GlobalSCAPE: High-Quality Micro-Cap Software Business

GlobalSCAPE is a ~$90 million market cap company (assuming all outstanding options are exercised) operating in the managed file transfer (MFT) software space. The company has a number of exceptional qualities, including a high margin, recurring revenue maintenance and support stream, a strong balance sheet, a history of exceptional growth, and sustainably high margins. Despite all this, there are some uncertainties relative to the longer term competitive positioning of the company. This, combined with recent accounting issues that are still unfolding, provide some uncertainty to the situation. Nevertheless, I believe that an adequate margin of safety is currently provided given the current FCF yield on EV of ~11%.

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