I think it is fair to say that Australian investors are a lucky bunch. In my opinion the local share market is home to a good number of shares with explosive growth potential.
None more so than the three tech shares listed below. These companies have grown at an incredible pace in the last couple of years and look likely to continue doing so for the foreseeable future.
Here's why I think they are worth considering as buy and hold investments today:
Aconex Ltd (ASX: ACX)
Although this software-as-a-service company disappointed the market with a surprise profit guidance downgrade earlier this year, its long-term growth expectations are still at a level which many companies could only dream of. Demand for its cloud collaboration software has been growing strongly and it isn't hard to see why. Management estimates that it can accelerate the pace of product delivery to help build five hospitals for the price of four.
WiseTech Global Ltd (ASX: WTC)
Although this cloud-based supply chain management software provider's shares are changing hands at a significant premium to the market-average, I believe the company's growth profile justifies this. Thanks to rising demand for its platform, WiseTech recently reported a 361% jump in half-year net profit to $14.4 million. I believe the quality and stickiness of the product have positioned the company perfectly for long-term growth.
XERO FPO NZX (ASX: XRO)
This fast-growing provider of cloud-based accounting software for small to medium enterprises has been on a stunning run in the last couple of months. Despite rising 32% since the start of April, I believe Xero is still a great buy and hold investment option. Xero may have just announced that it surpassed the 1 million subscribers mark, but I believe this is just scratching the surface of a much larger global opportunity.
