QPR Software Valuation Multiples

Palantir is an artificial intelligence, analytics, and automated decision-making company that leverages data to drive efficiency across its clients' organizations. The firm serves commercial and government clients via its Foundry and Gotham platforms, respectively. Palantir works only with entities in Western-allied nations and reserves the right not to work with anyone that is antithetical to Western values. The company was founded in 2003 and went public in 2020.

Shopify is a Canadian commerce software company headquartered in Ottawa, Ontario, that provides the cloud platform more than 5 million merchants use to run online stores and physical retail. Its subscription plans let businesses build storefronts, manage products, orders and inventory, and sell through point-of-sale systems, social networks and marketplaces, while merchant solutions add Shopify Payments, the Shop Pay accelerated checkout (more than 150 million users in 2024), shipping, merchant lending through Shopify Capital and an app store with more than 10,000 third-party apps. Revenue comes from monthly subscription fees and, increasingly, from payment processing and other transaction-linked services. Merchants processed US$292.3 billion of transactions on the platform in 2024, and 2025 revenue rose 30% to US$11.6 billion with net income of US$1.23 billion; the company had about 7,600 employees in 2025. Shopify was started by Tobias Lütke, Daniel Weinand and Scott Lake, and Lütke remains chief executive. It went public on May 21, 2015, trades on the Toronto Stock Exchange, moved its US listing from the NYSE to Nasdaq on March 31, 2025, and joined the Nasdaq-100 that May.

IBM (International Business Machines) is an American technology company headquartered in Armonk, New York, and operating in more than 175 countries. It sells hybrid-cloud and AI software, including Red Hat and the watsonx portfolio, IT consulting services, and infrastructure hardware such as IBM Z mainframes. Its customers are mainly large enterprises and governments, and it earns revenue from software subscriptions and licences, consulting and managed-services contracts, and hardware sales and financing. In 2025 IBM reported revenue of $67.5 billion, up 8%, with software up 11%, consulting up 2% and infrastructure up 12%, and free cash flow of $14.7 billion. The company was founded in 1911 as the Computing-Tabulating-Recording Company and renamed International Business Machines in 1924; it dominated mainframe computing with the System/360 and launched the IBM Personal Computer in 1981 before selling its PC division to Lenovo in 2005. More recently it bought Red Hat for $34 billion in 2019, spun off its managed infrastructure services unit as Kyndryl in 2021, and in December 2025 agreed to acquire data-streaming company Confluent for about $11 billion. Arvind Krishna is chairman and chief executive.

Accenture is a professional services company headquartered in Dublin, Ireland, providing technology consulting, management consulting, systems integration and outsourcing services in more than 120 countries. It began in the early 1950s as the business and technology consulting division of accounting firm Arthur Andersen, became a separate unit named Andersen Consulting in 1989, broke its ties with Andersen through arbitration in 2000 and adopted the Accenture name on January 1, 2001. The company listed on the New York Stock Exchange in July 2001 at $14.50 per share and moved its place of incorporation from Bermuda to Ireland in 2009. It earns fees from consulting projects and multi-year managed-services contracts with large companies and government agencies. Accenture reported about 779,000 employees in 2025 and has acquired more than 200 companies since 2013, including UK artificial intelligence firm Faculty in January 2026 and network-intelligence company Ookla, owner of Speedtest and Downdetector, from Ziff Davis for $1.2 billion in March 2026. Julie Sweet has been chief executive since 2019.

Tata Consultancy Services is a leading global IT services provider based in Mumbai, India. Founded in 1968, it is one of the first companies to leverage a global delivery model that helps clients outsource their IT needs to offshore labor. The company boasts a wide range of offerings, including IT consulting, managed services, and business process outsourcing.

