Although the United States may be home to many of the biggest and most exciting tech companies in the world, Australia is certainly no slouch.
Three tech companies with explosive global growth prospects are listed below. Here's why I think they could be great buy and hold investments:
The Aconex Ltd (ASX: ACX) share price has not fared well this year, tumbling around 27% after downgrading its full-year profit guidance. As disappointing as this was, I think this sell-off is a buying opportunity for patient buy and hold investors. I believe the company's cloud-based construction collaboration software has the potential to become an integral part of the industry. Management has previously estimated that its use can accelerate the pace of product delivery and help build five hospitals for the price of four.
The Catapult Group International Ltd (ASX: CAT) share price has shed 38% of its value in the last six months. Whist this drop still doesn't quite make its shares a bargain buy, I feel confident that its explosive growth prospects justify the premium. I believe the sports analytics company has a bright future not just from its wearables, but also from the monetisation of its data. I have been impressed with the early progress it has made with this and expect further developments to be announced this year.
The Freelancer Ltd (ASX: FLN) share price has fallen almost 37% in the last six months following a disappointing performance from its recently acquired Escrow.com business. But asides from that its core business continues to perform strongly. In its half-year results last month the outsourcing marketplace operator reported a 190% rise in the total value of projects posted on its site. Furthermore, the company advised that it now has 23.3 million registered users, an increase of 23% on the prior corresponding period.
