There's a great growth story behind I-ON, soon to trade under symbol IONC, the current illiquid market cap of $92.8 million implies a valuation multiple in line with public enterprise software stocks and comparable M&A purchase prices. They have many blue chip customers and is expanding their presence into developed South East Asia, the UK and the US. They also happen to be playing into high growth subsectors within enterprise digital marketing, particularly across East Asia. It's conceivable that given acquisition strategy and R&D dedication (over 100 employees focused on new product development / engineering), the company could grow its top line at a mid to high double digit CAGR. At least this appears to be their clear intention.

South Korea has also been dubbed the silicon valley of ALL of East Asia and its regulatory bodies continue to be in favor of software and biotech industries for future export. I-ON has a first mover domestic (South Korea) advantage versus international competitors.