And there's certainly a labor shortage right now all over the economy, whether it's restaurant workers or knowledge workers or what have you, and software's a great productivity tool to be able to deal with that. So these tools have a lot more value if there's labor inflation, because they allow you to do more with less labor. You take the current inflationary fears, which have been going on for a while now, and software is a productivity enhancing tool. And that's a sector that we've been so active in since 2009 and our activity has accelerated.īRAVO ON SOFTWARE BEING A PRODUCTIVITY ENHANCING TOOL As a result of that, we are the largest – if you combine all of our portfolio companies – by far the largest cybersecurity company in the world, with about 5.6 billion in revenue. They call it, what is your cybersecurity posture now. And that is creating a big cybersecurity challenge for companies. Workflows right now in the software industry are about 50% on premise and 50% cloud. We're seeing huge opportunities in cybersecurity. You're getting companies now that are 100% recurring revenues, that have a 90% gross margins, and they have growth rates that are four to five times the growth rate that existed before 2010 It is totally different and totally superior than where it was 10 years ago. More important than where valuations are is the quality of the companies now in the South Korean industry.
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