Creating the Visional holding company and listing on TSE Mothers (2021)
Removing the name as an investment in what comes next
Read as a successful IPO whose opening price ran 43% above the offer price, the substance of this decision disappears from view. What happened in 2020 was not a fundraising but an exchange of name and structure. At a point when the BizReach business accounted for 80% of consolidated revenue, Minami — admitting himself that it might be premature — placed a holding company above it and took the name of the widely known flagship service off the corporate name. The core of it appears to lie there: giving up the asset of recognition in order to build, in advance, a form that could not be read as a one-business company.
Getting the form right first, however, did not mean the substance followed at once. Five years after the holding company was created, in the year ended July 2025, HR Tech earned $514.5M (¥77bn) of revenue and $165.1M (¥25bn) of profit, while Incubation produced $20.7M (¥3bn) of revenue and a loss of $11.4M (¥2bn). Some of what was carved out, like BizHint, was let go altogether. A decision to prepare the structure ahead of time imposes on the company the waiting time until a second pillar stands. Whether reality catches up with the name Visional has yet to be established.
Revenue and net margin, FY2015–FY2025
Revenue in ¥ bn (bars) and net margin in % (line), for the years around the decision. Shaded columns are FY2020 onwards — after it was taken.
Source: securities reports
Read the full dossier in Japanese →
The Japanese edition carries the complete record of this decision — the situation that forced it, the options weighed, what actually followed, and the sources behind every claim.
Other key decisions at Visional
Yen amounts are converted at the average rate of each figure’s own year — not today’s rate; the revenue chart is shown in yen. Exchange rates & sources — the full ¥/US$ table →
Disclaimer
- This page is provided for general information only and is not investment advice, nor a recommendation to buy or sell any security.
- Figures are compiled independently and include our own estimates, approximations and machine-processed data; we make no warranty as to their accuracy or completeness.
- Sources are primarily each company’s securities reports and other public filings, but errors and omissions may remain.
- Any use of this information is at the reader’s own risk. Past performance does not indicate future results.
- Company names, logos and other marks belong to their respective owners.
Data API
Visional’s history, financials, executives and
shareholders are published as static JSON — no key, plain GET.
Full specification →
| Method | Endpoint | Returns |
|---|---|---|
| GET | /api/companies.json | All companies |
| GET | /api/4194/manifest.json | Resource index |
| GET | /api/4194/history.json | History overview |
| GET | /api/4194/timeline.json | Chronology |
| GET | /api/decisions.json | All management decisions (index) |
| GET | /api/4194/decisions.json | Management decisions (index) |
| GET | /api/4194/decisions/{slug}.json | One decision (full dossier) |
| GET | /api/4194/executives.json | Executives |
| GET | /api/4194/shareholders.json | Major shareholders |
| GET | /api/4194/financials.json | Financial statements |
| GET | /api/4194/financials-longterm.json | Long-term results |
| GET | /api/4194/segments.json | Business segments |
| GET | /api/4194/regions.json | Sales by region |
| GET | /api/4194/workforce.json | Workforce |