 10, 2021.

Scheduled IPO dateand our stake•

IPO is scheduled for June 10, 2021.

•

We had an 8.3% stake in the company at the time of IPO approval.

WonderPlanet Inc.
Representative

Tomoki Tsunekawa, Representative Director & CEO

Establishment
date

September 3, 2012

BusinessEngaged in the entertainment services business, including gameapplication development

Key titles

Crash Fever*, Jumputi Heroes

Results

Sales of ¥3,433 million, operating income of ¥332 million(FY08/20 results)*Jointly operated with our company

17

Ad Technology Segment: Sales and Operating Income
Both sales and operating income decreased YoY due to downsizing ahead of our withdrawal from the
App Install Ad business.
Meanwhile, sales in the Web Ad business, which will be continued, increased 17% YoY.

Operating Income Trend (Millions of yen)

Sales Trend (Millions of yen)
Marketing
App Install Ad

Operating income
Gross profit margin*

Web Ad

6,780

20%

YoY

19%

-19%
875

5,490

771
22% 23%

YoY
1,794
1,7041,706
1,573
1,510
1,444
1,344

Web AdYoY+17%

20%

19%

-12%

FY03/20199

FY03/21

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

FY03/20

FY03/21

18%

256

1,190

21年3月期

20%

280

1Q

FY03/202Q

FY03/21

206

223
196
145

138

20年3月期

19%

17%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

FY03/20

FY03/21* Gross profit margin trends excluding the marketing business.

18

Content Segment: Sales and Operating Income
Sales were down 54% YoY as we pared down the business portfolio.
Operating income increased ¥1,806 million YoY due to the discontinuation of some operations and acertain amount of earnings generation in the areas in which we will continue to operate.

Operating Income Trend (Millions of yen)

Sales Trend (Millions of yen)
Discontinued operations*1
Continuing operations*2

243

5,200
YoY

-54%

271

282

38
21
29

2,685

-38

1,524
1,407 1,396

87 58

853
842

57 38

-1,834761 872
227 570 641 606

2,379

565

4
564

FY03/21
21年3月期

60 85 78 58

-478

4

FY03/20
20年3月期

58△ Q2 Q3 Q4
Q1 Q2 Q3 Q4
△ Q1

2,384

2,515

95

85 78

670 635 644

566 641 606 565

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

FY03/20

～
～

YoY

～～

+1,806 million

～

-561
-738
△ 419
△ 473

△ 708

△ 1,563

FY03/20

FY03/21

FY03/20

FY03/21

FY03/21*1: Smarprise, Inc., ALAN-PRODUCTS, Inc., RAPS Inc., CocoPPa Dolls, etc.
*2: Fogg, inc., TREiS, inc., International Sports Marketing Co., Ltd., CocoPPa Play

19

Agenda1

Financial Highlights of FY03/21

P1

2

Performance by Segment in FY03/21

P7

3

FY03/22 Outlook

P20

4

Appendix

P25

This presentation contains statements describing future plans, strategies, and performance forecasts of United and its affiliated companies. These statements
reflect forecasts based on management’s assumptions and beliefs using information available as of the date of this presentation. The accuracy of this information
is not guaranteed. Actual performance may differ substantially due to unforeseen circumstances in the operating environment. Company names and productnames are trademarks or registered trademarks of their respective companies.

20

FY03/22 Forcast

Forecast

ActualDifferenceSales

13,000 million yen

12,601 million yen+ 3%Operating
IncomeOrdinary
Income5,700 million yen

5,606 million yen+ 2%5,700 million yen

5,645 million yen+ 1%

Net Income*

3,900 million yen

3,728 million yen+ 5%186.00 yen

168.07 yen

+11%

EPS

*: Refers to net income attributable to owners of parent.
Note: Earnings forecasts are formulated based on actual results through FY03/21 and other available information and forecasts.
Sales forecasts and YoY changes are based on the “Accounting Standard for Revenue Recognition” (see Appendix).

21

FY03/22 Outlook by Segment

Segment

Sales
(YoY)

Operating Income(YoY)

Forecast

DX Platform Segment

Planning to continue ramping up hiring andad spend.

Investment Segment

Expecting further capital gains frominvestments while continuing to sell sharesin post-IPO companies.

Ad Technology Segment

Sales and operating income expected todrop on withdrawal from the App Install Ad
business.

Content Segment

Planning to continue generating earnings.

22

Share Repurchase Program

We plan to repurchase ¥3,000 million worth of company shares to improve capital efficiency.
Additionally, we are considering carrying out share repurchases on an ongoing basis.

Details of share repurchaseTotal amount to beacquired

Up to ¥3,000 million

Total number of shares tobe acquired

Up to 2,000,000 shares (9.2% of outstanding shares excluding

Planned acquisition
periodMay 12, 2021 (Wednesday)―February 28, 2022 (Monday)

Acquisition method

Market purchases on the Tokyo Stock Exchange (based on atreasury shares)

discretionary trading contract)23

Retirement of Treasury Shares
We plan to retire our treasury shares in two separate transactions to boost the value of shares.
Assuming we acquire the maximum number of shares allowed for the repurchase program, the total
number of shares to be retired will be equivalent to 13.5% of outstanding shares.