Fujitsu Ltd delivers total solutions in the field of information and communication technology. The company provides solutions/system integration services focused on information system consulting and construction, and infrastructure services centered on outsourcing services. The company operates in three segments. The Hardware Solution segment covers system products such as servers, storage systems, and network equipment, including mobile base stations and optical transmission systems. Service Solution consists of global services centered on Fujitsu Uvance, along with Japan and overseas region-specific businesses. Ubiquitous Solution focuses on client computing devices such as personal computers. It generates the majority of its revenue from the Service Solution segment.

NEC Corp is engaged in IT services, networks, social infrastructure, and solutions. The company operates through three segments: IT Services, Social Infrastructure, and Others. The IT Services segment provides system integration, consulting, maintenance, outsourcing, cloud services, system equipment, and software services. The Social Infrastructure segment offers network infrastructure, including core networks, mobile base stations, optical transmission systems, and marine systems, along with telecom software, OSS/BSS solutions, aerospace and defense system integration, and maintenance. The Others segment covers the development, manufacturing, and sales of system equipment. It generates the majority of its revenue from the IT Services segment.

Infosys is an IT services provider based in Bengaluru, India, with offices in more than 50 countries. The company leverages its offshore outsourcing model to serve clients across different industries, such as financial services and manufacturing. Infosys’ IT services offerings include consulting, digital transformation, and business process outsourcing.

HCL Technologies Ltd provides enterprises with IT solutions. It focuses on offering Digital, Internet of Things, Cloud, Automation, Cybersecurity, Infrastructure Management, and Engineering services to solve business problems for clients. It offers solutions to a variety of industries, including Financial Services, Public Services, Consumer Services, Healthcare, and Manufacturing. It operates in three segments: IT and Business Services, Engineering and R&D Services, and HCL Software. The firm emphasizes consultation services for firms, intending to offer them digital and design solutions. The majority of the firm's revenue comes from the IT and Business Services segment. Geographically, it derives maximum revenue from the USA, and the rest from Europe, India, and the Rest of the world.

Cognizant Technology Solutions is a multinational IT services provider that offers a range of consulting and business process outsourcing services. Originally founded in India, the company is headquartered in the US and serves enterprise customers spanning the financial services, healthcare, and resources industries. With most of its workforce located in India, Cognizant leverages a global delivery model that helps clients outsource their IT needs to offshore labor.

PT DCI Indonesia Tbk is a data center provider in Indonesia. It provides reliable, well networked, and well-managed cloud and carrier-neutral data center infrastructure services in Indonesia. The company operates in two segments: Colocation services and Others. The services offered by the company include Colocation, Cross Connect, Flexspace, Smarthands, CloudConnect, and DCI Internet Exchange.

TD Synnex Corp is a distributor and solutions aggregator for the IT ecosystem. The company aggregates and distributes IT hardware, software, and systems including personal computing devices and peripherals, mobile phones and accessories, printers, server and data center infrastructure, hybrid cloud, security, networking, communications and storage solutions, and system components. Its geographical segments include the Americas, Europe, and APJ.

Capgemini is a French IT services company with a global presence. The firm has over 450 offices globally, with more than half of its employees based in India. Capgemini provides services related to IT consulting, software application and technology services, infrastructure management, engineering research and development, and business process outsourcing.

NRI was formed in 1988 through the merger of the original Nomura Research Institute and Nomura Computer Systems. Its core financial IT solutions segment (roughly half of revenue) acts as a de facto utility for Japan’s capital markets, running shared back-office platforms for major brokerages and banks. The industrial IT solutions segment builds supply chain and enterprise resource planning systems for retailers and manufacturers. These are supported by IT platform services (data centers) and a consulting business that originates digital transformation projects. Nomura Holdings, the parent of Nomura Securities, remains NRI’s largest shareholder with a 20% stake.

