What: The so-called ‘Brexit’ has rattled the nerves of some investors in financial software provider GBST Holdings Limited (ASX: GBT) with the stock losing around 8% on Monday.

This brings the total share losses for GBST since the market realised the United Kingdom (UK) referendum was set to deliver a split with the EU to about 13.5%.

So What: With the share price at $4.28, GBST shares are now down 25% in the last year.

Interestingly, its closest listed peer, Iress Ltd (ASX: IRE), which also has significant exposure to the UK market is down 13.5% in the past two days as well. Importantly, Iress’ shares are still up around 4% in the past year.

According to analyst consensus estimates provided by Reuters, earnings per share of 22 cents per share (cps) are forecast in financial year (FY) 2016, rising to 30 cps in FY 2017.

Based on the consensus forecast for FY 2017, this implies a price-to-earnings multiple of 14.3 times for GBST which would at first glance appear attractive considering the economics of a software company.

Now What: GBST offers a range of software platforms to financial sector customers across Australia, New Zealand, Asia, the UK, Europe and North America.

In recent months, the market has become concerned with certain contract losses that GBST has experienced and the effect this could have on the group’s overall growth rates.

In the past few days however, the market’s primary concern is obviously GBST’s exposure to the UK (and the pound) where it has significant business operations.

While the share price decline, does not immediately suggest value is emerging, GBST stock is surely starting to look more interesting.

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Motley Fool contributor Tim McArthur owns shares in Iress Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.