U.S. Software Undervalued over 20% based on DCF

Alkami Technology

Market Cap: US$1.9b

Provides a cloud-based digital sales and service platform for financial institutions in the United States.

Appian

Market Cap: US$1.8b

Operates as a software company in the United States, Australia, Canada, France, Germany, India, Italy, Japan, Mexico, the Netherlands, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and internationally.

EverCommerce

Market Cap: US$1.8b

Provides integrated software-as-a-service solutions for service-based small and medium-sized businesses in the United States and internationally.

Rackspace Technology

Market Cap: US$1.6b

Operates as a hybrid cloud and artificial intelligence solutions company in the United States, the United Kingdom, and internationally.

Progress Software

Market Cap: US$1.5b

Provides software products that develops, deploys, and manages artificial intelligence (AI) powered applications and digital experiences in the United States and internationally.

N-able

Market Cap: US$821.3m

Provides unified endpoint management, security operations, and data protection solutions worldwide.

PagerDuty

Market Cap: US$774.3m

Engages in the operation of a digital operations management platform in the United States and internationally.

Rapid7

Market Cap: US$767.2m

Provides cybersecurity software and services under the Rapid7, Nexpose, and Metasploit brand names.

PAR Technology

Market Cap: US$703.7m

Provides omnichannel cloud-based software and hardware solutions for the restaurant and retail industries worldwide.

Cognyte Software

Market Cap: US$664.1m

A software-driven technology company, focuses on investigative analytics solutions worldwide.

i3 Verticals

Market Cap: US$576.2m

Provides enterprise software and services solutions to public sector entities in the United States and Canada.

OneSpan

Market Cap: US$546.5m

Provides digital solutions for security, authentication, identity, electronic signature, and digital workflow products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions.

Similarweb

Market Cap: US$541.4m

Provides digital data and analytics for power critical business decisions in the United States, Europe, the Asia Pacific, the United Kingdom, Israel, and internationally.

Grid Dynamics Holdings

Market Cap: US$489.6m

Provides enterprise artificial intelligence and digital transformation services in North America, Europe, and internationally.

CI&T

Market Cap: US$425.4m

Provides strategy, design, and software engineering services in North America, Europe, Latin America, Asia Pacific, and worldwide.

Allot

Market Cap: US$417.8m

Develops, sells, and markets network intelligence and security solutions in Israel, Europe, Asia, Oceania, the Americas, the Middle East, and Africa.

Materialise

Market Cap: US$400.8m

Provides additive manufacturing and medical software tools, and 3D printing services in the Americas, Europe, Africa, and the Asia-Pacific.

Xunlei

Market Cap: US$364.1m

Operates an internet platform for digital media content in the People's Republic of China.

Silvaco Group

Market Cap: US$358.6m

Provides technology computer aided design (TCAD) software, electronic design automation (EDA) software, and semiconductor intellectual property (SIP) solutions in the United States and internationally.

8x8

Market Cap: US$287.8m

Provides contact center, voice, video, chat, and enterprise-class application programmable interface (API) solutions worldwide.

Unisys

Market Cap: US$259.5m

Operates as an information technology solutions company in the United States, the United Kingdom, and internationally.

Crexendo

Market Cap: US$249.3m

Provides cloud communication platform software and unified communications as a service in the United States and internationally.

Information Services Group

Market Cap: US$193.7m

Operates as an artificial intelligence (AI) centered technology research and advisory company in the Americas, Europe, and the Asia Pacific.

Perfect

Market Cap: US$178.2m

An artificial intelligence software as a service company, provides artificial intelligence (AI)- and augmented reality (AR)-powered solutions for beauty, fashion, and skincare industries worldwide.

eGain

Market Cap: US$174.6m

Engages in the development, license, implementation, and support of its customer service infrastructure software solutions in North America, Europe, the Middle East, Africa, and the Asia Pacific.

ReposiTrak

Market Cap: US$163.7m

A software-as-a-service provider, operates a business-to-business, e-commerce, compliance and traceability, and supply chain management platform in North America.

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.

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.

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.

Castellum

Market Cap: US$62.6m

Operates as a technology company in the United States and internationally.

ACCESS Newswire

Market Cap: US$27.9m

Provides solutions for public relations and investor relations in the United States and internationally.