デジタルガレージ（4819）
Contents
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5. GMO 1 3769 1 9984 JASDAQ
6. 1 8 000 66 79 33 3 2013 8 1 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Resea
7. JCB http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 48 19 SR Research Report 2015 6 2
8. 10 758 6 4 987 12 49 E EC s Sh ared Wesearch http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved
9. E Weaknesses
10. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 48 19 SR Research Report 2015 6 2
11. Scheme of Arrangement SOA SOA econtext Asia 759 SOA Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 48 19 SR Research Report 2015 6 2
12. shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4819 SR Research Report 2015 6 2 4 2011 2012 1 347 9 350 0 351 4 353 1 7 4 0 6 0 496 0 596o 172 8 161 4 161 4 151 5 5 96 6 696 0 096 6 196 49 796 46 196 45 996 42 996 28 7 33 0 31 9 35 2 96 15 096 396 10 396 8 296 9 496 9 196 10 096 27 8 23 3 24 0 27 1 6 996 16 296 3 096 12 996 8 096 6 796 6 896 96 16 0 18 6 16 6 16 0 9 196 16 396 10 896 3 696 696 5 396 Z96 4 596 102 6 1 13 117 5 123 4 19 796 10 896 396 5 096 29 596 32 596 33 496 34 996 PC 4
13. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 48 19 SR Research Report 2015 6 2 API E
14. Twitter
15. BIG MINING 5 475 118 2 1 646 467 6 DG IPO 3 86 DG717 Betaworks Studio LLC
16. PV UU 1 Lean Startup Lean UX Lean Startup
17. SR Inc SR Inc Shared Researcn SR Inc SR Inc SR Inc
18. DG App Works Betaworks Studio Chartbeat App Works Chartbeat Betaworks Studio 2015 6 2 2
19. 2 2 3 Twitter
20. 2 1 2 NC Lean Startup 2 Neo Innovation Singapore Pte Ltd Twitter Salesforce com Groupon Pivotal Labs
21. SNS SNS Facebook MySpace mixi GREE WEB WEB SNS Q amp A
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26. SR 2011 6 2012 6 2014 6 Shared Wesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4819 SR Research Report 2015 6 2
27. 2013 6 SR 2013 6 349 420 020 2013 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 48 19 SR Research Report 2015 6 2
28. 2012 9 E http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 48 19 SR Research Report 2015 6 2 econtext Asia Limited 2012 12 econtext Asia IPO O20 ys Japan Asia
29. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 48 19 SR Research Report 2015 6 2 PO 020 Online to Offline CRM
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41. BIG MINING EC 600 8 2013 6 sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
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45. 1995 TIT Information Technology MT Marketing Technology FT Financial Technology 3
46. 2014 1 5 000 10 HAMOLO 2014 1 20 2014 6 2 2014 6 2 15 600 15 000 750 300 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 48 19 SR Research Report 2015 6 2 1 600 350 1 300 100 1
47. econtext Asia Limited E IPO 1 036 11 7 79 78 1 DG
