Cyber Solutions Inc., founded by an entrepreneur with a 55 billion JPY exit experience, publicly shares its IPO support case study – Behind the scenes of IFRS adoption and building a management system to prevent over-reliance on individuals
Bridge Consulting Group (BCG) has released a case study of its IPO support for Cyber Solutions Inc., a company whose founder has a 55 billion JPY exit experience. The case focuses on IFRS adoption and establishing a management system to prevent over-reliance on specific individuals, aiming for the shortest possible IPO timeline.
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- 📰 Published: April 23, 2026 at 17:00
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Bridge Consulting Group Inc. (Headquarters: Minato-ku, Tokyo; Representative Director CEO: Ryoichi Miyazaki; hereinafter “BCG”) interviewed Mr. Yuzaburo Tsuchiya, Executive Officer, and Mr. Kenta Shinke and Mr. Tatsuhito Hayasaka of the Finance Department at Cyber Solutions Inc. (Headquarters: Minato-ku, Tokyo; Representative Director President: Akira Hayashi; hereinafter “Cyber Solutions”), a client of BCG. The interview covered their preparations for listing on the shortest possible schedule, premised on IFRS disclosure, and the establishment of a management system to prevent over-reliance on individuals by utilizing external experts.
This case study provides highly valuable practical insights for companies advancing challenging IPO preparations with limited resources.
Read the full interview here
**Beyond past successes, aiming for a market capitalization of 100 billion JPY for IPO**
──Please tell us about the history of Cyber Solutions Inc. and the background behind aiming for this IPO.
Mr. Tsuchiya: Our representative, Mr. Hayashi, established two companies in the 90s. One was Internet Security Systems Inc. (hereinafter, ISS Inc.), and the other was the former Cyber Solutions Inc.
As ISS Inc. was preparing for its IPO, Mr. Hayashi transferred the management rights of the former Cyber Solutions Inc. to the then-management team to focus on ISS Inc.'s management. ISS Inc. went public in 2001 and was exited to IBM for 55 billion JPY in 2006. Meanwhile, the former Cyber Solutions Inc. experienced a period of sluggish performance, and Mr. Hayashi was requested by shareholders to return, becoming involved in management as chairman. After about 10 years, when performance recovered, discussions arose about whether to “go public or sell.” As a result, Mr. Hayashi partnered with a fund to conduct an MBO to acquire all shares from existing shareholders, including the former management team, leading to the current Cyber Solutions Inc. choosing an IPO.
──Despite achieving success with a 55 billion JPY buyout, why did you aim for an IPO again?
Mr. Tsuchiya: I believe Mr. Hayashi had a strong challenging spirit to grow Cyber Solutions Inc. into a company with a market capitalization of over 100 billion JPY, surpassing the previous 55 billion JPY. I also heard that he wanted to reward the members who worked with him through the IPO and felt a responsibility to continue serving customers.
**Full-scale start of IPO preparation and system establishment, background of requesting BCG**
──What was the situation like when Mr. Tsuchiya joined the company?
Mr. Tsuchiya: Daiwa Securities had already been decided as the lead underwriter, and Daiwa Securities' consulting team was involved. However, to quickly establish a full-fledged IPO preparation system, we switched to their underwriting division.
Regarding the audit firm, we had an advisory agreement with Taiyo Audit Corporation since around 2004-2005, and the relationship transitioned to an audit engagement. Since we chose to go public with limited personnel and the shortest preparation period, and to disclose financial statements under IFRS, the cooperation of external partners was essential.
Therefore, after comparing multiple firms from the perspective of cost and role allocation, we decided to request BCG, considering the balance of quality and cost, and a system that I could easily control. At the end of 2023, a kickoff meeting was held with the securities company and audit firm, and IPO preparation on the shortest schedule began.
──How was the decision to adopt IFRS made?
Mr. Tsuchiya: Our company already had goodwill and customer-related assets due to the MBO supported by a fund, and we also had a policy of actively pursuing M&A even after listing. Therefore, we decided to disclose under IFRS from the outset.
However, I personally had no experience, so expert support was essential. IFRS compliance is a particularly specialized area in IPO preparation. Cyber Solutions Inc. proceeded with IFRS compliance with the support of BCG.
**Effects of the support received**
──Were there any changes before and after receiving BCG's support?
