I believe the Australian share market is home to a good number of high quality tech shares.
Whilst the majority of investors will no doubt be familiar with tech companies like Aconex Ltd (ASX: ACX) and XERO FPO NZX (ASX: XRO), they may not be as familiar with the three tech companies listed below.
Here’s why I believe these exciting companies are worth keeping a close eye on:
Big Un Ltd (ASX: BIG)
This video technology company’s shares have gained an incredible 393% so far this year and it’s not hard to understand why. Strong demand for its video subscription products means that management expects cash receipts growth in excess of 400% this year to over $21 million. As well as this, the company recently announced plans to acquire the hospitality vertical from The Intermedia Group. This acquisition is expected to provide the company with a direct relationship with over 65,000 Australian businesses including the likes of Mantra Group Ltd (ASX: MTR), Diageo, Hilton, and Marriott.
Collaborate Corporation Ltd (ASX: CL8)
The shares of this operator of peer-to-peer and online marketplaces has been another big mover, rising over 60% since the turn of the year. The catalyst for this gain has been the strong growth of its DriveMyCar peer-to-peer car rental business. In May the business delivered its third consecutive record monthly result, with rental transaction value increasing 98% over the prior corresponding period to $273,890. Furthermore, net rental days realised increased 106% year-on-year to 7,698 days. Collaborate’s strategic partners include the likes of Aon, Uber and RACV.
Xtek Ltd (ASX: XTE)
Xtek is a defence technology company and the primary contractor in the $100 million LAND 129 Phase 4 program for the supply of drones to the Australian army. As well as this, the company has been working with the US government to leverage its XTclave technology to create lighter and more effective helmets and bullet proof plates. The company recently raised $3 million through a significantly oversubscribed placement to institutional and sophisticated investors. These funds will be used for its XTclave commercialisation, XTatlas technology development, and also to allow it to pursue more and larger contracts in the future.
Where to invest $1,000 right now
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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 ACONEX FPO and 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.