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49. E Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 48 19 SR Research Report 2015 6 2 1 07 05 6 06 6 07 6 08 6 09 6 10 6 11 6 12 6 13 6 14 6 15 6 79 790 1583 1594 185 9 1659 186 2 219 1 235 6 47 230 8 47 230 8 EPS 84238 42947 1743 152619 30 873 3 119597 46792 9 759 0 12041 9 60 7 110 6 EPS 0 O00 2 USY 1 4673 1 97536 120276 60 5 DPS 0 0 0 0 0 0 00 10 000 0 0 0 00 10000 1 000 0 5 0 25 0 BPS 85 031 5 91 745 5 4609009 300665 649456 47 496 8 53120 2 930722 109707 2 648 1 2 SR 3 56 6CC 2007 1 1
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57. 2008 Facebook Facebook SNS facebook 2010 3 Twitter
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61. 2 000 000 0 89 2014 11 20 2014 12 18 2015 1 16 2014 10 2014 10 29 DG Fleksy Fleksy Fleksy 2013 12 Android Flesky 200 iOS8
62. 2013 12 25 9 600 1 82 200 789 120 000 2013 11 1 Digital Garage US Inc DGUS DGUS Neo Innovation Inc Neo 11 1 Neo New Context Services Inc DGUS
63. Digital Garage US Inc OD Neo Innovation Inc Lean Startup Neo Innovation Singapore Pte Ltd Pivotal Labs Singapore Pte Ltd EdgeCase LLC 2013 DG717 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 48 19 SR Research Report 2015 6 2
64. 020 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 48 19 SR Research Report 2015 6 2 NTT NTT EC 02O Online to Offline 2013 3 2013 3 29
65. 2015 6 2015 6 econtext Asia Limited 2015 5 13 2015 6 3 2015 6 3 Sh ared Wesearch http www sharedresearch jpD Copyright C Shared Research Inc All Rights Reserved 48 19 SR Research Report 2015 6 2 2015 5 12
66. 2011 5 Twitter 2011 6 1 452 1 180 2010 6 7 688 2010 6 144 sSh ared lesearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserv
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101. AdTechonology 3 2014 6 140 3 40 322 9 4 356 28 2 3 7 4751
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103. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 48 19 SR Research Report 2015 6 2 2012 8 2015 6 3 EBITDA Earnings before interest taxes depreciation and amortization EBITDA 2015 6 EBITDA 100 2012 6 50 2014 6
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107. Twitter Twitter NextDG SNS LinkedIn SV Memolane SBI EC 48 19 SR Research Report 2015 6 2 econtext Asia Limited 2012 10 1990 1983 1993 1995 1996 infoseek
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113. Neo Innovation New Context Services Inc DGUS DGUS 2011 8 1 Pivotal Labs Google Twitter DGUS
114. 500 Startups http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 48 19 SR Research Report 2015 6 2 Digital Garage US Inc gt gt W lt gt New Context SerVice Inc Neo Innovation Inc Diqital Garaqe US Inc Digital Garage Development LCC gt 5 nh at San Francisco Singapore SR Digital Garage US Inc DGUS 2011 7 2013 11 DGUS Neo Innovation Inc New Context Inc Digital Garage Development LLC
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125. 2 econtext Asia Limited 3 2 2014 1 7 EC Bilna DG EC Bilna http www bilna com PT Bilna CEO Ferry Tenka Bilna 2012 12 P amp G Nestle Danone 500 10 000