Mr. Hayasaka: At that time, in addition to regular accounting duties, we were simultaneously handling IPO preparation, system replacement, and IFRS compliance. Entrusting the IFRS review to BCG significantly reduced our mental and physical burden. It would have been extremely difficult to do it in-house.
──Please tell us about the particularly good points.
Mr. Shinke: The fact that they created the initial drafts of deliverables from scratch was particularly good.
It would not have been realistic to do this in-house. With the foundation in place, it became clear “where to add what” when new transactions occurred, making it easier to respond.
Their support for the first step was extremely significant.
The full interview is published on our corporate website. Please take a moment to read it.
Read the full interview here
Bridge Consulting
Keywords:
This case study provides highly valuable practical insights for companies advancing challenging IPO preparations with limited resources.
Read the full interview here
**Beyond past successes, aiming for a market capitalization of 100 billion JPY for IPO**
──Please tell us about the history of Cyber Solutions Inc. and the background behind aiming for this IPO.
Mr. Tsuchiya: Our representative, Mr. Hayashi, established two companies in the 90s. One was Internet Security Systems Inc. (hereinafter, ISS Inc.), and the other was the former Cyber Solutions Inc.
As ISS Inc. was preparing for its IPO, Mr. Hayashi transferred the management rights of the former Cyber Solutions Inc. to the then-management team to focus on ISS Inc.'s management. ISS Inc. went public in 2001 and was exited to IBM for 55 billion JPY in 2006. Meanwhile, the former Cyber Solutions Inc. experienced a period of sluggish performance, and Mr. Hayashi was requested by shareholders to return, becoming involved in management as chairman. After about 10 years, when performance recovered, discussions arose about whether to “go public or sell.” As a result, Mr. Hayashi partnered with a fund to conduct an MBO to acquire all shares from existing shareholders, including the former management team, leading to the current Cyber Solutions Inc. choosing an IPO.
──Despite achieving success with a 55 billion JPY buyout, why did you aim for an IPO again?
Mr. Tsuchiya: I believe Mr. Hayashi had a strong challenging spirit to grow Cyber Solutions Inc. into a company with a market capitalization of over 100 billion JPY, surpassing the previous 55 billion JPY. I also heard that he wanted to reward the members who worked with him through the IPO and felt a responsibility to continue serving customers.
**Full-scale start of IPO preparation and system establishment, background of requesting BCG**
──What was the situation like when Mr. Tsuchiya joined the company?
Mr. Tsuchiya: Daiwa Securities had already been decided as the lead underwriter, and Daiwa Securities' consulting team was involved. However, to quickly establish a full-fledged IPO preparation system, we switched to their underwriting division.
Regarding the audit firm, we had an advisory agreement with Taiyo Audit Corporation since around 2004-2005, and the relationship transitioned to an audit engagement. Since we chose to go public with limited personnel and the shortest preparation period, and to disclose financial statements under IFRS, the cooperation of external partners was essential.
Therefore, after comparing multiple firms from the perspective of cost and role allocation, we decided to request BCG, considering the balance of quality and cost, and a system that I could easily control. At the end of 2023, a kickoff meeting was held with the securities company and audit firm, and IPO preparation on the shortest schedule began.
──How was the decision to adopt IFRS made?
Mr. Tsuchiya: Our company already had goodwill and customer-related assets due to the MBO supported by a fund, and we also had a policy of actively pursuing M&A even after listing. Therefore, we decided to disclose under IFRS from the outset.
However, I personally had no experience, so expert support was essential. IFRS compliance is a particularly specialized area in IPO preparation. Cyber Solutions Inc. proceeded with IFRS compliance with the support of BCG.
**Effects of the support received**
──Were there any changes before and after receiving BCG's support?
Mr. Hayasaka: At that time, in addition to regular accounting duties, we were simultaneously handling IPO preparation, system replacement, and IFRS compliance. Entrusting the IFRS review to BCG significantly reduced our mental and physical burden. It would have been extremely difficult to do it in-house.
──Please tell us about the particularly good points.
Mr. Shinke: The fact that they created the initial drafts of deliverables from scratch was particularly good.
It would not have been realistic to do this in-house. With the foundation in place, it became clear “where to add what” when new transactions occurred, making it easier to respond.
Their support for the first step was extremely significant.
The full interview is published on our corporate website. Please take a moment to read it.
Read the full interview here
Bridge Consulting
Keywords: