Global Software Undervalued over 20% based on DCF

Wrkr

Market Cap: AU$208.0m

Provides software as a service to solve compliance needs for companies to process pay, superannuation and SMSF contributions, onboard new staff and contractors, and check credentials of new employees and contractors in Australia.

User Local

Market Cap: JP¥23.2b

Engages in data cloud business in Japan.

Abra Information Technologies

Market Cap: ₪444.7m

Provides information technology solutions in Israel.

Tecnotree Oyj

Market Cap: €124.0m

Provides telecommunication IT solutions for charging, billing, customer care, and messaging and content services in Europe, the Americas, the Middle East, Africa, and the Asia Pacific.

Focus Systems

Market Cap: JP¥22.9b

Provides IT services for public and private clients in Japan.

Aurum PropTech

Market Cap: ₹13.1b

Engages in the business of software development for real estate and other services in India.

NEOJAPAN

Market Cap: JP¥22.0b

Engages in the development and sale of packaged software in Japan and internationally.

NCD

Market Cap: JP¥21.9b

Engages in the system development, support and service, and parking system businesses in Japan.

SSH Communications Security Oyj

Market Cap: €113.5m

Operates as a cybersecurity company for humans, systems, and networks in the Americas, the Asia Pacific, Europe, the Middle East, and Africa.

Tracsis

Market Cap: UK£95.3m

Engages in the provision of software, hardware, data analytics and geographic information systems, and services in the United Kingdom, Ireland, rest of Europe, Europe, North America, and internationally.

Expleo Solutions

Market Cap: ₹11.7b

Primarily provides software validation and verification services to the banking, financial services, and insurance industries worldwide.

Spyrosoft Spólka Akcyjna

Market Cap: zł454.1m

Operates as a software engineering company.

SERAKU

Market Cap: JP¥19.7b

Operates as internet system integrator in Japan.

Bluebik Group

Market Cap: ฿3.8b

A service provider for software design and development, management strategic consulting, strategic project management, big data implementation and data analytics in Thailand and Laos.

DIGITAL HEARTS HOLDINGS

Market Cap: JP¥18.7b

Engages in the debugging, media, and other businesses.

Spir Group

Market Cap: €99.2m

Provides software solutions in Norway, Sweden, and internationally.

BoardWare Intelligence Technology

Market Cap: HK$900.0m

Provides enterprise IT solutions in Macau, Hong Kong, the People’s Republic of China, and internationally.

eBASELtd

Market Cap: JP¥18.0b

eBase Co.,Ltd. engages in the planning, development, sale, and maintenance of content management software in Japan.

NameSilo Technologies

Market Cap: US$112.5m

Through its subsidiaries, provides domain name registration services in the United States, East and South Asia, South East Asia, Australasia, and internationally.

Netbay

Market Cap: ฿3.6b

Engages in the provision of Software as a Service (SaaS) for online electronic transactions between business-to-government, business-to-business, and business-to-consumer groups in Thailand.

1Spatial

Market Cap: UK£80.5m

Engages in the development and distribution of software solutions with associated consultancy and support in the United Kingdom, Ireland, Rest of Europe, the United States, and Australia.

Founder Holdings

Market Cap: HK$831.8m

An investment holding company, engages in the sale of software, hardware and system integration in Mainland China, Hong Kong, and internationally.

Cyber Security Cloud

Market Cap: JP¥16.8b

Provides web application security services in Japan.

Lemonsoft Oyj

Market Cap: €86.3m

A software company, designs, develops, and delivers enterprise resource planning software solutions in Finland and internationally.

WILLs

Market Cap: JP¥14.8b

Develops and offers a shareholder management platform utilizing blockchain technology in Japan and internationally.

YE DIGITAL

Market Cap: JP¥14.8b

Provides Internet of Things (IoT) solutions in Japan.

UNIRITA

Market Cap: JP¥14.6b

Provides software and solutions for information technology (IT) systems operation in Japan and internationally.

Loihde Oyj

Market Cap: €78.1m

Through its subsidiaries, provides digital development and security solutions in Finland.

Human Technologies

Market Cap: JP¥14.2b

Develops and sells attendance management system.

ibis

Market Cap: JP¥13.0b

Operates as a mobile-savvy engineering company in Japan, the United States, and internationally.

IODM

Market Cap: AU$111.1m

Provides cloud based software as a service in Australia, New Zealand, the United States, and the United Kingdom.

Research Solutions

Market Cap: US$78.4m

Through its subsidiaries, provides research cloud-based software-as-a-service software platform and related services to corporate, academic, government and individual researchers in the United States, Europe, and internationally.

Feedforce Group

Market Cap: JP¥12.4b

Engages in data feed, digital advertising, social media marketing, and other businesses in Japan.

TI Cloud

Market Cap: HK$608.7m

Provides cloud-native customer contact solutions that enables enterprises to engage in multi-channel customer interactions in the People's Republic of China and Hong Kong.

Expensify

Market Cap: US$74.3m

Provides a cloud-based expense management software platform in the United States and internationally.

Ubicom Holdings

Market Cap: JP¥11.5b

Engages in the provision of IT solutions in Japan, the Philippines, China and the United States.