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143. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 48 19 SR Research Report 2015 6 2 Pivotal Labs Neo Innovation Inc INeo Innovation 2012 1 Neo Innovation Singapore Pte Ltd Pivotal Labs Singapore Pte Ltd EdgeCase LLC EdgeCase Neo Innovation DG
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145. Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 48 19 SR Research Report 2015 6 2 econtext Asia Limited IT TIS EC TIS IT econtext ASIA EC A EC
146. 1 4 12 1 14 3 1 6 8 8 18 2 11 0 13 2 16 8 633 339 589 2 431 5 451 2 208 901 2 106 2 716 2 847 5 200 66 4 46 5 73 9 133 8 28 9 4 8 82 6 8 1 2 7 3 4 15 8 8 1 14 1 9 7 8 4 13 0 79 79 158 159 186 186 186 219 230 47 231 EPS 8 423 8 4294 7 371243 152819 308733 119599 7 4679 2 97590 12041 9 60 7 110 6 EPS 7 763 5 3971 7 3 666 2 30859 1 4673 1 97536 12027 6 60 5 DPS 00 0 0 0 0 0 0 10000 0 0 0 00 1000 0 1000 0 5 0 25 0 BPS 65031 5 91 745 5 460909 300665 649456 474966 531202 9072 2 109707 2 646 1 6 816 7 576 13 499 9 898 13 13 4600 4785 12 308 15 329 24 295 0 4 529 3 769 1 731 90 324 912 1904 2641 6064 6 785 9 948 3101 3 591 5 449 3413 4351 7 576 9037 8 597 13 601 17 523 31 919 29 855 24 001 14 208 14 345 28 005 33 837 45 455 23 300 360 409 56 430 377 913 2039 2159 EO 4252 3 831 2 565 2883 2319 2819 3596 7 341 9041 14 808 6 146 6 120 7544 6 910 3 899 2 249 210 13 080 11094 8 588 24 232 27 774 42 408 40 057 30 275 19 706 20 421 49 339 56 011 71 010 1123 1239 10 640 7 249 1238 1021 541 1141 1232 1630 1366 1642 6 858 8 586 4 987 2809 2519 10 740 305 3 691 0 10 238 9 543 6 3
147. CGM 74 Neo Innovation 100 Neo Innovation Singapore 100 DG 100 Open Network Lab 70 2013 6 DG 100 Open Network Lab 70 Neo Innovation 100 Neo Innovation Singapore 100 a CGM 74 econtext Asia 100 100 100 SR DG Neo Innovation Inc
148. 2015 6 EBITDA 100 2012 6 50 2015 6 40 000 18 5 4 500 72 5 6 700 50 8 5 200 82 6 EBITDA 90 100 SR
149. 48 19 SR Research Report 2015 6 2 NaviPlus 5 ee ra BIG DATA SR 12 6 13 6 14 6 25 1 51 5 39 9 1303 1201 14 7 SR 2012 4 SBI
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151. 8 127 11 79 398 359 4 431 1 174 147 7 781 100 59 20 3 21 59 8 8 3 3 17 59 10 7 19 5 13 79 11 19 20 86 21 129 20 49 Com
152. Neo Innovation Singapore Pte Ltd x x http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 48 19 SR Research Report 2015 6 2 BI GARAGE
153. SR Research Report 2015 6 2 4819 sr_inquiriesQsharedresearch jp 00 48 19 SR Research Report 2015 6 2 3 4 1 5 5 8 000 01910 8 0 22 22 SW Strengths Weaknesses
154. 18 396 Auyeaek pu ly 14 696 2014 12 1 5 SR Google PayPal Twitter SV Angel SV Angel 500 Startups SV Angelj
155. 4 2008 10 2009 5 2009 6 2009 6 2009 8 2010 5 2010 6 2011 5 2011 6 2011 7 2011 11 2012 4 2012 9 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved SR Research Report 2015 6 2 45 3 DG ITI DG BI GARAGE
156. 48 19 SR Research Report 2015 6 2 3 670 19 6 245 80 2 6 79 4 49 3 421 4 4 316 55 29 E EC
157. econtext Asia Limited 1 8253 1 2 3 econtext Asia 12 174 7 5 1 649 econtext Asia 2013 6 3 2013 3 12
