3 exciting small cap shares to watch in November

I think there are a good number of exciting shares at the small end of the market that are well worth keeping a close eye on.

Listed below are three small cap shares that I think investors ought to watch in November. Here’s why I like them:

Citadel Group Ltd (ASX: CGL)

Over the last few years the amount of data being generated by consumers and businesses has exploded. The good news for Citadel is that there are no signs of the trend slowing, which should mean demand for its Citadel-IX product continues to grow. Citadel-IX is a cloud-based enterprise information management platform which allows users to securely access and transfer proprietary and sensitive information remotely. It counts many government agencies as customers, which I believe is a testament to the quality of the product.

ELMO Software Ltd (ASX: ELO)

ELMO is a leading provider of cloud-based human resources and payroll software solutions. In FY 2018 the company experienced another surge in demand for its services, leading to ELMO achieving pro forma revenue of $31.9 million and pro forma SaaS revenue of $29.8 million. Pleasingly, this morning the company provided an update for its first quarter and revealed further explosive growth. According to the release, strong demand has led to a 91% increase in quarterly cash receipts on the prior corresponding period to $10.3 million.

Volpara Health Technologies Ltd (ASX: VHT)

Volpara Health Technologies is another small cap share that I think is well worth considering. Volpara is a healthcare technology company that provides an increasingly popular breast imaging analytics and analysis software. On Monday the company provided the market with an update on its first quarter performance. According to the release, the company saw cash received from customers jump 124% on the prior corresponding period. Management also advised that its share of the U.S. breast screening market grew from 3.7% to 5.6% during the quarter.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended ELMOSFTWRE FPO and VOLPARA FPO NZ. The Motley Fool Australia owns shares of Citadel Group Ltd. 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 Scott Phillips.

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