As well as established names such as XERO FPO NZX (ASX: XRO) and Altium Limited (ASX: ALU), I believe the Australian share market is home to a number of exciting small-cap tech companies with significant growth potential.
Three which I think are worth taking a closer look at are listed below. Here's why I like them:
LiveHire Ltd (ASX: LVH)
Thanks partly to an agreement with recruitment giant Randstad, this talent technology company's shares hit an all-time high this morning. Randstad is just one of a number of big name clients utilising its software platform which creates a pool of pre-qualified job candidates to access when they need to recruit. Last month strong demand for the platform led to the company reporting a 30% quarter-on-quarter increase in cash receipts. Furthermore, the company finished the period with zero debt and a cash balance of almost $18 million.
Livetiles Ltd (ASX: LVT)
This morning this digital workplace platform provider announced that it successfully raised $11 million via a share placement to sophisticated and professional investors at 18 cents per share. This was just two cents lower than the current share price and was unsurprisingly oversubscribed. Investors appear to be excited at the prospect of the company using the funds to accelerate its already explosive global growth. LiveTiles recently announced annualised subscription revenue growth of 292% to $4 million for the 2017 financial year.
Updater Inc (ASX: UPD)
US-based Updater provides a platform which aims to make the moving home process easier for consumers in the United States. I've been very impressed with the way the company has grown its market penetration in the last couple of years. After seven straight quarters of growth, Updater recently announced that its estimated market penetration during the second-quarter of 2017 surpassed 11% of all household moves in the United States. Thanks to a highly successful pilot program and the growing popularity of the product, I expect this growth to continue in FY 2018 and beyond.