158. E 2011 E 1 1 400 1 120 000 2 GMO 990 2 41 617 3 939 3 GMO 32 000 4 SBI 400 4 22 000 5 329 5 UFJ 16 500 6 263 6 16 007 7 150 7 15 000 8 116 8 8 000 SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4819 SR Research Report 2015 6 2
159. 11 6 19 7 13 4 30 1 7 69 37 79 30 4 63 3 48 0 SR 2015 6 3 3 26 265 9 9 2 201 85 5 1 522 689 4 394 75 9 2 301 4 079 117 8
160. 20 7 2015 6 E NN
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163. 2010 6 2013 6 5 2012 6 2014 6 2012 6 8 245 2014 6 6 371 5 252 1995 8 1996 10 infoseek
164. 3 SW Strengths Weaknesses Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4819 SR Research Report 2015 6 2 05 6 06 6 07 6 08 6 09 6 10 6 11 6 12 6 13 6 14 6 7 846 12 476 17 339 39 583 34 499 8 347 11 067 14 904 27 965 33 752 40 000 26 2 59 0 39 0 128 3 12 8 75 8 32 6 34 7 87 6 20 7 16 5 3 182 5 849 7 279 10 842 12 441 1 717 2 785 4 259 6 432 8 217 82 8 83 8 24 4 46 9 14 7 66 2 62 2 52 9 51 0 27 6 40 6 46 9 42 0 27 4 36 1 20 6 25 2 28 6 23 0 24 3 443 1 704 1 613 172 981 960 135 1 622 1 322 2 608 4 500 238 6 284 7 5 3 1097 0 16 5 97 2 72 5 5 6 13 7 9 3 2 8 1 2 10 9 4 7 7 7 11 3 109 1 505 2 476 375 538 457 973 2 709 3 079 4 442 6 700 151 6 1286 7 64 5 178 5 13 6 44 3 50 8
165. DC Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved SR Research Report 2015 6 2 4819 DG 3 EBITDA 100 14 6 15 6 EBITDA 13 6 PB ul ram xn 1n 29 86 100 PS 100 56 95 48 TT 7 355 8 173 3 D421 714 1 4 616 1 5 661 1 6 369 hh SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 48 19 SR Research Report 2015 6 2
166. Neo Innovation Inc Lean Startup Neo Innovation Lean Startup Neo Lean Fund Lean Startup Neo Innovation Eric Ries Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 48 19 SR Research Report 2015 6 2 Neo Innovation 80 Neo Lean Fund 2013 2 2013 2
167. 1 179 246 81 1 706 90 2 802 742 7 110 9 970 812 1010 1310 40 2 919 24 4 29 7 180 28 9 9 7 9 1 88 386 180 7 1 180 2 531 53 3 960 163333 1144 10 05 0 1 10 7 17 0 172 981 960 135 1 622 1 147 527 151 659 1024 1 422 3 542 108 243 159 1 595 884 144 688 1 857 SR http Wwww sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4819 SR Research Report 2015 6 2 2012 6 a 100
168. 13 5 11 0 10 8 15 2 13 2 19 4 14 6 16 8 914 1 802 2 716 1 426 1 421 2 847 3 507 1 693 5 200 49 6 20 5 28 9 56 1 21 1 4 8 145 9 19 1 82 6 SR 2015 6 40 000 18 5 4 500 72 5 6 700 50 8 5 200 82 6 2014 20 2015 6 5 20 1 25 7 500 37 0 3 600 2 2 17 000 14 7 1 100 28 8 15 500 15 2 1 450
169. 2 4 2013 6 2 2013 6 2 13 840 13 800 470 350 1 150 850 900 650 2013 6 Sh aredd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 48 19 SR Research Report 2015 6 2 27 000 25 000 1 650 2 800 1 700 2 1 2012 E 2 3
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171. 2 PayPal EC 2013 11 2005 3 2012 3 349 2012 3 7 444 1 300 2014 6
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173. 2008 Payment ECOontext HKExi1390 Enabling Platform 2 SR SR Research Report 14 6 52 20 796 5 475 118 2 16 296 14 822 3 4 296 43 996 13 45 4 6 696 39 996 2 608 1 646 854 1 201 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 2015 6 2 4819 SR Research Report 2015 6 2 3 2013 6 2012 4 2012 6