CDW Corp is a multi-brand provider of information technology (IT) solutions to businesses, government, education, and healthcare customers in the United States, the United Kingdom, and Canada. The company's offerings range from hardware and software products to integrated IT solutions and services, including on-premise and cloud capabilities across hybrid infrastructure, digital experience, and security. Its reportable segments are Corporate, Small Business, Public, and Other. The Corporate and Small Business segments serve US private sector business customers, while the Public segment consists of government agencies and education and healthcare institutions in the US. The Corporate segment generates the majority of its revenue in the United States.

Fidelity National Information Services provides core processing and ancillary services to banks, but its business has expanded over time. By acquiring SunGard in 2015, the company now provides record-keeping and other services to investment firms. With the acquisition of Worldpay in 2019, FIS was providing payment processing services for merchants and holding leading positions in the United States and United Kingdom. But the company sold off a majority interest in Worldpay and now has only a minority stake.

Wipro is a multinational IT services provider based in Bengaluru, India. The company pivoted into the IT space in the 1980s and grew into one of the largest Indian IT consulting companies during the dot-com boom. Nowadays, Wipro leverages its offshore outsourcing model to derive a significant portion of its revenue from North America and Europe.

Leidos Holdings Inc is a technology, engineering, and science company that provides services and solutions in the defense, intelligence, civil, and health management, both domestically and internationally. The customers of the company includes the U.S. Department of Defense ("DoD"), the U.S. Intelligence Community, the U.S. Department of Homeland Security ("DHS"), the Federal Aviation Administration ("FAA"), the Department of Veterans Affairs ("VA"), and many other U.S. civilian, state and local government agencies, etc. The company is engaged in four reportable segments; National Security & Digital, Health & Civil, Commercial & International and Defense Systems. It provides a wide array of scientific, engineering and technical services and solutions across these reportable segments.

CGI is a Montreal-headquartered global information-technology and business-consulting company. It provides systems integration, managed services, application development, business consulting and technology outsourcing across industries. The group serves government agencies and large commercial clients in financial services, healthcare, communications, manufacturing and other sectors. Revenue comes from consulting projects, managed-service contracts, software and long-term outsourcing arrangements. Founded in 1976, CGI expanded internationally through organic growth and numerous acquisitions of technology-service providers. Its operating model combines local client relationships with global delivery centers and long-duration service contracts. CGI Group acquired Pangaea Systems after shareholders approved the offer on 21 February 2006. That transaction transferred the Saskatchewan software company to a strategic technology-services buyer and ended Investment Saskatchewan’s equity holding.

Obic is one of Japan’s largest enterprise resource planning service providers with a dominant share of the Japanese midsize corporate market. Obic has three main business lines: system integration, system support, and office automation, and, thus, offers one-stop construction and operation of information systems centered on its proprietary ERP suite. The company, which has a 57-year history, reported fiscal March 2025 revenue of JPY 121.2 billion, with system integration contributing 41.5%, system support 52%, and office automation 6.5%.

Tech Mahindra Ltd is an IT services and consulting company in India. It offers a variety of technology solutions and services in addition to business process services. Its segments are Information Technology and Business Process Services. The technology solutions include helping companies engage in cloud software, mobile solutions, network services, cybersecurity, and a variety of other options. The business process service is offered across various industries including telecom, financial services, retail, energy, hospitality, high-tech, agriculture, and food beverage. The company generates the majority of its revenue from Communications & Media & Entertainment Industry. Geographically the company generates the majority of its revenue from the Americas.

CACI International Inc is an information solutions and services provider, offering information solutions and services to its customers. The company's primary customers are agencies and departments of the U.S. government, which account for the vast majority of the firm's revenue. It provides information solutions and services supporting national security missions and government modernization for intelligence, defense, and federal civilian customers. Some of the services provided by the company are functional software development, data, and business analysis, IT operations support, naval architecture, and life cycle support intelligence among others. The company's operating segments are; Domestic operations and International operations. It derives key revenue from the Domestic segment.

