By now, you’re probably aware that Snap Inc (NYSE: SNAP), the parent of popular mobile app Snapchat, listed its shares on the New York Stock Exchange overnight. In fact, the SNAP share price surged 44% on its debut as it continued to defy the doubters, reaping its founders billions of dollars in the process.
The United States is home to a number of the world’s biggest and most exciting technology companies, including the likes of Facebook, Google and Amazon.com. Although Australians can buy shares in these businesses, many prefer to only invest their hard-earned money in businesses whose shares are listed on the ASX.
Thankfully, there are a number of great tech businesses right here in Australia. One such business is WiseTech Global Ltd (ASX: WTC). WiseTech provides a Software-as-a-Service (SaaS) platform known as CargoWise One which helps to facilitate the movement and storage of goods and information. It counts dozens of the world’s largest logistics companies as its customers and has been generating solid organic growth for a number of years. In fact, its software delivered more than 34 billion data transactions during the 2016 financial year, up from 27 billion in 2015.
The WiseTech Global share price currently sits at $5.35 following another impressive half-year earnings report last week, with strong growth across its top and bottom lines.
Class Ltd (ASX: CL1) is another business worth a closer look. Like WiseTech, Class’ main offering is also a SaaS platform called Class Super. Class Super is an award-winning platform that streamlines all aspects of self-managed super fund (SMSF) administration from setup to lodgment with the tax office. Although competition has increased from one of its main competitors, the company continues to generate strong growth with yet another impressive earnings result early last month. Class also offers a secondary platform, Class Portfolio, which provides another avenue for future growth.
While these businesses mightn’t attract the same kind of attention as businesses such as Snap Inc, they could certainly reward investors who are committed to holding for the long term.
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The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Alphabet (A shares), Alphabet (C shares), Amazon, and Facebook. Motley Fool contributor Ryan Newman owns shares of Amazon, Class Limited, Facebook, and WiseTech Global. The Motley Fool Australia owns shares of Class Limited 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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