174. 27 econtext Asia Limited 1 8316 1 2 econtext Asia 16 232 10 2 199 econtext Asia 2013 6 3 2013
175. 27 964 7273 15 623 23 894 33 752 8 127 17 887 26 265 65 7 40 000 55 2 119 9 76 8 87 6 37 0 12 8 17 5 20 7 11 7 14 59 9 9 18 5 1050 3113 4455 6432 1393 3494 5220 8217 1873 4 736 6573 6 2 83 5 8 4 40 3 32 6 12 2 17 2 27 89 34 59 35 59 25 9 6 19 8 36 5 68 7 84 2 19 1 22 4 21 89 24 3 23 0 26 59 25 0 1101 2641 3831 5110 1306 2682 4033 5609 1475 2997 4372 61 6 89 4 82 49 72 5 18 6 1 6 5 3 9 8 12 9 11 7 8 4 20 7 30 9 59 1 66 9 18 0 17 2 16 9 16 6 18 2 16 89 16 6 51 473 624 1 322 87 812 1187 2 608 398 1739 2201 48 9 4500 56 1 69 0 18 5 71 8 90 2 97 2 359 49 114 1 85 5 6 72 5 5 5 9 6 17 3 12 5 2 5 0 7 7 499 9 7 8 4 11 3 167 1167 1887 3079 474 1687 2498 4442 1174 3464 4394 65 6 56700 71 9 75 5 34 0 13 6 183 4 44 5 32 4 44 3 147 7 105 39 75 9 6 50 8 3 2 13 7 29 1 40 3 6 5 10 8 10 5 13 2 14 4 19 49 16 7 16 8 214 914 2208 2716 389 1426 1873 2847 781 3 507 4079 5 78 46 5200 59 9 49 6 6 4 28 9 82 3 56 1 15 2 4 8 100 5 145 99 117 8 82 6 4 0 10 7 34 1 35 6 5 4 9 1 7 8 8 4 9 6 19 6 15 5 13 0 SR
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177. 6 30 1 SR DG Digital Garage US Inc Open Network Lab 1 2 DG Open Network Lab 2012 6
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179. 76 3043 3 841 7099 1740 1 540 1 295 2 238 2 842 2 SR 5 5 2010 6 2014 6 2010 6 2014 6 5 2012 6 2014 6 2012 6 Shared esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 48 19 SR Research Report 2015 6 2 5 678 2 549 2014 6 4 189 512
180. 81 7 1 72 8 14 596 5 696 5 696 5 696 22 296 23 396 21 996 20 696 32 0 40 4 50 6 39 296 2 096 26 396 25 296 296 9 196 11 596 14 396 DY SR SR 1 4307 7 3 2014
181. 9 004 E B2C E E 2012 E B2C EC 3 1 2 8 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4819 SR Research Report 2015 6 2 B to C EC 2008 2009 2010 2011 2012 EC B to C 6 089 6 696 7 788 8 459 9 513 13 9 10 0 16 3 8 6 12 5 EC 1 8 2 1 2 5 2 8 3 1 SR E 2014 12 PC IT
182. 99 914 6 691 5 74 6 169 14 956 18 230 16 434 14 380 13 784 26 384 27 636 17 361 9 941 9 933 28 506 21 802 25 461 502 3 290 3446 2070 646 670 351 183 6 800 8 841 550 3 322 4 280 2 705 925 936 592 356 6 950 9 059 i 14 929 17 106 30 664 30 341 18 286 10 877 10 526 28 862 28 752 34 520 9 330 10 668 11 744 9 717 11 989 8 830 9 896 20 477 27 259 36 490 1667 4 932 10 304 10 656 5 833 3 480 2870 10 923 7 105 12 532 2295 1 898 779 1049 1964 5 163 132 2 542 3 212 35 4 166 3 306 3350 486 7 347 1 234 165 9 411 1 515 5 155 9 17 574 2807 203 2 15 3 295 508 15 273 1817 11 261 ROA 0 6 5 8 7 1 1 5 8 4 8 7 9 5 8 7 0 ROFE 13 6 4 9 8 1 65 0 9 7 14 0 11 8 10 1 27 6 26 1 17 2 12 0 39 6 44 5 46 1 41 1 45 9 42 9 2 SR 6 3 2013 10 1 C 1 0000 U3 http www sharedr
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185. econtext Asia IPO E EC E econtext Asia Limited 20 30 Sendo Sendo Technology JSC 3 023 26 3 1 139 141 6
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