Retirement of treasury shares
1. Retirement of treasury
shares already held
Planned retirement date:
May 31, 2021 (Monday)

2. Retirement of treasury
shares to be acquired
Planned retirement date:
March 31, 2022 (Thursday)

1,200,000 of 1,823,066 treasury shares held
5.1% of total shares outstanding as of May 11, 2021

All treasury shares to be acquired as part of the repurchase program
8.4% of total shares outstanding as of May 11, 2021, assuming the maximum 2,000,000
shares allowed in the repurchase program are acquired*Remaining 623,066 treasury shares (2.6% of total shares outstanding as of May 11, 2021) will be allocated to share-based remuneration, etc.
24

Agenda1

Financial Highlights of FY03/21

P1

2

Performance by Segment in FY03/21

P7

3

FY03/22 Outlook

P20

4

Appendix

P25

This presentation contains statements describing future plans, strategies, and performance forecasts of United and its affiliated companies. These statements
reflect forecasts based on management’s assumptions and beliefs using information available as of the date of this presentation. The accuracy of this information
is not guaranteed. Actual performance may differ substantially due to unforeseen circumstances in the operating environment. Company names and productnames are trademarks or registered trademarks of their respective companies.

25

FY03/22: Change in Revenue Recognition Standard
Starting in Q1 FY03/22, we will adopt the “Accounting Standard for Revenue Recognition*”.
This changes the way we record sales in the Ad Technology Segment but will not affect line items fromgross profit and below.

Before (gross sales)
Client payments are recorded as gross sales (includes some net sales), and payments to advertising
media are deducted as cost of sales.

ClientOur ad network

Ad media

Ad fees

Media fees

(Record sales)(Record cost of sales)

After (net sales)
Ad media payments are deducted from client payments and recorded as net sales.
No change in line items from gross profit and below.

ClientOur ad network

Ad media

Ad fees - Media fees
(Record sales)* “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29) and “Guidance on Accounting Standard for Revenue Recognition” (ASBJ Guidance No. 30)
26

Consolidated P/L Statement Q4 FY03/21
Difference
Q4 FY03/20

Q3 FY03/21

Q4 FY03/21（Millions of yen）

Sales
DX Platform Segment

Investment Segment
Ad Technology Segment
Content Segment
Other Segment

Gross Profit
DX Platform Segment
Investment Segment
Ad Technology Segment
Content Segment
Other Segment

SG&A expenses
Operating Income
DX Platform Segment
Investment Segment
Ad Technology Segment
Content Segment
Other Segment

Ordinary Income
Net Income *

YoY

4,926
692
1,788
1,573
872
-1
2,702
266
1,713
422
300
869
1,833
116
1,670
256
38
- 248
1,887
1,001

2,850
660
249
1,344
606
- 10
931
150
208
307
264
-0
703
227
- 29
190
196
78
- 208
217
127

2,479
644
79
1,190
565
-0
605
18
73
261
252
-0
692
- 86
- 170
55
145
58
- 175
- 132
- 122

- 50%
- 7%
- 96%
- 24%
- 35%
+0
- 78%
- 93%
- 96%
- 38%
- 16%
-0
- 20%
- 1,920
- 286
- 97%
- 43%
+50%
+72
- 2,019- 1,124

QoQ

- 13%
- 2%
- 68%
- 11%
- 7%
+9
- 35%
- 88%
- 65%
- 15%
- 5%
+0
- 2%
- 314
- 141
- 71%
- 26%
- 26%
+32
- 349
- 250

*: Refers to net income attributable to owners of parent.
27

Consolidated Balance Sheet for End of FY03/21（Millions of yen）

Current Assets

End of FY03/20(Mar. 31, 2020)

End of FY03/21(Mar. 31, 2021)

Difference

32,00046,115+14,115

Cash & Deposits

8,381

13,774+5,392

Operating Investment Securities

20,992

30,953+9,961*

1,591

1,240

- 351

114

0

- 114

Total Assets

33,59247,356+13,763

Current Liabilities

2,124

3,114

+990

Non Current Liabilities

4,935

8,206

+3,270

4,582

8,098

+3,516

Total Liabilities

7,060

11,321+4,260Net Assets

26,532

36,034+9,502

11,662

18,571+6,909*Non Current Assets
Amortization of Goodwill

Deferred Tax Liabilities

Unrealized Gain on Securities** : Of this amount, the impact of revaluation (mark-to-market) and disposal of operational investment securities (listed shares) was as follows:
operational investment securities +¥10,076 million, deferred tax liabilities +¥3,100 million, valuation difference on available-for-sale securities: +¥7,025 million
28

Consolidated Cash flow statement

FY03/20

FY03/21

Difference*1*2

Cash flow from Operating Activities

2,007

6,992

+4,985

Cash flow from Investing Activities

- 367

- 171

+195

Cash flow from Financing Activities- 2,069- 1,428

+640

8,381

13,774+5,392*3

Cash and Cash Equivalents at
End of Period*4*1: Of this amount, -¥4,336 million from income taxes paid.
*2: Of this amount, ¥724 million from income taxes refunded.
*3: Of this amount, -¥992 million from share repurchase, and -¥1,095 million from cash dividends paid.
*4: Of this amount, -¥754 million from share repurchase, and -¥378 million from cash dividends paid.
29

Consolidated Sales and Operating Income in Previous Fiscal Years

Recorded gains on thesale of securities
accompanying thelisting of Mercari, Inc.

