visasQ
VisasQ is a Japanese expert network. It was launched in 2012 as Walkntalk Inc. and later rebranded to VisasQ.
In August 2021, VisasQ acquired Coleman Research for $102m. At the time, Coleman had more than twice the revenues of VisasQ. The combined entity has a strong presence in Japan and the US. In April 2024, the combined entity had a database of 640,000+ experts and more than 600 employees in 7 office locations (Tokyo, New York, California, North Carolina, Singapore, Hong Kong, and London), supporting more than 1,000 clients.
VisasQ's FY2023 annual report
VisasQ wrote off the entire $95m goodwill from acquiring Coleman, as that business has lost 1/3 of its turnover and become loss-making.
The write-off ("impairment loss") wiped 2/3 off VisasQ entire balance sheet.
The loss is so big that they had to renegotiate with their lenders, as the debt had covenants.
VisasQ has ~640k experts, of which 30% are Japanese and 70% international.
They don't expect Coleman's productivity too rebound anytime soon. Even in 2029, it'll be less productive than in 2021. And the plan to get there is presented vaguely: "it is essential to have growth"; "the market is big so there's room to grow", and "AI investments".
Consequently, the stock is down ~35% since IPO. Link to the annual report here.
Business offering
The company operates two business areas:
A standard expert network
A DIY marketplace called “spot consulting”
Aside from standard expert calls, VisasQ offering also includes expert surveys, on-site visits accompanied by experts, and the possibility to hire advisors for short term assignments.
VisasQ team and other notable events
The founders and management team combine experience from investment banks (Goldman Sachs, JP Morgan) and investment firms (Sumitomo, Unison). VisasQ is one of the larger expert networks in Japan. Expert networks in Japan have seen strong growth in recent years, with local competitors ShareFair, Mimir Uzabase, Resory and Hudson Research all growing. In addition, international firms GLG, AlphaSights, Atheneum and Guidepoint have all established offices in Tokyo. You can access the best Japanese expert networks on Inex One.
In July 2020, the firm invested $0.3m in Boston-based DeepBench. VisasQ intends to use Deepbench's technology to streamline its matching capabilities and process overseas advisors.
VisasQ shares the focus on Japan with its domestic competitor Mimir Expert Research. In 2020, Mimir's owner Uzabase Inc. made a similar step to VisasQ and also acquired a US-based expert network, Enquire.
Inex One identified VisasQ-Coleman as a regional champion in our review of the 2023 expert network market size. Regional champions have a particularly strong foothold in their respective regions.
