Atlassian is definitely Australia’s most valuable software company, considering it has a market cap of roughly US$6.2 billion (A$8.1 billion). However, the company is not listed on the ASX – but the NASDAQ.

As a result, founders Mike Cannon-Brookes and Scott Farquhar topped the BRW Rich list yet again in 2016, with a combined wealth of $4.6 billion. The pair have now topped that list a record five times, since they debuted with a combined wealth of just $26 million nine years ago in 2007.

Here’s a list of the ASX’s top ten software companies by market cap**.

Company Share Price Market Cap ($m)
Link Administration Holdings Ltd (ASX: LNK) $7.29 $2,622.9
XERO FPO NZX (ASX: XRO) $16.60 $2,282.6
Myob Group Ltd (ASX: MYO) $3.64 $2,181.7
Iress Ltd (ASX: IRE) $11.26 $1,898.2
Technology One Limited (ASX: TNE) $5.67 $1,776.4
WiseTech Global Ltd (ASX: WTC) $5.85 $1,700.2
Aconex Ltd (ASX: ACX) $5.92 $1,169.1
Hansen Technologies Limited (ASX: HSN) $4.13 $749.7
iSentia Group Ltd (ASX: ISD) $3.51 $702.0
Freelancer Ltd (ASX: FLN) $1.26 $574.5

Interestingly, it’s increasingly harder to determine which ASX-Listed companies are pure software companies. Link is at the top of the list, but superannuation portfolio software is not its only service, and arguably shouldn’t be included in this list. Should I have included REA Group Ltd (ASX: REA), Carsales.com Ltd (ASX: CAR) or Webjet Limited (ASX: WEB)?

Xero and MYOB – the accounting duo are more transparently software companies – the products they sell are mostly software – even if they are cloud-based, and the customer doesn’t need to download any ‘software’.

IRESS is a clear software provider. Its stock exchange software platform is widely used in Australia by virtually every broker and fund manager, and it also has a number of wealth management products.

Technology One offers enterprise software and has more than 1,000 clients in multiple countries, so it clearly is a software provider. Wisetech and Aconex have targeted global trade and the construction industry with their software offerings. Hansen provides software used by telecommunications companies and utilities to bill clients.

iSentia Group and Freelancer are also legitimate software companies. iSentia provides companies with media monitoring products and services, while Freelancer brings contractors and employers together in a marketplace.

What is interesting about that list is the rise of Wisetech and Aconex – which listed in April 2016 and December 2014 respectively. So much for Australia not having a decent technology sector.

** One company I forgot off the list was Altium Limited (ASX: ALU), with a market cap of $1.02 billion.

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Motley Fool contributor Mike King owns shares of Altium and iSentia Group Ltd. You can follow Mike on Twitter @TMFKinga

The Motley Fool Australia owns shares of Altium, Hansen Technologies, WiseTech Global, and Xero. 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.