What F-Code does

F-Code (株式会社エフ・コード, TSE Growth: 9211) is a Tokyo-headquartered digital marketing and customer experience (CX) optimization company that combines proprietary SaaS tools with professional services to support enterprise and mid-market clients' digital transformation. Founded in 2006 and IPO'd on the Tokyo Stock Exchange Mothers Market in December 2021, the company reports a consolidated headcount of 850 (December 2025) and a cumulative track record of 3,000+ supported companies across D2C/e-commerce, retail, railway, education, B2B/SaaS, and healthcare verticals.

The core technology stack is the CODE Marketing Cloud platform, which unifies popup-based visitor engagement, exit-intent prevention, and behavior-triggered personalized messaging with four other SaaS modules: f-tra EFO (entry form optimization), sinclo (real-time chatbot), hachidori (LINE marketing automation with native LINE Messaging API integration and the recit video-message add-on), and KaiU (web visitor engagement and exit-prevention). Acquired assets — GORILLA-EFO from Bruce Clay Japan, the efomat suite (EFO CUBE, chroko, Butterfly, Growth Hack LTV) from Commix, and the original sinclo from Media Link — supplement the proprietary portfolio. AI/ML capability is evidenced through recommendation-style behavior triggers, NLP/text-mining references, and rule-based conversation automation, with a newly established AI ONE subsidiary (2026) consolidating AI solutions and generative AI / RPA integration services.

F-Code's revenue model is hybrid: recurring SaaS subscription revenue across the five product modules (quote-based, not publicly disclosed, billed monthly) plus professional services revenue from marketing strategy consulting, DX execution support, advertising operations, and SNS marketing. Distribution combines direct enterprise field sales, inside sales for mid-market, self-serve SaaS onboarding for SMBs, and partner referrals anchored by integrations with LINE Yahoo, SUPER STUDIO (ecforce), and Google Tag Manager / Google Analytics. The company's growth strategy is heavily M&A-driven — it has absorbed 15+ subsidiaries between 2022 and 2026 across digital marketing, AI, space technology, and real estate technology, with reported acquisition outcomes ranging from +25% to +54% revenue contribution. The company maintains a Privacy Mark certification (JIPDEC) and operations in Tokyo (Kagurazaka, Shinjuku) and Kyoto (Nagaokakyo).

Name

F-Code

Legal name

株式会社エフ・コード

Website

https://f-code.co.jp

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

F-Code (TSE Growth: 9211) is a Tokyo-listed Japanese digital marketing and CX optimization company that sells proprietary SaaS products (CODE Marketing Cloud, f-tra EFO, sinclo, hachidori, KaiU) and DX consulting services to 3,000+ enterprise and mid-market clients, pursuing aggressive M&A-driven expansion.

Ownership category

akta.pro rank

Product category

Marketing Technology / Customer Experience Software

NAICS

Software Publishers (513210), Custom Computer Programming Services (541511)

SIC

Services-Prepackaged Software (7372), Services-Advertising (7310)

akta.pro primary industry

Customer Service/Support CRM & Contact Center Platforms (BPAFAFAK)

akta.pro secondary industries

Personalization, Testing & Conversion Rate Optimization (CRO) (BPAFAFAG), Customer Experience (CX) & Voice of Customer (NPS/CSAT, Journey Research) (MPAAALAH), Conversion Rate Optimization (CRO) & Landing Page Optimization (BPAFACAH), Customer Experience (CX) & Voice-of-Customer Analytics (BPAHALAK)

Keywords

• Marketing automation software
• Customer experience platform
• Entry form optimization
• Chatbot marketing tools
• Digital transformation consulting

