Global Software Undervalued over 20% based on DCF

Toyokumo

Market Cap: JP¥22.9b

Develops and provides cloud services in Japan.

Core Concept Technologies

Market Cap: JP¥22.8b

Engages in the provision of digital transformation support in Japan.

accesso Technology Group

Market Cap: UK£104.3m

Engages in the development and application of technology solutions in the United Kingdom, Europe, North America, Central and South America, the Middle East, South Pacific, Asia, and Africa.

NEOJAPAN

Market Cap: JP¥22.7b

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

ReadyTech Holdings

Market Cap: AU$198.3m

Provides technology-based solutions in Australia and New Zealand, the United Kingdom, and the United States of America.

PLAIDInc

Market Cap: JP¥22.2b

Develops and operates KARTE, a customer experience (CX) SaaS platform in Japan.

System Support Holdings

Market Cap: JP¥21.7b

Engages in the planning, development, operation, and maintenance of IT systems in Japan and North America.

Tracsis

Market Cap: UK£96.8m

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.

Bluebik Group

Market Cap: ฿4.2b

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

EMRO

Market Cap: ₩186.1b

Provides supply chain management software in South Korea and internationally.

Magnora Data Center

Market Cap: NOK 1.2b

Develops and operates data center projects from 20 to 150 MW.

Spir Group

Market Cap: €99.2m

Provides software solutions in Norway, Sweden, and internationally.

Genesis Technology

Market Cap: NT$3.7b

Engages in sales, installation, and maintenance of information software, computer equipment, and telecommunications equipment, as well as information system integration services in Taiwan.

SERAKU

Market Cap: JP¥16.6b

Operates as internet system integrator in Japan.

Premier Technology

Market Cap: ฿3.2b

Together with its subsidiary, engages in the information technology business in Thailand.

Lemonsoft Oyj

Market Cap: €82.7m

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

YE DIGITAL

Market Cap: JP¥14.7b

Provides Internet of Things (IoT) solutions in Japan.

WILLs

Market Cap: JP¥14.3b

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

ibis

Market Cap: JP¥14.2b

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

NameSilo Technologies

Market Cap: US$86.8m

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

KinjiroLtd

Market Cap: JP¥13.5b

Provides human resource management (HRM) solutions.

Loihde Oyj

Market Cap: €71.2m

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

Feedforce Group

Market Cap: JP¥12.8b

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

Enterprise Development Holdings

Market Cap: HK$607.3m

An investment holding company, engages in the provision of integrated business software and hardware solutions in the People’s Republic of China, Thailand, and Hong Kong.

Netbay

Market Cap: ฿2.6b

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.

HIMACS

Market Cap: JP¥12.4b

Provides defined valued processes for various system lifecycles in Japan.

OnMobile Global

Market Cap: ₹7.2b

Provides telecom value added services in India, Europe, Africa, Latin America, the United States, and internationally.

Research Solutions

Market Cap: US$74.8m

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.

Coheris

Market Cap: €65.4m

Provides customer relationship management (CRM) and analytical solutions in France and internationally.

Ubicom Holdings

Market Cap: JP¥12.1b

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

FatPipe

Market Cap: US$74.3m

Develops application-aware, secure software-defined wide area network, secure access service edge, and network monitoring service (NMS) software solutions in the United States, India, and internationally.

Allied Digital Services

Market Cap: ₹6.7b

Designs, develops, deploys, and delivers end-to-end IT infrastructure services and digital solutions in India, rest of Asia, the United States, Australia, Europe, and the Middle East.

TI Cloud

Market Cap: HK$535.9m

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.

Gunosy

Market Cap: JP¥10.9b

Primarily engages in the operation of news and information applications in Japan.

Solutions 30

Market Cap: €58.2m

Provides support solutions for new digital technologies in Benelux, France, Spain, Italy, Germany, Portugal, Poland, and the United Kingdom.

ATLED

Market Cap: JP¥10.5b

Engages in the development and sale of software solutions in Japan.