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3 growing tech shares that could make you rich

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Making long-term buy and hold investments in the right growth shares can prove to be incredibly lucrative. Possibly the ultimate growth share in the last few years has been Domino’s Pizza Enterprises Ltd. (ASX: DMP).

Anyone that invested $50,000 in the ever-expanding pizza chain operator 10 years ago would have seen the value of their investment increase to a whopping $1.375 million today. This thanks to its shares providing an average total return of 39.3% per annum over the period.

Finding the next Domino’s Pizza is of course not an easy task. But the following three growth shares are ones which I believe have bright futures ahead of them. They could make great long-term buy and hold investments today.

Freelancer Ltd (ASX: FLN)

As the owner and operator of the world’s largest outsourcing marketplace I believe Freelancer is in a great position for strong growth over the next few years. As of the end of July it had over 20 million registered users and 9.6 million projects posted on its platform. These projects were in over 900 areas of employment as diverse as web development, marketing, astrophysics, and aerospace engineering. Whilst Freelancer is a loss-making company presently, I feel confident that profitability is just around the corner. In its half year results the company posted a $100,000 loss on a 53% increase in revenue to $26.2 million.

Touchcorp Ltd (ASX: TCH)

Touchcorp is a rapidly growing provider of secure transaction processing, payments and data services. It counts companies such as 7-Eleven, Optus, and Afterpay Holdings Ltd (ASX: AFY) amongst its client list. In recent months the company has been expanding its presence overseas with potentially lucrative deals with Cornèr Bank in Switzerland and Change Up in Scandinavia. It recently reported a 21% rise in half year revenue to $22.5 million, with profit before tax coming in higher by an even more impressive 71% to $7.2 million. With its shares changing hands at under 12x trailing earnings I believe it could be a great time to invest in Touchcorp.

WiseTech Global Ltd (ASX: WTC)

WiseTech Global’s shares have risen over 31% since listing in April of this year. Despite this I still feel the cloud-based supply chain management software provider could be a great investment. Its software enables users to undertake complex logistics transactions across multiple users, countries, and even languages. At present WiseTech Global has approximately 6,000 customers on its books, with some of the world’s largest logistics companies amongst them. Its shares are looking a little expensive at 50x forecast FY 2017 earnings, but if it can maintain its strong performance then I believe it will prove to be worth every cent of its value.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of February 15th 2021

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of TOUCHCORP FPO and WiseTech Global. 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.

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