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Others

Revenue model

1. SaaS Products: Subscription-based SaaS offerings including CODE Marketing Cloud, f-tra EFO, sinclo, hachidori, and KaiU. These tools provide continuous revenue through monthly/annual subscriptions with usage-based and per-seat pricing models.
2. Marketing Strategy Consulting: DX strategy design and execution support, digital marketing consulting services provided as professional services.
3. Marketing Execution Services: Execution support including advertising operations, SNS marketing, UX improvement, and implementation support for proprietary SaaS tools.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels8 records

Core offering

F-Code develops and sells a portfolio of customer experience (CX) optimization SaaS products — including CODE Marketing Cloud, f-tra EFO, sinclo, hachidori, and KaiU — that help businesses improve website conversion rates through entry form optimization, exit-intent popups, chatbots, and LINE marketing automation. The company complements its SaaS products with DX strategy consulting, digital marketing execution services, and AI/technology implementation support for enterprise and mid-market customers in Japan.

Product overview

F-Code provides a CX (Customer Experience) optimization SaaS platform comprised of proprietary and acquired tools, supplemented by DX strategy and execution consulting, and digital marketing services. The core CODE Marketing Cloud platform unifies popup-based visitor engagement, exit-intent prevention, and personalized messaging. The product portfolio is anchored by CODE Marketing Cloud, f-tra EFO (entry form optimization), sinclo (real-time chatbot), hachidori (LINE marketing automation with video messaging via recit), and KaiU (web visitor engagement). Additional acquired EFO products include GORILLA-EFO and efomat (EFO CUBE, chroko, Butterfly, Growth Hack LTV). These tools operate as integrated modules — the platform layer connects visitor behavior data across products to deliver personalized engagement — complemented by AI-Technology support services (system development, SaaS integration, generative AI/RPA implementation) and marketing strategy consulting.

Differentiator

Problem solved

Functional benefit

Brands

• f-tra EFO: Entry form optimization tool for improving form completion rates
• f-tra CTA
• CODE Marketing Cloud
• hachidori
• sinclo
• KaiU
• recit

Products and services

• CODE Marketing Cloud An integrated CX optimization SaaS platform that unifies F-Code's customer engagement tools. Delivers popup-based web visitor engagement, exit-intent prevention, and personalized messaging based on visitor behavior data to maximize conversion rates.
• f-tra EFO Entry form optimization (EFO) SaaS tool that improves form completion rates through input assistance, UI/UX enhancements, auto-fill from social accounts (Yahoo!, Facebook), real-time error display, and analytics, available for both PC and smartphone websites.
• sinclo Real-time chatbot-type web customer engagement tool that automates conversational workflows to guide visitors toward inquiries and conversions. Uses scenario-based dialogue design with visitor behavior data to trigger appropriate engagement actions.
• hachidori LINE-focused marketing automation chatbot tool providing customer management, segmentation, and step-based messaging delivery. Supports LINE Official Account integration and LINE Messaging API for advanced customization.
• KaiU Web visitor engagement and exit-intent prevention tool that tracks visitor behavior (visit frequency, page history, browsing patterns) and proactively triggers personalized messages and popups to prevent abandonment and drive conversions or inquiries.
• GORILLA-EFO Entry form optimization SaaS product acquired from Bruce Clay Japan in September 2022, adding EFO capabilities to F-Code's SaaS portfolio and complementing f-tra EFO.
• efomat (EFO CUBE, chroko, Butterfly, Growth Hack LTV) SaaS product line comprising EFO CUBE (entry form optimization), chroko, Butterfly, and Growth Hack LTV products, expanding F-Code's EFO and marketing optimization SaaS offerings.
• recit SaaS video message tool enabling video-based customer engagement within the LINE marketing ecosystem.
• Marketing Strategy Consulting DX strategy design and execution support, digital marketing consulting services provided as professional services to enterprise and mid-market customers in Japan.
• Marketing Execution Services Execution support including advertising operations, SNS marketing, UX improvement, and implementation support for proprietary SaaS tools.
• AI・Technology Support Services AI and technology implementation support services including system development, SaaS integration, external service integration, API development, and generative AI/RPA implementation for enterprise digital transformation.