GoDaddy provides internet services that help individuals and small businesses establish and operate an online presence. Its products include domain registration, web hosting, website creation tools, business email, security certificates and online marketing services. Customers range from independent entrepreneurs to web professionals who build and maintain websites for other businesses. The company receives recurring fees for domain registrations and subscriptions to hosting and related products. Founded in 1997 and historically headquartered in Scottsdale, Arizona, GoDaddy expanded internationally while supporting customers through its service teams. KKR, Silver Lake and Technology Crossover Ventures announced a majority investment in 2011. Acquisitions subsequently extended its capabilities in bookkeeping, local business information, professional web hosting and email marketing. GoDaddy became publicly traded in 2015.

Unisplendour Corp Ltd is engaged in cloud computing infrastructure construction and industry smart application services. The company operates through three segments. The Digital Business segment focuses on services such as digital platforms, smart computing, smart storage, cloud computing, and services, as well as active security and related fields. The Distribution Business segment involves the sale of IT products, including switches, routers, wireless devices, and 5G-related equipment. The Others segment covers areas like digital solutions, high-level planning, software development, system integration, and maintenance management.

LTIMindtree Ltd is a world-wide technology consulting and digital solutions company that enables enterprises across industries to reimagine business models, accelerate innovation, and maximize growth by harnessing digital technologies. The company's segment includes Banking, Financial Services and Insurance; Technology, Media & Communications; Manufacturing and Resources; Consumer Business; and Healthcare, Life sciences & Public Services. It derives maximum revenue from Banking, Financial Services and Insurance segment. Geographically, the company operates in North America, Europe, and Rest of the World.

ELM Co is engaged in providing ready-made and customized digital solutions in many areas. Its ready-made solutions serve a broad segment of customers, who can subscribe to different packages of their choosing to meet their needs and suffice business requirements. The services offered by the company include Consulting, Data Analysis and Technical solutions. The segments are Digital Business, Business Process Outsourcing and Professional Services, out of which the majority are from the Digital Business segment.

Indra Sistemas is a Spanish technology and engineering group headquartered in Alcobendas. It develops digital systems, defence electronics, air-traffic management, mobility platforms, cybersecurity services and information technology for complex organisations. Customers include governments, armed forces, transport operators, financial institutions, utilities and large industrial companies. The group designs proprietary products, integrates hardware and software, and delivers long-term managed services. Revenue comes from equipment, software, engineering projects, consulting, maintenance and outsourcing contracts. Indra operates internationally through specialised business units serving regulated and mission-critical markets. Its innovation activity includes internal research, partnerships and strategic minority investments in adjacent technologies.

Samsung SDS Co Ltd is a Korean company which provides software solutions and information technology (IT) services. The company operates two reportable segments: Information Technology (IT) Services and Logistical Services. The IT Services segment delivers cloud services, system integration, and IT outsourcing based on the company’s technology capabilities. The Logistical Services segment provides end-to-end international logistics through its Cello and Cello Square platforms, covering international and inland transportation, logistics center operations, and project logistics.

CSG Digital Power Grid Research Institute Co Ltd provides comprehensive solutions for digital construction for customers in power and energy industries. Its services include digital technology services, standardized services, engineering and technology research and experimental development, software development, integrated circuit chip design and service, integrated circuit chip and product manufacturing, electronic component manufacturing, technical services, technology development, technical consulting, technology exchanges, technology transfers, and technology promotion.

Otsuka is Japan’s leading one-stop provider of IT solutions and office supplies, primarily targeting small and midsize enterprises. The System Integration business sells and integrates everything from PCs and servers to the proprietary “Smile” ERP system. This is complemented by the Service & Support business, featuring the “Tanomail” office-supply mail-order service and “Tayoreru” maintenance contracts. Operating through a dense nationwide network, Otsuka functions as the outsourced IT department for companies that lack one, providing a single, trusted point of contact for all technology and office needs.

