What is your meaning of "Capital Light business model". I interpret that as Asset Light in that you don't need make investments buying land, buildings, machinery, etc.
That's not to say minimal capital is needed to grow the business. Software company assets are people - software developers, the patents on the code, the digital platform that is produced. This is not cheap. Then of course there is the SG&A which can be quite a drain on Working Capital. While the days of a "carrying a bag" are pretty much over, software does not sell itself no matter how good. Oracle/SAP/MSFT/GOOG all have large salesforces.
The beauty of software is the recurring revenue and vendor lock-in (mind you that works against you when you try and sell the next new mousetrap). The margins are terrific.
YOJ Price at posting:
30.5¢ Sentiment: Buy Disclosure: Held
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