Quantifiable outcome

• CRAFT acquisition resulted in +25% revenue increase and +29% operating profit increase through cross-selling and integrated sales
• +4 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability4 records

Feature5 records

Partnerships

Six partnerships are on record, tiered minor and core.

• Ragnarok (ラグナロク)minorOthers · 12 November 2024Subsidiary acquired April 2024, involved in system, website, and application development. Supports in-house development of new business and development teams.
• SAKIYOMIcoreOthers · 31 October 2024Subsidiary specializing in Instagram marketing support. Achieved 100k+ combined followers across Instagram and YouTube accounts. Provides social media marketing expertise to group.
• Microwave Creative (マイクロウェーブクリエイティブ)coreOthers · 11 July 2024Subsidiary of F-Code providing website production, web consulting, and marketing support. Supports group capabilities in digital production and creative services.
• Quant Research (クォンツ・リサーチ)minorStrategic or Co-development Partner · 1 July 2024Business partnership for entry form optimization activities. F-Code provided its SaaS entry form optimization tool f-tra EFO to Quant Research for improving customer entry forms on their website.
• SUPER STUDIOcoreStrategic or Co-development Partner · 17 June 2024CRAFT subsidiary entered into business partnership with SUPER STUDIO. CRAFT provides digital marketing services including advertising operations and EC site operation support using SUPER STUDIO's integrated commerce platform ecforce. Enables comprehensive support from upstream digital marketing strategy through execution.
• LINE Yahoo (LINEヤフー)coreTechnology or Integration · 18 May 2024F-Code's LINE marketing tool hachidori certified as LINE Yahoo Partner Program Technology Partner for second consecutive year. Enables deep integration with LINE messaging platform for customer engagement.

Scale indicators5 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Genesys: Global contact center and customer experience platform. Adjacent competitor to F-Code's customer engagement and chatbot SaaS offerings at the enterprise level.
• HubSpot: Global inbound marketing, CRM, and customer engagement platform with strong mid-market presence. Competes for the same Japanese mid-market marketing technology budget as F-Code's SaaS products.
• Salesforce (Marketing Cloud / Account Engagement): Global CRM and marketing cloud giant offering enterprise marketing automation, journey orchestration, and customer engagement tools. Overlaps with F-Code's marketing cloud and CX optimization offerings at the enterprise tier in Japan.
• Zendesk: Customer service and engagement platform with chat, messaging, and CRM functionality. Overlaps with F-Code's sinclo chatbot and web customer service tools.
• Adobe (Experience Cloud): Enterprise marketing and customer experience platform including Adobe Analytics, Marketo, and personalization tools. Competes with F-Code for large Japanese enterprise CX budgets.

Direct peers

• Braze: Cross-channel customer engagement platform specializing in messaging, journey orchestration, and personalization. Comparable to F-Code's LINE marketing automation (hachidori) and chatbot offerings, though with global reach.
• Optimizely: Experimentation and conversion rate optimization platform. Directly comparable to F-Code's f-tra EFO and A/B testing capabilities within CODE Marketing Cloud.
• PLAID (KARTE): Japanese CX platform providing real-time customer behavior analytics, personalization, and engagement tools. Direct competitor in Japan's CX optimization SaaS market with overlapping product categories (web engagement, conversion optimization).
• Repro: Japan-based customer engagement and analytics platform offering web/app push notifications, in-app messaging, and user journey analytics. Directly comparable to F-Code's sinclo, hachidori, and CODE Marketing Cloud products.

Emerging players

• Octopass: Japanese lead form optimization and EFO tool provider. Direct competitor to F-Code's flagship f-tra EFO product in the Japanese entry form optimization category.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/fcodeInc
• YouTubeyoutube.com/@f-code_ir
• Facebookfacebook.com/fcodeInc

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries17 records

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about F-Code