Global Software Undervalued over 20% based on DCF

Clearwater Analytics Holdings

Market Cap: US$5.5b

Develops and provides a Software-as-a-Service (SaaS) solution for automated investment data aggregation, reconciliation, accounting, and reporting services to insurers, investment managers, corporations, institutional investors, and government entities in the United States and internationally.

Pony AI

Market Cap: US$5.0b

Through its subsidiaries, engages in the autonomous mobility business in the People’s Republic of China, the United States, and internationally.

LG CNS

Market Cap: ₩6.8t

Operates as an IT service company in South Korea and internationally.

Box

Market Cap: US$4.6b

Provides a cloud content management platform that enables organizations of various sizes to manage and share their content from anywhere on any device in the United States and Japan.

ACI Worldwide

Market Cap: US$4.4b

Develops, markets, installs, and supports software products and services for facilitating electronic payments in the United States and internationally.

Kinaxis

Market Cap: CA$5.8b

Provides cloud-based subscription software for supply chain operations in the United States, Europe, Asia, and Canada.

Newland Digital TechnologyLtd

Market Cap: CN¥29.8b

Provides bar code, financial POS terminal equipment, mobile and other communications, and IoT services in China and internationally.

Sopra Steria Group

Market Cap: €3.5b

Provides consulting, digital, and software development services in France and internationally.

SPS Commerce

Market Cap: US$4.1b

Provides cloud-based supply chain management solutions in the United States.

IREN

Market Cap: US$4.0b

Operates in the integrated data center business.

AvePoint

Market Cap: US$3.9b

Provides cloud-native data management software platform in North America, Europe, the Middle East, Africa, and the Asia Pacific.

Asseco Poland

Market Cap: zł14.2b

Produces and sells software products worldwide.

Tenable Holdings

Market Cap: US$3.8b

Provides cyber exposure management solutions in the Americas, Europe, the Middle East, Africa, the Asia Pacific, and Japan.

Beijing Fourth Paradigm Technology

Market Cap: HK$27.5b

An investment holding company, provides platform-centric artificial intelligence (AI) solutions in the People's Republic of China.

Asana

Market Cap: US$3.4b

Operates a work management software platform for individuals, team leads, and executives in the United States and internationally.

BlackLine

Market Cap: US$3.3b

Provides cloud-based solutions to automate and streamline accounting and finance operations in the United States and internationally.

nCino

Market Cap: US$3.2b

A software-as-a-service company, provides software solutions to financial institutions in the United States, the United Kingdom, and internationally.

C3.ai

Market Cap: US$3.1b

Operates as an enterprise artificial intelligence (AI) application software company in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally.

Glodon

Market Cap: CN¥22.4b

Provides digital building platform services to the construction industry in China.

Blackbaud

Market Cap: US$3.1b

Engages in the provision of cloud software and services in the United States and internationally.

Hyundai Autoever

Market Cap: ₩4.1t

Provides information and communication technology services in South Korea and internationally.

Sinch

Market Cap: SEK 27.3b

Provides cloud communications services and solutions for enterprises and mobile operators.

Alarm.com Holdings

Market Cap: US$2.8b

Provides various Internet of Things (IoT) and solutions for residential, multi-family, small business, and enterprise commercial markets in North America and internationally.

GMO internet group

Market Cap: JP¥393.2b

Provides various Internet services worldwide.

Yusys Technologies

Market Cap: CN¥17.9b

Provides financial technology solutions in China.

Alkami Technology

Market Cap: US$2.3b

Provides cloud-based digital banking solutions in the United States.

Sprinklr

Market Cap: US$2.3b

Provides enterprise cloud software products worldwide.

ASGN

Market Cap: US$2.2b

Engages in the provision of information technology (IT) services and solutions in the technology, digital, and creative fields for commercial and government sectors in the United States, Canada, and Europe.

LiveRamp Holdings

Market Cap: US$2.1b

A technology company, operates a data collaboration platform in the United States, Europe, the Asia-Pacific, and internationally.

BlackBerry

Market Cap: CA$2.9b

Provides intelligent security software and services to enterprises and governments worldwide.

Kontron

Market Cap: €1.7b

Engages in the provision of Internet of Things (IoT) solutions in Austria and internationally.

Netcompany Group

Market Cap: DKK 11.2b

Provides business critical IT solutions to private and public customers in Denmark, Norway, the United Kingdom, the Netherlands, Greece, Belgium, Luxembourg, and internationally.

Truecaller

Market Cap: SEK 16.7b

Develops and publishes mobile caller ID applications for individuals and business in India, the Middle East, Africa, and internationally.

freee K.K

Market Cap: JP¥251.7b

Engages in the provision of cloud-based accounting and HR software solutions in Japan.

Lightspeed Commerce

Market Cap: CA$2.3b

Engages in sale of cloud-based software subscriptions and payments solutions for single and multi-location retailers, restaurants, golf course operators, and other businesses in the United States, Canada, the United Kingdom, Australia, and internationally.

YGSOFT

Market Cap: CN¥12.0b

Provides enterprise management, energy interconnection, and social service information technology products and services to the energy and power industry in China.