Not sure on software but when Barclays bought Lehman, in the surface they got most of the value from the building. (It's a little more complicated) Retailers

Not sure on software but when Barclays bought Lehman, in the surface they got most of the value from the building. (It's a little more complicated) Retailers (Sears and Target) have historically been valued primarily on real estate. It's not that different than Yahoo being valued primarily on their investments rather than core business.