Although they make up a significant portion of it, I believe there is more to the local share market than just the banks and the miners.
Right now there are a great number of fledgling tech shares with enormous potential. Three which I think investors should look closely at are listed below:
Altium Limited (ASX: ALU)
Thanks to its award-winning printed circuit board (PCB) design software, I believe that Altium has an extremely bright future ahead of it. Especially considering how the Internet of Things is causing the number of connected devices to grow exponentially. Global giant Cisco expects there to be 500 billion devices and objects connected to the internet by 2030. As the vast majority of these devices and objects will require a PCB inside them, demand for Altium’s software could grow at an explosive rate.
Livetiles Ltd (ASX: LVT)
This digital workplace platform provider has been growing its subscriber numbers at a very quick pace. As a result of this impressive growth, LiveTiles delivered a massive 293% jump in annualised revenue growth to $4 million in FY 2017. The company recently raised $11 million in order to expand its sales reach and drive global customer and revenue growth. These funds have been put to use today with the appointment of Microsoft’s former Global Strategist Michael Maurer. Mr Maurer will run the company’s operations in Germany, Austria and Switzerland.
XERO FPO NZX (ASX: XRO)
While this accounting software provider has successfully won a large share of the Australian and New Zealand markets, I believe there’s still a significant opportunity for the company to grow internationally. Whilst it certainly won’t be easy, I believe the quality of its product puts Xero in a great position to successfully penetrate the lucrative European and North American markets. This could lead to explosive top line growth for a good number of years to come.
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 of the stocks mentioned. The Motley Fool Australia owns shares of Altium 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.
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