Persistent Systems Ltd is an India-based provider of software solutions organized in three segments based on the end market: Software, Hi-Tech, and Emerging Industries; Banking, Financial Services and Insurance; and Healthcare & Life Sciences. Its solutions include cloud life cycle management, Internet of Things, unified endpoint management, endpoint detection and response, and Big Data analytics. The firm also offers product engineering services, platform-based cloud solutions, and Internet Protocol-based products. The majority of the firm's revenue gets derived from the Software, Hi-Tech, and Emerging Industries segments.

Coforge Ltd provides a variety of information technology services. The firm's services include infrastructure management, business processes outsourcing, application and network testing, systems integration, IP asset-based solutions, application development and maintenance, managed services, cloud computing, and digital services, among others. The company's customers typically operate in the travel and transportation, banking and financial services, insurance, manufacturing, and media industries. The geographical segments of the company include the Americas, India, Europe, Middle East and Africa, and Asia Pacific. It generates maximum revenue from the Americas.

Computacenter PLC is an IT infrastructure services provider that advises organizations on IT plans and manages customer infrastructure. The company offers user support, devices, applications, and data to support the customers through consulting, and the implementation and operation of networks and data center infrastructures on or off customers' premises. The company's segments include the U.K., Germany, Western Europe, North America, and International, with Germany accounting for the majority of revenue.

Hyundai Autoever Corp is a South Korea based company involved in providing information technology related services in the the automotive sector. It provides Cloud services for part suppliers, Digital Marketing, Mobility services, ICT R&D for smart automobiles and Dealer Management services. The other services of the company include Smart factory, Smart SOC, Smart Security and E-governance among others.

Applied Digital Corp is a U.S. based designer, developer, owner, and operator of large-scale, purpose-built data centers engineered to support high-performance computing (HPC) workloads, including artificial intelligence (AI), machine learning, and other accelerated-compute applications. It design, build, and operate high-performance, sustainably engineered data centers which it refer to as AI factories and deliver that capacity to investment-grade hyper scalers and other compute customers under long-term lease and hosting arrangements. The company has two segments Data Center Hosting Business, and HPC Hosting Business. The company generates majority of revenue from Data Center Hosting Business segment. Its solutions are Digital Infrastructure, and AI Factories.

Ingram Micro Holding Corp is a technology company for the global information technology ecosystem. The company plays a vital role in the IT sales channel, bringing products and services from technology manufacturers and cloud providers to business-to-business technology experts. The company also provide a broad range of technology services, including financing, specialized marketing, and lifecycle management, as well as technical pre- and post-sales professional support.

Arabian Internet and Communications Services Co is an information and communication company. The company's revenue mainly comprises of Core ICT Services, IT Managed and Operational Services, and Digital Services. It derives the majority of its revenue from Core ICT Services.

GDS Holdings started as an IT service provider in 2001 then moved to the data center business with its first self-developed data center opening in 2010. The company now develops and operates data centers in China and also builds, operates and transfers data centers for other clients. It offers colocation and managed services and mainly targets hyperscale cloud service customers who take large areas of its data centers or even whole data centers under long-term contracts. Its data centers are located predominantly in and around the Tier 1 cities in China and it has also started an expanding into Southeast Asia via the now 38% owned DayOne. GDS listed on the Nasdaq in 2016 and completed a secondary listing in Hong Kong in 2020.

EPAM Systems is a global IT services firm with a focus on platform engineering, software development, and consulting services. The company used to host large engineer bases in Ukraine, Belarus, and Russia, but it now delivers from various locations across different continents. EPAM’s largest market is North America, which represents approximately 60% of revenue.

Science Applications International Corp provides technical, engineering, and enterprise IT services mainly to the U.S. government. Specifically, it offers end-to-end solutions spanning the design, development, integration, deployment, management and operations, sustainment, and security of the customer’s entire IT infrastructure. The company has two reportable segments which include Defense and Intelligence and the Civilian segment. Maximum revenue is generated from its Defense and Intelligence segment, which provides a diverse portfolio of national security solutions to the Department of Defence (DoD) and the Intelligence Community of the United States Government. The Civilian segment provides solutions to the civilian markets, encompassing federal, state, and local governments.

