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

IREN

Market Cap: US$4.5b

Operates in the integrated data center business.

Vertex

Market Cap: US$4.4b

Provides enterprise tax technology solutions for retail trade, wholesale trade, and manufacturing industries in the United States and internationally.

SPS Commerce

Market Cap: US$4.1b

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

Tenable Holdings

Market Cap: US$3.6b

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

Asana

Market Cap: US$3.3b

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

nCino

Market Cap: US$3.1b

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

Blackbaud

Market Cap: US$3.0b

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

Alarm.com Holdings

Market Cap: US$2.7b

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

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.

Sprinklr

Market Cap: US$2.2b

Provides enterprise cloud software products worldwide.

Alkami Technology

Market Cap: US$2.2b

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

EverCommerce

Market Cap: US$2.0b

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

Amplitude

Market Cap: US$1.7b

Provides a digital analytics platform that analyzes customer behavior in the United States and internationally.

PagerDuty

Market Cap: US$1.4b

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

N-able

Market Cap: US$1.4b

Provides cloud-based security, data protection, and unified endpoint management software solutions for managed service providers in the United States, the United Kingdom, and internationally.

Rapid7

Market Cap: US$1.1b

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

VTEX

Market Cap: US$1.1b

Provides software-as-a-service digital commerce platform for enterprise brands and retailers.

Yext

Market Cap: US$969.4m

Provides a platform that offers answers to consumer questions in North America and internationally.

Blend Labs

Market Cap: US$922.9m

Provides a cloud-based software platform for financial services firms in the United States.

Grid Dynamics Holdings

Market Cap: US$679.1m

Provides technology consulting, platform and product engineering, and analytics services in North America, Europe, and internationally.

Weave Communications

Market Cap: US$595.9m

Provides a customer experience and payments software platform for small and medium-sized healthcare businesses in the United States and Canada.

Hackett Group

Market Cap: US$574.4m

Operates as an intellectual property platform-based generative artificial intelligence strategic consulting and executive advisory digital transformation in the United States, Europe, and internationally.

OneSpan

Market Cap: US$487.1m

Designs, develops, and markets 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.

Consensus Cloud Solutions

Market Cap: US$409.8m

Provides information delivery services with a software-as-a-service platform worldwide.

Materialise

Market Cap: US$298.9m

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

Xunlei

Market Cap: US$290.0m

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

Information Services Group

Market Cap: US$202.5m

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

Crexendo

Market Cap: US$200.0m

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

Perfect

Market Cap: US$197.6m

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.

Expensify

Market Cap: US$179.7m

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

Intellicheck

Market Cap: US$99.2m

A technology company, provides on-demand digital identity validation solutions for KYC, fraud, and age verification needs in North America.

MIND C.T.I

Market Cap: US$27.1m

Develops, manufactures, markets, sells, and implements billing and customer care software solutions in the Americas, Europe, Israel, the Asia Pacific, and Africa.

EdgeMode

Market Cap: US$11.3m

Through its subsidiary, operates as a cryptocurrency mining company.