(Millions of yen)

Sales
Operating Income

Implemented selection
and concentration while
securing a certain level of
earnings

Profitability improved despite
lower sales due to thecompletion of selection andconcentration

27,58020,911
16,338

14,595

14,444

11,131

11,084

8,330
1,509

1,395

5,101

1,648

5,606

370
FY03/15

FY03/16

FY03/17

FY03/18

FY03/19

FY03/20

FY03/2130

Operating Income, by Segment
Content Segment turned profitable as we discontinued some operations.
DX Platform Segment reported lower operating income owing to ramped-up hiring and higher ad spend
for further growth.

Operating Income, by Segment

～ ～～
6,100

6,549

DX Platform

6,520

5,647

Investment
Ad Technology
Content

1,960

～

2,081
1,179

878
1,670

2,491

875

239

138
38
△ 708

△ 1,563

20年3月期
FY03/20

1,386

243
771
△ 141

21年3月期
FY03/21(Millions of yen)

5,595

Q1

～
5,384

1,001

199
67

280
17

△ 473

△ 419

38
256
116

21
206
△ 17

400
17
85
223
74

435
190
78
196
△ 29

88
55
58
145
△ 170

Aired TVcommercial

Q2

Q3

FY03/20

Q4

Q1

Q2

Q3

Q4

FY03/21

Note: Excludes headquarters expenses.
31

Investment Segment: Sales
Q4 sales totaled ¥79 million reflecting gains on distributions from investment in funds as LP.

Sales Trend (Millions of yen)
7,075

～～
5,937

2,637

5,456

～

1,788

～

1,566

1,083

152

20年3月期
FY03/20

21年3月期
FY03/21

Q1

Q2

Q3

FY03/20

Q4

Q1

Q2

249
79
Q3

Q4

FY03/2132

Number of Consolidated Employees and Directors
Added consolidated
subsidiaries through
M&A(Unit: Numbers employed)
Temporary employees
Other full-time employees

653

645

Content full-time employees

619

612

Ad Technology full-time employees

146

DX Platform full-time employees

135
127

126

Directors(United directors, corporate auditors and outside directors)

453

51
55

425
401

404

380
96
26

Personnel transfers
accompanying a shift in
focus to the DX Platform
Segment

106
48
46

88

385

400
365

78
117
28

108

80
46

38

138

144

348

342

332

48

49

50

39

41

95

94

94

73

65

58

52

94

93

92

91

8
Q1

8
Q2

8
Q3

8
Q4

74
50

54

42

320

327
314

46

303

42

263

175
137

56

540

Number of consolidated
subsidiaries fell due toselection and concentration

184

131

98

149

73
97
12
12
Q1

93

13
12
Q2

89

13
12
Q3

FY 18/03

88
14
12
Q4

100

15
11
Q1

98
18
11
Q2

93
20
11
Q3

FY 19/03

90
21
11
Q4

108
21
11
Q1

101

83

23
11
Q2

31
11
Q3

FY 20/03

65
11
Q4

37

FY 21/03

33

Corporate Structure
To further strengthen the DX Platform Segment, which we are focusing on as a growth driver,
we split off the Ad Technology Segment and the Game business, and consolidated the Investment
Segment under Venture United, Inc. With these moves, the parent company will focus on the DX
Platform Segment as its main business.
Before the Change

From FY02/21

DX Platform Segment
Investment Segment
Ad Technology Segment

DX Platform Segment

DX Consulting Business

Content Segment(Game)

Related Companies

Related Companies
DX Platform Segment

DX Platform Segment
Investment Segment
Investment Segment
Ad Technology Segment
Content Segment
Content Segment

34

DX Platform Segment: Group Companies and business overview

KiRAMEX Co.
Online Programming Education Business
Operation of a range of services (e.g., career support for
students, media management) centered on TechAcademy,
an online school where students learn about programming
and app development

Brewus, Inc.
App and System Development Business
Development across a wide range of domains focusing on
apps.

DX Consulting Business
Consulting services to support DX of companies

35Ad Technology Segment: Group Companies and business overview

UNITED Marketing Technologies Inc.
Operates the following ad technology products

Products

DSP specializing smartphones

SSP specializing smartphones

Ad network optimizing ad effectiveness36

Content Segment: Group Companies and business overview

Plus U ,Inc.
Operates games such as CocoPPa Play and Crash
Fever

Fogg, inc.
Operates CHEERZ, a service to help invigorate artists’activities

International Sports Marketing Co., Ltd.
Produces sports-related websites and plans anddevelops media

TREiS, inc.
Plans and operates Dream Mail, a sweepstakes
and gift site37