ExlService Holdings Inc. is a data analytics and digital operations company that provides data and AI-led solutions and technology-enabled services to clients across industries. The company has four reportable segments. The Insurance segment provides services such as claims management, underwriting support, and analytics solutions. The Healthcare and Life Sciences segment offers data-driven solutions and services to healthcare payers, providers, and life sciences organizations. The Banking, Capital Markets and Diversified Industries segment delivers solutions across financial services and other industries. The International Growth Markets segment focuses on providing data, AI, and digital operations services to clients outside North America.

TIS Inc is a Japan-based company engaged in providing information technology (IT) related services. The company operates through five segments. The BPM segment delivers process improvement and outsourcing solutions using IT, business expertise, and human resources. The Financial IT and Industrial IT segments develop and promote business and IT strategies tailored to the financial sector and other industries, respectively. The Offering Service segment provides knowledge-based IT services built on the Group’s expertise and investments. The Wide Area IT Solution segment offers professional IT services across regions and customer sites to support problem-solving and business growth. The Others segment covers various IT services outside the core reporting categories.

NextDC operates 17 data centers in Australian cities with a focus on colocation and interconnection between enterprises, global cloud, and ICT providers and telecommunication networks. It has another 2 data centers in Asia and 13 data centers in development or planning stage in Australia, Asia and New Zealand. NextDC provides physical space, cooling, power and security services and offers optional technical and project management support. The company’s tenants store their servers within the data center and can connect to each other, to and between global public cloud providers and telecommunication network providers via physical and virtual connections. Colocation services allow enterprises to enhance security of data transmission and reduce latency.

iSoftstone Information Technology (Group) Co Ltd is engaged in providing end-to-end software and digital technology services and digital operations services.

Softcat PLC is an information technology infrastructure and service provider offering software licensing, workplace technology, networking and security, and cloud and data center solutions to corporates, public sector organizations, and small to medium-sized businesses, with the latter being the main business provider. It earns revenue from software, hardware, and services, including its own services, with the majority derived from software products. Its solutions include Workspace, Cyber Security, Networking and Connectivity, Data, Automation and AI, and Hybrid Cloud Solutions. The company serves Small to Medium Businesses, Enterprise, Multinational Services, and the Public Sector including healthcare, education, government, defence, police, and emergency services.

Aditya Infotech Ltd offers video security and surveillance products, technologies, and solutions for enterprise and consumer segments under its ‘CP PLUS’ brand. The firm also offers solutions and services such as fully integrated security systems and Security-as-a-Service directly and through its distribution network, which address the requirements of end-customers engaged in a broad range of sectors such as banking, insurance, real estate, healthcare, industrial, defence, education, hospitality, manufacturing, retail, and law enforcement. The company generates almost all of its revenue from the sale of security and surveillance equipment and components.

Reply SpA specialises in consulting, digital services, and the integration of processes, applications, and devices. Reply serves clients in the telecommunication and media, banking, insurance, financial, industry and services, energy and utilities, and public administration industries. The company provides its services mainly through platforms such as X-Rais Reply, Discovery Reply, Brick Reply, TamTamy, and SideUp Reply. Reply researches, selects, and markets solutions through channels such as data analysis, digital communication, e-commerce, mobile, and social media. Its business segments are defined based on geographical areas of operation and include Region 1 (including Italy, USA, Brazil, Poland, Romania, and Nanjing), which derives key revenue, Region 2, Region 3, and IoT Incubator.

Shanghai Stonehill Technology Co Ltd formerly Shanghai 2345 Network Holding Group Co Ltd is a China-based company. It is engaged in the provision of Internet information services and software outsourcing services. The company operates its businesses through five segments namely Software Outsourcing Services, System Integration, Search Engine Shunt Businesses, Website Promotion and Marketing Businesses.