When it comes to growth, New Zealand’s listed tech companies have been absolutely shooting the lights out recently.

Many of the companies fly under the radar for Aussie investors, but that creates a great opportunity for buying rapidly growing bargains. Here are three I think the market is still overlooking:

1. XERO FPO NZX (ASX: XRO)

Xero‘s recent full year report was a blinder; revenue up 67%, subscribers grew 51%, gross margins increased and the company increased the lifetime value of subscribers (although customer acquisition costs increased slightly). Shares jumped 18% in the days after the release, but have pulled back since then.

Investors still hold concerns that growth won’t live up to high expectations in the U.S., but as the market-leader for small business cloud accounting software in Australia, New Zealand and the United Kingdom, Xero has clearly developed the right formula to build its market share over time.

2. Orion Health Group Ltd (ASX: OHE)

Orion Health Group this week reported annual revenue growth of 26%, adding to the company’s history of five years of compounding annual growth at 25%.

The company spans the health-tech sectors and continues to win big contracts around the world for its systems which allows health data like patient records to be shared between parties.

In fact Orion reported almost exactly the same revenue as cloud accounting company XERO FPO NZX (ASX: XRO) for the full year at NZ$207 million, yet Orion’s market value is only a fraction of Xero.

This will be partly to do with Orion’s lower growth rate, but is it undervalued? Orion’s CEO (and majority shareholder) Ian McCrae thinks it is, telling New Zealand’s NBR that he believes the company could be up to 50% undervalued.

Given the company is not yet reporting a profit in my view it might be suited for younger investors who don’t require an income.

3. Gentrack Group Ltd (ASX: GTK)

I recently included utility software company Gentrack Group on my list of boring wealth compounding stars, but the company smashed even my expectations when it announced it’s first half performance yesterday.

Revenue was up 26% for the half year and EBITDA (Earnings Before Interest Tax Depreciation and Amortization) was up 23%. Shares rose as a result, but the dividend-paying company still looks attractive in my view relative to other software companies.

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Motley Fool contributor Regan Pearson owns shares of GENTRACK FPO NZ and Xero. The Motley Fool Australia owns shares of 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.